reprinted from Express Tribune, 8th June 2015 {bit.ly/AZHunt} We live in a world awash with money. Not only can the banks create 20 times more money than the amount they receive as deposits, but an enormous shadow banking system has come into existence which creates massive amounts of credit without any regulatory restrictions. At a… Read More Speculative Financial Attacks
The existing international financial architecture, left over institutions from the Bretton Woods period, proved useless to prevent or warn against the 2007-2008 crisis, or even less, solve it. Only when a new presidential grouping (G20) meeting was called for in London in March 2009, the issues of how to coordinate countercyclical policies and inject resources… Read More Rethinking the international financial architecture. The next Wea Conference
I have written a summary of the main arguments of Mian and Sufi in “House of Debt”. This book provides the answer to the question “How does macro-economics need to change, in light of the Global Financial Crisis?” This has been asked of many but none have given a satisfactory answer. Mian and Sufi analysis… Read More History of Global Financial Crisis 2007
The huge growth of deregulated finance has been associated to a new financial regime and great transformations in the pattern of economic growth. Looking backward, there has been a narrow relationship between the crisis of the post-war accumulation pattern, the evolution of the international monetary system and the process of financial deregulation. In fact,… Read More Financial capital: setting the scene
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