Alexander Hamilton was the first U.S. Treasury Secretary from 1789 to 1795. When he started, the Federal Government was in default. During his tenure, U.S. Treasuries became the ultimate safe asset. He successfully managed expectations, achieved debt service reduction, and stabilized financial panics. He delivered sound public finances and financial stability. In the end, the U.S. possessed a modern financial system able to finance innovation and growth. At a time when Europe is working its way out of the sovereign debt crisis and implementing Banking Union and Financial Union, it is worthwhile to search for lessons from early U.S. history.
By looking at a wide range of industrialized economies, including England, Belgium, Spain, Italy, Argentina, the United States, and "late developers" such as Russia, this book aims to show how important the state was in the development of financial systems. It examines the various factors that contributed to the emergence of diverse financial systems, and through comparative historical analysis draws together general themes, such as the inter-country differences in the mix of public and private finance, to produce a book that makes an unique contribution to financial and economic history.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
A critical assessment of the global financial system shares narrative coverage of the dysfunctions that are impacting billions of lives, offering insight into such topics as misaligned exchange rates, currency wars and the imbalances that are compromising international saving and spending patterns. 50,000 first printing.
This work, first published in 1977, is a reissue of a trailblazing work; the first textbook of economic history to deal comprehensively with the economic development of the whole continent in this period and to do so from a continental rather than a British perspective. But it is more than merely a textbook: it is an interpretative synthesis of the wide range of research on this subject in many countries. As such it will be an indispensable guide for teachers and will extend and improve the scope of teaching by making available for the first time in English the results of continental research. In addition, it is a work of fundamental interest to economists in which theories and hypotheses of economic development are now examined in a much wider historical context. In this way the book is an exploration of the objective validity of earlier theories and the starting point for further research into economic development and european history. The work covers the continental development of the German and French economies after 1870 and then in that context analyses the development of the smaller western economies. It then considers the relatively underdeveloped economies of eastern and southern Europe and includes the first attempt at a synthesis of economic development before 1914 in the Balkans. It concludes with an analysis of the international economy and its relationship to the economic development of the continent.
An expert in business turnaround shares his inspiring approach to problem-solving: “A fascinating read” (Mitt Romney). Visionary leader Greg Brenneman believes that true business success and personal fulfillment are two sides of the same coin. The techniques that will grow your business will also help you achieve a rich, purposeful, and integrated life. Here, Brenneman takes what he’s learned from turning around or tuning up many businesses—including Continental Airlines and Burger King—and distills it into a simple, clear, five-step roadmap that anyone can follow. He teaches you how to: *prepare a succinct Go Forward plan *build a fortress balance sheet *grow your sales and profits *choose all-star servant leaders *empower your team For more than thirty years, Brenneman has seen these steps foster dramatic results in a variety of business environments. But he also came to realize that he could apply these same principles to improve his life and build a lasting moral legacy. He found he could make better decisions by carefully taking the most important facets of his life—faith, family, friendship, fitness, and finance—into consideration. Brenneman’s inspiring examples, from both his business and his life, demonstrate the astounding effects these steps can have when you apply them—right away and all at once.
I don't like the word 'sabotage',"--a former Goldman Sachs trader admitted. "It's just harsh.... Though, frankly, how else do you make money in this business...I mean, real money." The fundamental motive for financial innovation is not to make the system work better, but to avoid regulation and oversight. This is not a bug of the financial system, but a built-in feature. The president of the US is not a tax avoider because he is an especially fraudulent financier; he's a tax avoider because he is a wealthy man in a system premised on such deceit. Finance is an industry of sabotage. This book is a brilliant, intellectual detective story that traces the origins of financial sabotage, starting with the work of a prescient American economist who saw the capacity for banks and businesses to dissemble and profit as early as the 1920s. What was accomplished modestly in the first half of the 20th century became a booming global industry in the 1980s. Financialization took over everything, culminating in instruments so complex and confusing their own creators were being destroyed by them in 2008. With each financial bust, people expect to hear who the culprit was, and cynically know to not expect much punishment to ever reach them. But the innovation of this book is to show that each individual gaming the system isn't a crook---the whole system is sabotage.
