The Greatest Crash: How contradictory policies are sinking the global economy

Sparkling Books
Free sample

"Radical thinkers might have a point" - Financial Times

The Greatest Crash argues that the financial system which evolved from the early Italian bankers has now reached a roadblock. The weight of debt already created prevents further economic expansion, while paying down the debt shrinks economies. To escape this trap, evolution is needed. But bureaucratic design, delegated government, and group think, all combine to prevent evolution.
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About the author

David Kauders was educated at Latymer Upper School, Jesus College Cambridge and Cranfield School of Management. He is an investment manager and also contributes occasional articles to the UK financial press.

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Additional Information

Publisher
Sparkling Books
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Published on
Oct 7, 2011
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Pages
192
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ISBN
9781907230356
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Language
English
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Genres
Business & Economics / Economics / General
Business & Economics / Finance / General
Business & Economics / Personal Finance / Investing
Political Science / World / General
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.

The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks.

Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.

The crucial decision the British government has taken will have enormous consequences for our children, grandchildren and all future generations.

This book clearly describes the different options available, their impact on the UK economy and on individual Britons resident both in the UK and Europe. It asks how realistic politicians are being about the detrimental effect on trade in both goods and services that will be caused by leaving the single market. What consequences will their decision have for the UK and its unity?

Contents
Introduction
1 Britain’s options
2 The importance of free trade
3 A British view of non-trade factors
4 Britain and Europe
5 The state of Britain
6 What now?
Appendix: Examples of political misconceptions

Reviews
“The need for a reasoned and sensible debate about the impact of Brexit has never been higher, with continued Government obfuscation about what Britain’s exit from the EU will entail. David Kauders’ well-researched book concisely explains the different Brexit options available and details their implications, with the case for Britain’s continued access to the single market shining through. Kauders’ work should be required reading for all those wishing to quickly grasp the consequences of Brexit”
- Lord Bilimoria, Chairman, Cobra Beer Partnership and Cross Bench member of the House of Lords

”With little clarity over what Brexit entails, ‘Understanding Brexit Options’ takes its reader through the options open to the UK in its future relationship with the EU. It helps lift the fog hanging over the toughest decision the UK will have to take in this generation.”
- Tom Brake MP

”A useful addition to the current debate and has the benefit of being a short read”
- Lord Bruce of Bennachie

”... anyone who wants to be better informed ... could do no better than to read this clear analysis”
- Lord Taverne
The Kurds, who number some 28 million people in the Middle East, have no country they can call their own. Long ignored by the West, Kurds are now highly visible actors on the world's political stage. More than half live in Turkey, where the Kurdish struggle has gained new strength and attention since the U.S. overthrow of Saddam Hussein in neighboring Iraq.
Essential to understanding modern-day Kurds—and their continuing demands for an independent state—is understanding the PKK, the Kurdistan Workers’ Party. A guerilla force that was founded in 1978 by a small group of ex-Turkish university students, the PKK radicalized the Kurdish national movement in Turkey, becoming a tightly organized, well-armed fighting force of some 15,000, with a 50,000-member civilian militia in Turkey and tens of thousands of active backers in Europe. Under the leadership of Abdullah Ocalan, the war the PKK waged in Turkey through 1999 left nearly 40,000 people dead and drew in the neighboring states of Iran, Iraq, and Syria, all of whom sought to use the PKK for their own purposes. Since 2004, emboldened by the Iraqi Kurds, who now have established an autonomous Kurdish state in the northernmost reaches of Iraq, the PKK has again turned to violence to meet its objectives.
Blood and Belief combines reportage and scholarship to give the first in-depth account of the PKK. Aliza Marcus, one of the first Western reporters to meet with PKK rebels, wrote about their war for many years for a variety of prominent publications before being put on trial in Turkey for her reporting. Based on her interviews with PKK rebels and their supporters and opponents throughout the world—including the Palestinians who trained them, the intelligence services that tracked them, and the dissidents who tried to break them up—Marcus provides an in-depth account of this influential radical group.
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