The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money
by Steven Drobny · 18 Mar 2010 · 537pp · 144,318 words
be over, now that the main economic blocks (United States, Europe, Japan) have no inflation and near-zero interest rates. Fiscal deficits, increasing public sector debts, private sector deleveraging, and populist and protectionist politics around the globe all point to increased volatility and a move away from “price stability.” Still, real money accounts have
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issue, but also a question of power concentration versus power diffusion. The environment going forward will be governed by the secular process of deleveraging and the private-to-public sector risk transfer, meaning liquidity and flexibility will command a huge premium for all investors. A rethinking of the business model could result in
Crashed: How a Decade of Financial Crises Changed the World
by Adam Tooze · 31 Jul 2018 · 1,066pp · 273,703 words
clear of the kind of stimulus package launched by the Obama administration, let alone that trumpeted by Beijing, their deficits were widening too. As the private sector deleveraged and cut its spending, they too saw huge nondiscretionary deficits. Indeed, it would have taken a heroic and truly perverse act of austerity to prevent
Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society
by Will Hutton · 30 Sep 2010 · 543pp · 147,357 words
. But unless Western governments, including Britain’s, spend and borrow at least to compensate for the ongoing stagnation in private demand as overstretched sectors deleverage, the risk is that simultaneous deleveraging by the public and private sectors will force exposed countries into prolonged stagnation, or possibly depression. The debt moralists who insist that Britain must reduce
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times that demand abnormal responses. Of course, the deficit must be reduced, but governments need to reserve the right to curtail the cutting if deleveraging by the private sector becomes too aggressive. If they do not, the cumulative impact could be disastrous. Richard Koo’s thinking is informed by his close analysis of
The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival
by Charles Goodhart and Manoj Pradhan · 8 Aug 2020 · 438pp · 84,256 words
rate: slightly up Shift in saving curve • Demography: rising population of older people • Lower savings in emerging markets Upward Shift in investment curve • Pressure from private sector deleveraging eases • Public sector investment rises slightly • Importance of intangible investment remains high Slightly upward Portfolio shifts • Little change of regulatory preference for government bonds • Preference
What's Next?: Unconventional Wisdom on the Future of the World Economy
by David Hale and Lyric Hughes Hale · 23 May 2011 · 397pp · 112,034 words
2010–2011 looks much like Japan’s economy did in the early 1990s. In both cases the implosion of asset bubbles precipitated a vast deleveraging process that vitiated private-sector demand and employment. The resulting contraction in tax revenues pushed official budgets far into the red, a tendency reinforced by the almost universal
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of leverage and therefore insisted on paying down their debts still further. This represents a long-term problem for most of the advanced economies because private-sector deleveraging will require at least another few years and must then be followed by public-sector deleveraging in the form of painful spending cuts and more
Hedge Fund Market Wizards
by Jack D. Schwager · 24 Apr 2012 · 272pp · 19,172 words
debt that can’t be paid back in nondepreciated money, which leads to the next stage. And Stage 5: After bubbles burst and when deleveragings occur, private debt growth, private sector spending, asset values, and net worths decline in a selfreinforcing negative cycle. To compensate, government debt growth, government deficits, and central bank “printing
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth
by Michael Jacobs and Mariana Mazzucato · 31 Jul 2016 · 370pp · 102,823 words
systemic financial distress and pushing most private actors to try to reduce their indebtedness simultaneously. In other words, when the housing bubble burst, the private sector looked to deleverage by spending less, saving more and paying down debt. There was a strong desire to return to a surplus position.13 Figure 2: Sectoral
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deficit into surplus . . . The government responds in a largely passive way. But the government’s deficit did more than just passively reflect the private sector’s attempt to deleverage; it actively restored private sector balance sheets by providing the very (financial) assets the private sector was seeking. To appreciate this, look back at
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liability is the private sector’s asset!’19 Further evidence that fiscal deficits have been the result of the financial crash—and of the deleveraging process in the private sector—comes from the experience of the UK. Britain was similarly affected by the financial crash, with highly indebted households, financial institutions full of
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during the financial crisis has been attributed to ‘profligate’ government spending. The more serious argument that the public deficit was, in fact, related to deleveraging in the private sector has been totally absent from the mainstream debate. Also in Britain, the government has embraced austerity (though to a much lesser extent than in
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other revenues and higher social security payments, along with some discretionary spending measures aimed at rescuing ailing banks. Falling incomes, rising unemployment and deleveraging all contributed to falling private sector spending. The crisis triggered increased saving by households and a reduction in investment by businesses, which was then mirrored in rising public sector
Crisis Economics: A Crash Course in the Future of Finance
by Nouriel Roubini and Stephen Mihm · 10 May 2010 · 491pp · 131,769 words
of these temporary factors fizzle out. At that point growth will slump well below par until the necessary increase in saving and the deleveraging of the private and public sectors have occurred. Europe on the Edge As bad as things look in the United States, the medium-term prospects of the Eurozone and
Currency Wars: The Making of the Next Gobal Crisis
by James Rickards · 10 Nov 2011 · 381pp · 101,559 words
in many ways from the 1920s and the 1970s, but the massive overhang of unpayable, unsustainable debt is producing the same dynamic of deleveraging and deflation by the private sector offset by efforts at inflation and devaluation by governments. The fact that these policies of inflation and devaluation have led to economic debacles
How Will Capitalism End?
by Wolfgang Streeck · 8 Nov 2016 · 424pp · 115,035 words
borrow time … But the time has not been well used, as continued low interest rates and unconventional policies have made it easy for the private sector to postpone deleveraging, easy for the government to finance deficits, and easy for the authorities to delay needed reforms in the real economy and in the financial
The Long Good Buy: Analysing Cycles in Markets
by Peter Oppenheimer · 3 May 2020 · 333pp · 76,990 words
European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right
by Philippe Legrain · 22 Apr 2014 · 497pp · 150,205 words
No Ordinary Disruption: The Four Global Forces Breaking All the Trends
by Richard Dobbs and James Manyika · 12 May 2015 · 389pp · 87,758 words
The Tyranny of Nostalgia: Half a Century of British Economic Decline
by Russell Jones · 15 Jan 2023 · 463pp · 140,499 words
The New Depression: The Breakdown of the Paper Money Economy
by Richard Duncan · 2 Apr 2012 · 248pp · 57,419 words