The Past: Abandoned Principles And Misguided Policies
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I have recorded a two-hour course. It’s called Capitalism In Crisis: The Global Economic Crisis Explained. The course is broken into 15 short lectures and is available on an on-line teaching platform called Udemy.
A great deal can be learned about the government’s response to this crisis, as well as the mistaken policies that necessitated it, by analysing a speech delivered by Ben Bernanke on 21 November 2002. At that time, Bernanke was a Governor
Once US dollars ceased to be convertible into gold at the beginning of the 1970s, there was no longer any constraint on the amount of dollar-denominated debt that could be created by the Federal Reserve system or the Treasury Department, or
Since the 1980s, a culture of debt has arisen in the United States. That change was the consequence of a misguided trade policy that gave rise to a current account deficit of unprecedented size. Between 1982 and 2008, the United States impo
Starting in the 1970s, international credit flows began to destabilize the global economy. One country after another was plunged into crisis as dollar-denominated credit from abroad produced short-term booms followed by longer-lasting busts
There should be no confusion as to the origins of the global economic crisis that began in 2008. This crisis was set in motion in the 1960s, when policymakers in the United States abandoned the core principles of economic orthodoxy: balance
Perhaps the greatest mystery in the world of finance and economics is why Fed Chairman Ben Bernanke refuses to acknowledge that paper money creation by central banks produced the “global savings glut” which, according to him, destabiliz
The single most important development affecting the global economy over the past decade has been the creation of $7 trillion worth of paper money by central banks in developing countries. This explosion of money creation drove up the price