How A Decade of Financial Crises Changed the WorldBook - 2018
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the lessons of 1914 seem particularly pertinent. . .for thinking about the kind of historical problem that the financial crisis of 2008 represents.
Of course, we can peer only dimly into the future. So what might we learn by looking into the past?
Chapter 24 "Trump"
On July 21, 2016, a burly figure strode across a stage dressed seemingly to inspire memories of Captain America, Citizen Kane or a 1930s fascist rally.
The paradoxical effect of the European Central Bank's 'liberating' move to QE was that it allowed [European creditors' Greek] extend-and-pretend and its concomitant, relentless austerity, to continue.
"The system isn't broken, it's rigged." . . . It was precisely the conversion of commentators of [the liberal center] to a more radical view that marked how serious the sense of crisis had become.
.. .Dodd-Frank [contained] sensible and worthwhile measures . . . .but in general they had little to do with the implosion of the wholesale-funded shadow banking system that actually brought down the house in 2008.
The stress tests. . .placed a seal of official approval on profit-driven private business activity. . . .For the largest eighteen US banks, this implied an ANNUAL subsidy of at least $34 billion.
in the spring of 2009. . .the historical memory that was most alive in the Obama administration was NOT that of FDR or JFK, but that of the last "Democratic" administration, under Bill Clinton in the 1990s. . . .
In the face of the crisis, the "Democrats" would prove themselves not as 'bold' or 'imaginative,' but as sound MANAGERS of the economy whose task it was to put right another era of Republican misrule.
As the G20 leaders assembled that afternoon [April 1, 2009] in Buckingham Palace, it was a freak show of outsized personalities.
when the Chinese looked to the United States, what they saw was not capitalist democracy, but "socialism with American characteristics."
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