Collapse of the Icelandic government, unemployment and homelessness rises, street protests and industrial action.
http://youtu.be/JB4wefzZLNc
Meltdown: History of the Global Financial Collapse 2010 | Part 2
How one man almost brought down the world financial system.
http://youtu.be/VBmOEI7Ob9M
Meltdown: History of the Global Financial Collapse 2010 | Part 1
De-regulation of financial markets came about as a result of competition between London and New York to be a global financial center.
http://youtu.be/T3CDGh4cXU0
The Ascent of Money: Niall Ferguson | Episode 4
Final episode — PLANET FINANCE — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
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The Ascent of Money: Niall Ferguson | Episode 3
Third episode — RISKY BUSINESS — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
Part 1:
http://youtu.be/NXe2B9icKQ0
Part 2:
http://youtu.be/095xF7uwYyE
Part 3:
http://youtu.be/-lAITBURfXQ
Part 4:
http://youtu.be/zfJPvvj5R2M
The Ascent of Money: Niall Ferguson | Episode 2
Second episode — BONDS OF WAR — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
http://youtu.be/OND8fI15AYU
The Ascent of Money: Niall Ferguson | Episode 1
First episode — FROM BULLION TO BUBBLES — of a four-part series THE ASCENT OF MONEY. Economist and historian Niall Ferguson documents the evolution of money and banking through the ages.
http://youtu.be/S_zzbOQ4_Dk
The Dinged-Up, Broken-Down, Fender-Bended Economic Recovery Plan – NYTimes.com
ADAM DAVIDSON highlights that consumers’ cars have aged as they postponed replacement purchases during the GFC. This has led to pent-up demand which is getting auto-makers excited:
New-car sales, which collapsed to less than 11 million in 2009, are expected to surpass 14 million this year. And forecasters believe that they will increase by around a million annually for the next couple of years. In 2015, we could eclipse 16 million vehicles sold, which is near the precrisis peak…….This optimism is also embodied in the number of new models about to hit the production line. A few years ago, the industry introduced only around 50 new models. This year, it is planning 94; next year, there will be another 101.
via The Dinged-Up, Broken-Down, Fender-Bended Economic Recovery Plan – NYTimes.com.
No End To Long-Term Unemployment – Business Insider
J BRADFORD DE LONG, professor of economics at University of California at Berkeley, argues for expansionary monetary and fiscal policy.
At its nadir in the winter of 1933, the Great Depression was a form of collective insanity. Workers were idle because firms would not hire them; firms would not hire them because they saw no market for their output; and there was no market for output because workers had no incomes to spend.
I have been arguing for four years that our business-cycle problems call for more aggressively expansionary monetary and fiscal policies, and that our biggest problems would quickly melt away were such policies to be adopted. That is still true. But, over the next two years, barring a sudden and unexpected interruption of current trends, it will become less true.
But private sector deleveraging means expansionary monetary policy is as effective as pushing on a string. And fiscal policy needs to focus on productive infrastructure investment, not just stimulus spending that runs up public liabilities without any assets to show for it on the other side of the balance sheet.
STEPHEN ROACH: America Can't Keep Relying On Spending To Drive The Economy – Business Insider
STEPHEN ROACH highlights the importance of capital investment in any US recovery:
Over the last 18 quarters, annualized growth in real consumer demand has averaged a mere 0.7%, compared to a 3.6% growth trend in the decade before the crisis erupted…… Consumption typically accounts for 70% of GDP (71% in the second quarter, to be precise). But the 70% is barely growing, and is unlikely to expand strongly at any point in the foreseeable future. That puts an enormous burden on the other 30% of the US economy to generate any sort of recovery.
Capital spending and exports, which together account for about 24% of GDP, hold the key to this shift. At just over 10% of GDP, the share of capital spending is well below the peak of nearly 13% in 2000. But capital spending must exceed that peak if US businesses are to be equipped with state-of-the-art capacity, technology, and private infrastructure that will enable them to recapture market share at home and abroad. Only then could export growth, impressive since mid-2009, sustain further increases. And only then could the US stem the rising tide of import penetration by foreign producers.
via STEPHEN ROACH: America Can't Keep Relying On Spending To Drive The Economy – Business Insider.