Money,Finance and Human Values,Lessons From the Twentieth Century

• 作者: Mario Pines
• 来源期刊: 经济世界：英文版
• 学科: 经济
• 关键词: BANKS financial CRISIS BACKGROUNDS and Bretton WOODS gold standard central BANKS
• 年，卷（期）: 2018,（3）
• 页码范围: 191-202
• 页数: 12页
• 分类号: F

摘要

In the analysis of the present day crisis,the paper considers a result of commercial banks deregulation:blowing financial transactions,widespread new Keynesian flow of marginal monetary basis,jumpstarting financial instruments,short-term based financial program trading speculation.In this way,the research starts from the last market bubbles collapsed in the years 2000 and 2007-2008:dot-com,subprime and derivatives.Its results confirm the effect of the general persistence of wrong monetary policies,triggering irreversible liquidity,fiscal and interest zero rates traps.The conclusion is that an everlasting crisis is not the consequence of some isolate deregulation of some institution and markets activity in general,neither likely due to some new financial innovative product fallout.On the contrary,what surfaces in August 2007,is the result,after 40 years of monetary debasement and quantitative mismanagement,excessive faith in macroeconomics dangerous ideas and disregard of minor micro-economic laws,associated with the appearance of the huge Eastern competing world,once frozen in the planned economy,a global market oriented environment.The Western welfare State seems likely to finally collapse in a completely free surfacing new market economy.