A Quote by James Buchan
The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.
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The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades - possibly since the Great Depression - and the one group that spends most of its waking hours analyzing the economy basically missed it.
For the last several decades, there was a prevailing belief among traditional economists that the markets were rational and self-correcting. Alan Greenspan advocated this view. But the 2008 financial crisis showed that this view is incorrect, and Greenspan eventually admitted as much.
Engineers do engineering, i.e. they build bridges. So engineering needs engineers. The economy does NOT need economists. Economists do not make economy, but they try it and that is why we have so much problems with some financial models.
When Cuba lost their fossil fuel pipeline when the Soviet Union collapsed in 1990. Overnight they had no choice, they had to transition to clean energy, they didn't have any fuel to burn, and they also had to transition to a healthy food system, an organic system - their economy is crashing, this was not a planned transition. This was a crisis, but a crisis nonetheless, in which pollution went away. And it's very instructive to see what happened to their health.
The Fed contributed to the financial crisis, keeping interest rates too low for too long. I give them credit for responding and stabilizing the economy and the financial sector during the crisis. But then they tried to do too much with quantitative easing that went on forever, just dramatically exploding their balance sheets.
The financial crisis was a classic case of the political class failing the American people. Twenty-five agencies were supposed to be minding the store during the financial crisis and every one of them was asleep at the switch.
If 'Brexit' really is a political crisis, it should be treated as a political crisis - and not, despite all the market upheaval, a financial or economic one.
The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.
We have won on the Arlov, Kursk, Belgorod, and Kharkov grounds. We won because the country was being defended not only by the army but by the entire Soviet people. The Socialist economy, Soviet political structure, and Marxist-Leninist ideology proved their unarguable excellence against the Fascist economy, Fascist political structure, and Fascist ideology of Germany.
We must conclude that it is not only a particular political ideology that has failed, but the idea that men and women could ever define themselves in terms that exclude their spiritual needs.
When I was in government, the South African economy was growing at 4.5% - 5%. But then came the global financial crisis of 2008/2009, and so the global economy shrunk. That hit South Africa very hard, because then the export markets shrunk, and that includes China, which has become one of the main trade partners with South Africa. Also, the slowdown in the Chinese economy affected South Africa. The result was that during that whole period, South Africa lost something like a million jobs because of external factors.
Like the effects of industrial pollution and the new system of global financial markets, the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.
I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented growth in the economy
I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented growth in the economy.
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