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On 17 August 1998 Russia abandoned its exchange rate regime, defaulted on its domestic public debt and declared a moratorium on banks' foreign liabilities. This was equivalent to an outright default. The depth and speed of the Russian meltdown shocked the international markets and precipitated a period of serious financial instability. There are important lessons to be learned from this episode on issues of bank supervision and international stability. Enrico Perotti locates the underlying cause of the crisis in the structure of individual incentives in a context of capture of state decisions by special interests. The author concludes with a radical policy proposal for a stable banking system for Russia, based on a segmented, narrow banking sector, concentration on commercial banking and a cautious extension of deposit insurance.
An analysis in political-economic terms of how certain groups of the managerial-banker elite in Russia grab power and wealth to a highly unusual degree in modern history. The book draws together various pieces of evidence to offer a convincing overall picture.
A guide to the decline of the American empire for individuals, families and communities The United States is in steep decline. Plagued by runaway debt, a shrinking economy, and environmental catastrophes to rival Chernobyl, the United States has been retracing the trajectory of the Soviet Union in the early 1980s toward national bankruptcy and political dissolution. By comparing a collapse that has run its course to one that is now unfolding, Dmitry Orlov holds a unique lens up to America's present and future. As Orlov's predictions continue to come true, his writing continues to gain mainstream acceptance. This revised and updated edition of Reinventing Collapse examines the circumstances of the demise of the Soviet superpower and offers clear insights into how we might prepare for the events that are unfolding here. Orlov gives no quarter to prophets of doom and gloom, finding plenty of room for optimism, if only we focus our efforts on personal and cultural transformation instead of trying to perpetuate an impossible status quo. This challenging yet inspiring and surprisingly upbeat work is a must-read for anyone concerned about peak oil, the environment, geopolitics, international relations, and life in a resource-constrained world. Dmitry Orlov is an American engineer who was an eyewitness to the Soviet collapse and has written extensively on the subject of the impending collapse of the United States.
A “delightfully astute” and “entertaining” history of the mishaps and meltdowns that have marked the path of scientific progress (Kirkus Reviews, starred review). Radiation: What could go wrong? In short, plenty. From Marie Curie carrying around a vial of radium salt because she liked the pretty blue glow to the large-scale disasters at Chernobyl and Fukushima, dating back to the late nineteenth century, nuclear science has had a rich history of innovative exploration and discovery, coupled with mistakes, accidents, and downright disasters. In this lively book, long-time advocate of continued nuclear research and nuclear energy James Mahaffey looks at each incident in turn and analyzes what happened and why, often discovering where scientists went wrong when analyzing past meltdowns. Every incident, while taking its toll, has led to new understanding of the mighty atom—and the fascinating frontier of science that still holds both incredible risk and great promise.
“A gripping, suspenseful page-turner” (Kirkus Reviews) with a “fast-paced, detailed narrative that moves like a thriller” (International Business Times), Fukushima teams two leading experts from the Union of Concerned Scientists, David Lochbaum and Edwin Lyman, with award-winning journalist Susan Q. Stranahan to give us the first definitive account of the 2011 disaster that led to the worst nuclear catastrophe since Chernobyl. Four years have passed since the day the world watched in horror as an earthquake large enough to shift the Earth's axis by several inches sent a massive tsunami toward the Japanese coast and Fukushima Daiichi nuclear power plant, causing the reactors' safety systems to fail and explosions to reduce concrete and steel buildings to rubble. Even as the consequences of the 2011 disaster continue to exact their terrible price on the people of Japan and on the world, Fukushima addresses the grim questions at the heart of the nuclear debate: could a similar catastrophe happen again, and—most important of all—how can such a crisis be averted?
In 1991, a small group of Russians emerged from the collapse of the Soviet Union and enjoyed one of the greatest transfers of wealth ever seen, claiming ownership of some of the most valuable petroleum, natural gas and metal deposits in the world. By 1997, five of those individuals were on Forbes Magazine's list of the world's richest billionaires.
Winner of the Nobel Prize in Literature Winner of the National Book Critics Circle Award A journalist by trade, who now suffers from an immune deficiency developed while researching this book, presents personal accounts of what happened to the people of Belarus after the nuclear reactor accident in 1986, and the fear, anger, and uncertainty that they still live with. The Nobel Prize in Literature 2015 was awarded to Svetlana Alexievich "for her polyphonic writings, a monument to suffering and courage in our time."
A New York Times Best Book of the Year A Time Best Book of the Year A Kirkus Reviews Best Nonfiction Book of the Year 2020 Andrew Carnegie Medals for Excellence Winner From journalist Adam Higginbotham, the New York Times bestselling “account that reads almost like the script for a movie” (The Wall Street Journal)—a powerful investigation into Chernobyl and how propaganda, secrecy, and myth have obscured the true story of one of the history’s worst nuclear disasters. Early in the morning of April 26, 1986, Reactor Number Four of the Chernobyl Atomic Energy Station exploded, triggering one of the twentieth century’s greatest disasters. In the thirty years since then, Chernobyl has become lodged in the collective nightmares of the world: shorthand for the spectral horrors of radiation poisoning, for a dangerous technology slipping its leash, for ecological fragility, and for what can happen when a dishonest and careless state endangers its citizens and the entire world. But the real story of the accident, clouded from the beginning by secrecy, propaganda, and misinformation, has long remained in dispute. Drawing on hundreds of hours of interviews conducted over the course of more than ten years, as well as letters, unpublished memoirs, and documents from recently-declassified archives, Adam Higginbotham brings the disaster to life through the eyes of the men and women who witnessed it firsthand. The result is a “riveting, deeply reported reconstruction” (Los Angeles Times) and a definitive account of an event that changed history: a story that is more complex, more human, and more terrifying than the Soviet myth. “The most complete and compelling history yet” (The Christian Science Monitor), Higginbotham’s “superb, enthralling, and necessarily terrifying...extraordinary” (The New York Times) book is an indelible portrait of the lessons learned when mankind seeks to bend the natural world to his will—lessons which, in the face of climate change and other threats, remain not just vital but necessary.
From the nation’s leading expert, an indispensable analysis of key threats to the integrity of the 2020 American presidential election As the 2020 presidential campaign begins to take shape, there is widespread distrust of the fairness and accuracy of American elections. In this timely and accessible book, Richard L. Hasen uses riveting stories illustrating four factors increasing the mistrust. Voter suppression has escalated as a Republican tool aimed to depress turnout of likely Democratic voters, fueling suspicion. Pockets of incompetence in election administration, often in large cities controlled by Democrats, have created an opening to claims of unfairness. Old-fashioned and new-fangled dirty tricks, including foreign and domestic misinformation campaigns via social media, threaten electoral integrity. Inflammatory rhetoric about “stolen” elections supercharges distrust among hardcore partisans. Taking into account how each of these threats has manifested in recent years—most notably in the 2016 and 2018 elections—Hasen offers concrete steps that need to be taken to restore trust in American elections before the democratic process is completely undermined.