Business as Usual: The Roots of the Global Financial Meltdown (Possible Futures)

Volume I: Business as Usual. The Roots of the Global Financial Meltdown
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Debt bomb: Are we on the brink of another global financial crisis?

What we can say with virtual certainty is that if we continue as now is that it will happen. Because the scale of the trading is larger, and because the depleted government treasures are not well placed for another huge bailout, the impact will be worse than Thus the biggest risk we face is not the stories of repeated wrongdoing by the banks that are still making headlines, such as:.

That is more than ten times the size of the entire world economy.

  1. Big Banks and Derivatives: Why Another Financial Crisis Is Inevitable?
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Yet incredibly, we have little information about it or its implications for the financial strength of any of the big banks. Moreover the derivatives market is steadily growing. The bulk of this derivative trading is conducted by the big banks.

The end of geography in finance

Whereas other chapters in this book are largely self-contained, this chapter is designed as a capstone. These financial institutions in turn rebundled the assets for sale to other financial institutions and so forth. In terms of my typology, market citizenship gained in significance against both ethno-nationalist and social welfare models. The fourth model of citizenship presupposes a consumer society, a weak state and the decline of civic institutions, where the passive citizen becomes a consumer of privatised goods and services. The policy statement indicated that the Fed was not yet ready to take those steps. In original essays, the contributors establish how the Great Recession is related to crises of the past, and yet why this meltdown was different. Italy was ranked 84th out of countries in the World Economic Forum index of gender equality.

The ripple effects can be massive and unpredictable. In , governments had enough resources to avert total calamity.

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Interest margin drives half its revenues. Fees from mortgages, investment accounts and credit cards generate the other half. But among the startling disclosures in the article in The Atlantic from examining the footnotes in its most recent annual report are:. If not, you are not alone.

Wells Fargo declined to answer questions from the journalists from The Atlantic. Their response to requests for clarification was to suggest re-reading the unhelpful sections of the annual report. The Atlantic also finds worrying issues in how Wells Fargo does make money. Meanwhile in this world of shell games and mind-boggling numbers, big losses can go unremarked. Public confidence in banks is now at a record low.

Big Banks and Derivatives: Why Another Financial Crisis Is Inevitable

Specialists are equally bewildered. The Atlantic cites:. Wall Street already reflects its distrust of the big banks. In the wake of the recent financial crisis, the government has moved to give new powers to the regulators who oversee the markets. But the net result of the effort to regulate the big banks is almost as stupefying as the amounts of money involved.

Quarterly reporting to the Fed required a spreadsheet with 2, columns.

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What human mind can possibly comprehend all this? Complex accounting rules have thus made the problem worse.

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Clever bankers, aided by their lawyers and accountants, find ways around the intentions of the regulations while remaining within the letter of the law. Some experts propose that the banking system needs more capital. Others call for a return to Glass-Steagall or a full-scale breakup of the big banks. These reforms could help, but none squarely addresses the problem of opacity, or the mischief that opacity enables. First, there must be a straightforward standard of disclosure for Wells Fargo and its banking brethren to follow: describe risks in commonsense terms that an investor can understand.

Second, there must be a real risk of punishment for bank executives who mislead investors, or otherwise perpetrate fraud and abuse. Nor did vigorous prosecution of financial crime. However it does require political will-power. First is its international, global character. In my opinion, it is a mistake to put all the responsibility for the global systemic crisis of started as a financial crisis which grew into a financial-economic one and is now regarded by many specialists as a systemic crisis solely on the US administration as many media do.

Series introduction

In such a case, the responsibility of the US state system is overly exaggerated. Meanwhile, over the last decades of the twentieth century, the financial community has concentrated in its hands the supercritical mass of the world's wealth and, above all, financial capital. Global migration of a real economy in form of capital and productive assets being moved from one country to another, from one continent to another is happening according to specific plans and exclusively in the interests of the financial oligarchy. And were traders and managers on Wall Street really convinced by all the hype about new capacities to manage risk, or did they actually know the crash was coming but get taken in by the notion that they were so smart they could time getting out better than most did?

Certainly one feature of the bubble years was drawing an array of the brightest students at top universities to work in investment banking, enculturating them in a world of playing late-night poker games, celebrating risk, denigrating risk management and regulation, and perpetuating the satisfying notion that they were not only brainy enough to deserve absurd fortunes for minimally productive activity but bright enough to know when to get out of the Ponzi scheme. That quasi-stratum has usurped the channels of virtual capital flows the same way as Britain once seized the control over world trade routes.

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Throughout the XIX-XX centuries, that financial social stratum tried to consolidate under its overt or covert control the state systems of developed and many developing countries, except for the states that proclaimed an alternative social orientation: the USSR, China, other countries of the socialist camp, and a number of traditionalist regimes of the East. We can, with a certain degree of confidence, outline the main aims of the financial oligarchy. To a considerable degree, such a world already exists.

All categories of citizens, from teenagers to elderly people, have become the targets of aggressive consumerism. Even kids are becoming an active resource for the growth of consumerism.

Business as Usual: The Roots of the Global Financial Meltdown

To the list of these phenomena we should also add the propaganda of unlimited individualism and disregard to the interests of others. As such, it does not matter whether we are speaking about the interest of a neighbor that lives down the street or about the interests of people that live in Iraq, Libya, Egypt, Algeria, Tunisia, Syria, Israel, countries of Africa or Latin America, Russia, India or China.

The pretext to start a war was that Iraq possessed weapons of mass destruction that could threaten western society and mankind as a whole. Neither does the general public know anything about the demands to bring to justice the lying statesmen responsible for the death of thousands of their own citizens and Iraqis.


Business as Usual: The Roots of the Global Financial Meltdown (Possible Futures) [Craig Calhoun, Georgi Derluguian] on *FREE* shipping on. Editorial Reviews. Review. "There may be a silver lining to the global financial meltdown of Business as Usual: The Roots of the Global Financial Meltdown ( Possible Futures Book 2) Kindle Edition . of the current crisis, but of its historical roots and the importance of politics to the future of global socio-economic structures.

In practice, and the most recent financial-economic meltdown illustrates that this decision has resulted in the creation of the sole center for the emission of a reserve currency. That fact provided the above-mentioned financial stratum with indisputable advantages to format the world according to its own templates and process of subordination of national economies. My colleague from Turkey, sociologist Caglar Keyder points out that it is does not matter how much the middle class of rich countries suffers; the burdens created by globalization, inequality, exploitation and crises fall, to a greater extent, on the shoulders of the poorest part of a mankind.

What are the recommendations given to cope with these problems? Those are the reduction of harmful emissions into the atmosphere, employment of energy-saving technologies and technologies based on renewable sources of energy, widespread campaign against the use of the nuclear power plants, etc.