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#financialcrisis

2 posts2 participants1 post today
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Emeritus Prof Christopher May

@adamtooze raises an interesting issue in his latest Chartbook blog:

In previous financial crises when market participants wanted liquidity to deal with a crash, they wanted it in dollars... but if there a finincial crisis coming & people/firms don't trust the value of the dollar anymore, what currency (or currencies) might they seek to establish liquidity in?

In other words in a financial crisis caused by the US Govt. might the dollar no longer seem like a good bet?

#FinancialCrisis
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Mark Burton

Always interesting posts on this blog. Read it with a #degrowth lens.
"The US and many other Advanced Economies are likely heading into a worse and longer lasting #FinancialCrisis than the 2008 crisis, starting as soon as this summer. ... Gradually, the finances and very structures of many government organizations are likely to be threatened. Some government structures that we currently depend upon may disappear."

Our Finite World
ourfiniteworld.com/2025/03/31/

Our Finite World · Advanced Economies Are Being Pushed Toward Financial CollapseLong-term oil supply problems have been hidden by growing debt levels since 2008. Now economies with high debt levels face shrinkage and possible collapse.
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Megaphone :verified:
Gary Stevenson: Why Left and Right Economic Policies Are Doomed to Fail

Gary Stevenson, a former Citibank trader turned inequality expert, delivers a hard-hitting two-part series exposing why both left- and right-wing economic policies are bound to fail. After making a fortune predicting economic downturns, Stevenson realized that rising inequality is the root cause of economic dysfunction. Now, he’s breaking down how mainstream policies—regardless of political affiliation—fail to address this growing crisis.

In Part 1, Stevenson dissects Labour’s economic approach, which he calls “managed sensibilism.” Their plan? Borrow a little more, tax a little more, and invest a little more—an approach that economists praise but one that has already failed in the U.S. and Germany. While GDP growth and unemployment figures look strong, ordinary people are struggling with rent, bills, and even food. The real issue is inequality—and Labour, like Biden’s Democrats, is ignoring it.

Instead of taxing the wealthy, Labour will either borrow from them—an increasingly difficult task—or raise taxes on working people, making living standards even worse. And with the UK in a much weaker borrowing position than the U.S., their strategy is set to fail even faster. The rich continue to absorb wealth like a black hole, while the middle class shrinks and the poor fall deeper into financial despair.

This episode lays the groundwork for Part 2, where Stevenson will examine the right-wing economic model and why it, too, is destined to collapse.

Watch now and join the discussion—are Western economies trapped in a cycle of failure, or is there a real way forward?

#Economics #Politics #Inequality #GaryStevenson #WealthInequality #FinancialCrisis #MiddleClassCrisis #CostOfLiving #RichGetRicher #EconomicJustice #TaxTheRich #WealthDistribution #GlobalEconomy #UKPolitics #USPolitics #EconomicGrowth #GovernmentFailure #MoneyMatters #PoliticalEconomy #IncomeDisparity #SocialJustice
#socialjustice
Continued thread
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Killian Mangan🇮🇪

Our Government could easily have used the opportunity to convert AIB into a public non-profit bank competing in the market, which would have offered better value loans and mortgages for individuals and small/local businesses, similar to Germany's Sparkasse model.

Instead, FFG once again chose the wealthiest international investors over the workers, carers, and community businesses throughout Ireland.

#Ireland#FinancialCrisis#Austerity
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Emeritus Prof Christopher May

Another sign that a financial crisis may be looming.... the Bank of England have decided to 'relax' regulations on banks & insurers, but are reassuring us its not a 'race to the bottom'.

I mean it not like there's any recent experience that might want to give anyone pause for thought on any deregulative momentum in financial services.

What is it? Does no one recall what happened in 2008?

Oh no, of course.... we've learned the lessons of that crisis!

#FinancialCrisis #regulation

h/t FT

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Emeritus Prof Christopher May

There's a famous story that Joe Kennedy (father of JFK) started 'unwinding' his stock positions in the run up to the wall Street Cash (saving his fortune) because, as he said:

'You know it’s time to sell when shoeshine boys give you stock tips. This bull market is over'!

If, as some now think we are heading towards another financial crisis, the Q. is what is the social indicator that might indicate its time to get out of the stock market?

Stock tips on X maybe?

#FinancialCrisis
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SPQR

Even the greatest books on political economy and history, all the way back to Marx or even Plato, analyse brilliantly what is going on but generally fail to predict what comes next. They see the forces shaping the future, but not the way it will turn out.
#FinancialCrisis #macroeconomics #capitalism #history #policy #economics #prediction
fivebooks.com/best-books/new-c

Five BooksA New CapitalismAs Capitalism goes through its latest crisis, Anatole Kaletskypicks the best books to help us think about what form a new kind of capitalism might take.
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beSpacific

#Trump transition team exploring ways to significantly #reduce, #merge, or even #eliminate top #bank #regulators in Washington WSJ reported on Thursday.. In recent interviews with potential candidates for leading these regulatory agencies, Trump advisers and officials from the newly established Department of Government Efficiency #DOGE have inquired about the possibility of the president-elect abolishing the #FDIC #banking #financialcrisis #financialstability #finance #economy #WallStreet

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SPQR

The poverty rate in Argentina is 52.9% and inflation is 193%: "Lara Trump, the president-elect’s daughter-in-law, gave a speech lauding Milei’s relentless budget-slashing, and vowed that, with help from Elon Musk and Vivek Ramaswamy’s Department of Government Efficiency, “we’re going to do the same thing in the United States.”"
#collapse #financialcrisis #depression #recession #economics #Argentina #USpoli #LatinAmerica #macroeconomics
nytimes.com/2024/12/09/opinion

The New York Times · Opinion | Trump Has a New Favorite Foreign Leader. He’s Known as the Madman.By Michelle Goldberg
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Emeritus Prof Christopher May

Are we heading towards 2008 redux?

Well, if private equity's use of junk financing is an indicator, then maybe we are....

Which just goes to show, as is often predicted, as soon a generation of senior managers in financial services passes into retirement, the risk-appetite that produces financial crisis becomes attractive to bankers....

#FinancialCrisis #banking

theguardian.com/business/2024/

The Guardian · Remember the global financial crisis? Well, high-risk securities are backBy Kalyeena Makortoff
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