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Not employment or inflation as argued during the Great Depression and years of Reaganomics, the mechanism that drives the business cycle is proven to be the housing and property market in this analysis of the instability of financial markets. The consequences of how neoclassical economics ignores the importance of land are presented in a discussion of the dot-com crash. Agricultural, industrial, and commercial property and the housing market are examined to suggest that policymakers must revise their treatment of land in economic decisions to avoid the next economic crash, predicted for 2010.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
While the recent economic crisis was a painful period for many Americans, the panic surrounding the downturn was fueled by an incomplete understanding of economic history. Economic hysteria made for riveting journalism and effective political theater, but the politicians and members of the media who declared that America was in the midst of the greatest financial calamity since the Great Depression were as wrong and misguided as the expansionists of the Roosevelt era. In reality the cyclical nature of market economies is as old as the markets themselves. In a free market system, financial downturns inevitably accompany economic prosperity-but the overall trend is upward progress in living standards and national wealth. While it is helpful to understand what caused the recent crisis, the more important questions to consider are 'What makes the 'boom and bust' cycle so predictable?' and 'What are the ethical responsibilities of the citizens of a free market economy?' In Boom and Bust: Financial Cycles and Human Prosperity, Alex J. Pollock argues that while economic downturns can be frightening and difficult, people living in free market economies enjoy greater health, better access to basic necessities, better education, work less arduous jobs, and have more choices and wider horizons than people at any other point in history. This wonderful reality would not exist in the absence of financial cycles. This book explains why.
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Was the Meltdown of 2008 the first phase of the Great Depression of the 21st Century? In 2013, this global economic crisis is not over and no one knows the hour or the day when the Final Reckoning will occur! The 2008 Meltdown that culminated in the serial collapse of some of the most powerful corporations in the world, represented only the tip of the iceberg in the emergence of this epic economic bust cycle. What we are now witnessing is the greatest bubble and credit expansion in modern economic history, and when this entire system finally implodes, it will bring into existence some harsh economic and financial realities. The Meltdown of 2008 (and its aftershocks) was the initial bursting of this bubble and the first phase of the Great Depression of the 21st century. As this bust cycle continues to unfold in the wake of the 2008 collapse, the sovereign debt crisis that has a strangle hold on most of the developed world, has evolved into the epicenter of a massive credit and money supply expansion bubble that threatens to derail the entire global economic system. The sovereign debt crisis in Europe is a constant reminder of why this bust cycle may linger on for many years without resolution and a robust recovery. The narrative journey taken in this book helps the reader to better understand the following key issues:* Greece and Spain are microcosms of a much larger looming global catastrophe, and the world can learn valuable lessons by observing the failed austerity policies that are not working in their ongoing depression years. This book also takes a very close look at Japan and its long deflationary bust cycle that spans the period of over two decades. After its extraordinary boom period. Japan has been in a titanic battle to break the grip of a deep deflationary era. There are valuable lessons to be learned in Japan's economic drama. * The analysis presented provides an introduction to Om-Ra-Seti's "Grand Convergence Theory," the confluence of a diversity of economic forces destined to bring about a manifestation of creative destruction and global economic revision. * In historical and narrative form, the reader is presented with a review analysis, power and continuing nature of boom and bust cycles. * The book supports the premise that our civilization has arrived at the end of the "Age of Oil," and that governments, corporations and institutions should be actively engaged in a transition process and period of withdrawal from this depleting and environmentally destructive resource. * This publication offers unique insights and perspectives on the inevitable recovery phase that will begin after the period of global economic purgatory. The year 2012 was the pivotal turning point in this unfolding dramaGovernments and their central bankers are conducting a titanic battle to prevent contagion and collapse into deflation and global depression. We have reached a major turning point in this bust cycle where an accurate assessment and appropriate reforms are critical; inappropriate policies and short-term remedies will only produce greater failure. And there must be a total recognition by global leaders and lawmakers that unrestrained and unbridled free enterprise systems will not work in this current economic bust cycle. The longer our leaders delay in implementing the full measure of economic and depression-era reforms, the more difficult it becomes to stop what is now inevitable: Global Economic Turmoil and Collapse! At some point in this bust cycle, additional stimulus programs, massive money printing, bailouts and corporate welfare will not reverse what we will witness in the second decade of the 21st century. This book brings to light the need for strategic plans for the future in a world that has entered a great technological transition phase.
Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial sys­tem propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the sys­tem, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
Exploring the forceful renewal of the boom-and-bust cycle after several decades of economic stability, this book is a research-based review of the factors that caused the 2008 recession. It offers cutting-edge diagnoses of the recession and prescriptions on how to boost the economy from leading economists. The book concentrates on the Federal Reserve and its leading role in creating the economic boom and recession of the 2000s. Aimed at professional economists and readers well versed in the basic workings of the economy, it includes innovative proposals on how to avoid future boom-and-bust cycles.
A sweeping account of civilization's dependence on copper traces the industry's history, culture and economics while exploring such topics as the dangers posed to communities living near mines, its ubiquitous use in electronics and the activities of the London Metal Exchange. By the author of Fools Rush In. 30,000 first printing.