"Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, reflecting the puritan roots of the earliest European settlers. Yet as a community, we also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States and particularly to get rich quick experiences ranging from the Gold Rush of the 1840s to the real estate bubble of the early 21st Century. Inflated examines this apparent conflict and makes the argument that such a world view is so ingrained in us that to expect the United States to live in a "deflated" world is simply unrealistic. It skillfully seeks to tell the story of, money inflation and public debt as enduring (and perhaps endearing) features of American life, rather than something we can one day overcome as our policy makers constantly promise. Features interviews with today's top financial industry leaders and insiders. Offer a glimpse into the future of the Federal Reserve and the role it will play in the coming years. Examines what the future may hold for the value of the U.S. dollar and the real incomes of future generations of Americans. The gradual result of the situation we find ourselves in will inevitably lead to inflation, loss of economic opportunity, and a decline in the value of the dollar. This book will show you why, and reveal how we might be able to deal with it."--
"Lack of coordination of fiscal and monetary policies, disregard for the high degree of inflation persistency, unstable relations and bilateral causality between money supply and inflation, all imply an inappropriateness of money-based stabilizations for the transition economy of postcommunist Russia conducted under the auspices of the IMF. As a representative of the West, the IMF pretended to aid Russians through stabilisation. The IMF promised loans while the Russian government promised reforms. This turned out to be a pseudo lending for pseudo reforms with disastrous consequences for the Russian economy as explored and scrutinized in this volume."--BOOK JACKET.
The Panic of 1907. Black Tuesday (1929). Black Monday (1987). The Great Recession (2008). The Flash Crash (2010). Taken together they tell the story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Nations blends economic and cultural history to show how each of these major crashes provided painful lessons that have strengthened us and helped us to build the nation we know today. "In this absorbing, smart, and accessible blend of economic and cultural history, Scott Nations, a longtime trader, financial engineer, and CNBC contributor, takes us on a journey through the five significant stock market crashes in the past century to reveal how they defined the United States today. THE PANIC OF 1907: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks Only billionaire J. P. Morgan was able to save the stock market. BLACK TUESDAY (1929): As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression. BLACK MONDAY (1987): When 'portfolio insurance,' a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day. THE GREAT RECESSION (2008): As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them. THE FLASH CRASH (2010): When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes. The stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today. A History of the United States in Five Crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one."--Jacket
One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity--which have forewords by financial luminaries and new introductions by the author--you can enjoy some of the best of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas of instability, and innovative capital market strategies, many economists and investors have lost sight of the fundamentals of the financial system--its strengths as well as its weaknesses. A Primer on Money, Banking, and Gold takes you back to the beginning and sorts out all the pieces. Peter Bernstein skillfully addresses how and why commercial banks lend and invest, where money comes from, how it moves from hand to hand, and the critical role of interest rates. He explores the Federal Reserve System and the consequences of the Fed's actions on the overall economy. But this book is not just about the past. Bernstein's novel perspective on gold and the dollar is critical for today's decision makers, as he provides extensive views on the future of money, banking, and gold in the world economy. This illuminating story about the heart of our economic system is essential reading at a time when developments in finance are more important than ever.
"This book provides a thorough grounding in the science and economics of climate policy issues and draws key lessons from the longer experiences of central banks in grappling with related challenges. Findings and controversies of climate history and the effects of human activities on climate are reviewed. The author describes similarities in risk management approaches for climate and monetary policy. Overall goals and frameworks for addressing climate change risks are assessed. Command-and-control and market-based options are compared (including performance standards, taxes, and cap-and-trade). Market-based approaches sometimes require a choice between prices and quantities as policy instruments. However, the author discusses how techniques of central bank interest rate management can be adapted in a hybrid climate policy approach to achieve environmental goals while making carbon prices predictable and also ensuring well-functioning carbon markets. Key lessons are offered for improving existing and future national and international climate policy architectures"--
Inflated by Christopher Whalen | Literally Just Books
