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Systemic Fragility in the Global Economy, by Dr, Jack Rasmus
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Just as contemporary economics failed to predict the 2008-09 crash, and over-estimated the subsequent brief recovery that followed, economists today are again failing to accurately forecast the slowing global economic growth, the growing fragility, and therefore rising instability in the global economy. This book offers a new approach to explaining why mainstream economic analyses have repeatedly failed and why fiscal and monetary policies have been incapable of producing a sustained recovery. Expanding upon the early contributions of Keynes, Minsky and others, it offers an alternative explanation why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed, and why the next crisis may therefore prove even worse than that of 2008- 09. Systemic fragility is rooted in 9 key empirical trends: slowing real investment; a drift toward deflation; money, credit and liquidity explosion; rising levels of global debt; a shift to speculative financial investing; the restructuring of financial markets to reward capital incomes; the restricting of labor markets to lower wage incomes; the failure of Central Bank monetary policies; and the ineffectiveness of fiscal policies. It results from financial, consumer, and government balance sheet fragilities exacerbating each other -- creating a massive centripetal force disaggregating and tearing apart the whole, untameable by either fiscal or monetary means. This book clarifies how the price system in general, and financial asset prices in particular, transform into fundamentally destabilizing forces under conditions of systemic fragility. It explains why the global system has in recent decades become dependent upon, and even addicted to, massive liquidity injections, and how fiscal policies have been counterproductive, exacerbating fragility and instability. Policymakers’ failure to come to grips with how fundamental changes in the structure of the 21st century global capitalist economy—in particular in financial and labor market structures—make the global economy more systemically fragile can only propel it toward deeper instability and crises.
- Sales Rank: #965971 in eBooks
- Published on: 2016-02-09
- Released on: 2016-02-09
- Format: Kindle eBook
Review
forthcoming
About the Author
Dr. Jack Rasmus is the author of several books on the USA and global economy, including Epic Recession: Prelude to Global Depression, 2010, Obama’s Economy, 2012, and An Alternative Program for Economic Recovery, 2012. He hosts the weekly New York radio show, Alternative Visions, on the Progressive Radio network; is shadow Federal Reserve Bank chair of the ‘Green Shadow Cabinet’ and economic advisor to the USA Green Party’s presidential candidate, Jill Stein. He writes bi-weekly for Latin America’s teleSUR TV, for Z magazine, Znet, and other print & electronic publications. Dr. Rasmus currently teaches economics and politics at St. Marys College in California.
Most helpful customer reviews
6 of 6 people found the following review helpful.
House of Cards
By David R. Baker
This is a great book and the substantial effort it takes to read it is well worth it. It is both a compelling economic history and a call for change.
For decades, the neo cons have used every possible economic club to beat the lower 90%: low growth, no growth; stagnating incomes; busted unions; no benefits, no pensions; cash starved public schools, cities, counties, and states; shipping all the real jobs overseas-------what remains here are part time, contingent, low paid service jobs. The young are saddled with a trillion dollars of student loans which won’t be paid off until old age, if then. Budget busting deficit spending to fund wars and destroy social security and medicare and force austerity. Ruthless regressive taxation and an upside down economy that shoots all new income growth straight up into the pockets of the top 5%.
When the global economy collapsed in 2007 through 2009, Bernake and other bankers “helicoptered” trillions of free dollars into the banks and other major corporations but this monetary policy has gone nowhere to revive the real economy. The economic destruction of the lower 90% has set up negative feedbacks and what is called monetary policy [pumping trillions into banks and other corporate entities] doesn’t provide real jobs or income growth. Rasmus calls these negative feedback systems systemic fragility. But what monetary policy has provided is trillions of dollars of free money for the banks and others to speculate in an obscene array of financial assets. Hence Bernake and other banlers have never stopped pumping more and more trillions into the global economy and the result is what Rasmus calls a “money parade” of a hundred trillion dollars that is turning casino capitalism into a world wide web of defacto Ponzi schemes. Rasmus does describe the necessary tools to bring back a real economy of real jobs and real income growth for all but the lower 90% are so beaten, atomized, and misled that a global explosion on the level of the 1930's Great Depression is almost inevitable.
2 of 2 people found the following review helpful.
One will determine deflation will be evident for decades after reading this book.
By Vietnam 1968
After reading this book one can surely say it will not be Medicare or Social Security which will bankrupt this country, it will be the trillions dollars of debt in the shadow banking system which will crash worldwide bond markets which include US Treasuries.
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