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To understand how the current system might spin out of control and where the unraveling might begin, look at where the complexity – aka systemic risk – is of late being concentrated most quickly. Post-2008, the two areas that stand out are government debt – which has been substituted for private debt as governments have borrowed unprecedented amoun
... See moreJohn Rubino • The Money Bubble
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
In Minsky’s own words, ‘The tendency to transform doing well into a speculative investment boom is the basic instability in a capitalist economy.’
Kate Raworth • Doughnut Economics: The must-read book that redefines economics for a world in crisis
With good reason, however, many economists who previously favored greater freedom of capital movements have become less enthusiastic, and the Fund itself came around to a more neutral position. In a survey of the evidence published in May 2003, four Fund economists, including chief economist Ken Rogoff, wrote that "there is as yet no clear and
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
Leur livre, Globalisation : le pire est à venir, a été écrit avant la grande crise de septembre 2008. La page de présentation de l’ouvrage prophétise : « Le pire est à venir de la conjonction de cinq caractéristiques majeures de la globalisation : une machine inégalitaire qui mine les tissus sociaux et attise les tensions protectrices ; un chaudron
... See moreEdgar Morin • La Voie : Pour l'avenir de l'Humanité (Essais) (French Edition)
In 2015, the Bank for International Settlements warned that finance was crowding out the real economy. More bank loans went to sectors with plenty of collateral, such as real estate, which generated little by way of efficiency improvements. Manufacturing and businesses that required lots of R&D were starved of credit. Beyond a certain point, th
... See moreEdward Chancellor • The Price of Time: The Real Story of Interest
“The Global Economy as an Adaptive Process,” at seven pages and zero equations, is well worth a read. Holland recounts many, now familiar, difficulties in mathematical analysis of economics that assume linearity, exclusively negative feedback loops, equilibria, and so on, before proposing that the economy is best thought of as what he calls an adap
... See moreSacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
“We think [the business] should be prepared for adverse times,” Dimon told analysts in a conference call. “In fact, we think if you’re strong in adverse times that that puts you in the position where you actually can do more interesting things, either hire people or buy other companies that are having a tough time.” Dimon and his team were constant
... See moreDuff McDonald • Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase
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