Alchemists of Loss
How Modern Finance and Government Intervention Crashed the Financial System
Автор(и) : Kevin Dowd, Martin Hutchinson
Издател : John Wiley & Sons, Ltd.
Място на издаване : Chichester, UK
Година на издаване : 2010
ISBN : 978-0-470-68915-8
Брой страници : 242
Език : английски
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An engaging look at how modern finance almost destroyed our global economy
Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy.
In a clear and accessible style, ex-investment banker and financial journalist Martin Hutchinson, and highly respected academic, Kevin Dowd show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centers.
• Breaks down the events involved in the 2007-08 financial collapse
• Reveals how botched policy response made a bad situation worse
• Focuses on lessons that the practice of finance must learn from recent events
The Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won't happen again as we move forward.
“This book is must reading for anyone who wants to understand the true origins of the financial crisis and the reforms needed to create financial harmony.”
- James A. Dorn, Cato Institute, Washington DC; editor of The Future of Money in the Information Age
“Unlike many financial prospectuses that preceded the Panic of 2008 and most of the discourse that has followed, Alchemists of Lossis not filled with contradictory statements, double-talk and non sequiturs. Dowd and Hutchinson present a clear, comprehensive and compelling diagnosis in which all of the culprits are hung out to dry. The authors then lay out a detailed blueprint for replacing what they finger as crony capitalism with Free-Market Capitalism.”
- Steve H. Hanke, Johns Hopkins University, Baltimore, USA
“What if the 2007–2008 financial crisis was but the last by-product of the ‘Keynesian episode’? Alchemists of Lossdraws lessons from the economic crises of the past, to envisage a way out of the current financial mess. This book is a must read for anyone who cares for the future of the world economy.”
- Alberto Mingardi, Director General, Istituto Bruno Leoni, Milan
Kevin Dowd is a former academic and policy economist who has written extensively on the areas of monetary, financial and macro-economics, political economy and financial risk management. Professor Dowd’s books include Competition and Finance: a New Interpretation of Financial and Monetary Economics (Macmillan, 1996), Money and the Market: Essays on Free Banking (Routledge, 2000) and Measuring Market Risk (Wiley, 2005). He has affiliations with the Cato Institute (Washington), the Cobden Centre (London), the Institute of Economic Affairs (London), the Independent Institute (Oakland), the Istituto Bruno Leoni (Milan), the Pensions Institute (London) and the Taxpayers’ Alliance (London).
Личен сайт: http://web.me.com/kevindowd1958/web.me.com_kevindowd1958_Site/Home.html
Martin Hutchinson was a merchant/investment banker with more than 25 years’ experience in London, New York and Zagreb, beginning with the merchant bank Hill Samuel, before moving into financial journalism in 2000. After working for US, Swedish and Austrian banks, he was a director of a Spanish private-equity firm, an advisor to a Korean conglomerate and Chairman of a US modular building company. As the US Treasury Advisor to Croatia in 1996, he helped the country establish its own T-bill program, launch its first government bond issue, and start a forward currency market. He then set up the Corporate Finance Division for the Croatian bank Privredna banka Zagreb and advised the Republic of Macedonia on restitution of savings for 800,000 Macedonian savers.
In 2000 he moved into journalism, in October 2000 beginning his weekly column “The Bear’s Lair,” which now appears on the website www.prudentbear.com. He is currently a columnist for Reuters BreakingViews, writes for Agora Publishing’s financial website Money Morning and is editor of the Permanent Wealth Report. He has appeared on television on the BBC, Fox News, Fox Business, CNBC and RTV Slovenija. He is also the author of Great Conservatives (Academica Press, 2004) a study of the rise, triumph and decline of British Conservatism.
Hutchinson has a degree in mathematics from Trinity College, Cambridge, and an MBA from Harvard Business School.