Chesney A Permanent Crisis

The Financial Oligarchy’s Seizing of Power and the Failure of Democracy
1. Auflage 2018
ISBN: 978-3-030-00518-4
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 120 Seiten, eBook

Reihe: Progress in Mathematics

This short book describes the role big banks played in the financial crisis of 2008 while denouncing the financial oligarchy's seizing of power and the dangers it represents for democracy today. There have been many books since the financial crisis that have considered historical events leading up to the crisis but few that consider a solution. Ten years after the great financial crash, this book synthesises the historical developments and introduces a proposal aimed at rebalancing the economy and society at large. The author presents a novel solution that would change current tax systems in the developed world, in their entirety.
This book will be of interest to students, practitioners and researchers, as well as the wider informed audience.

Marc Chesney is Professor of Finance and Director of the Department of Banking and Finance at the University of Zurich, Switzerland. He was previously Professor and Associate Dean at HEC Paris from 1993 until 2000 and is currently a member of the European NGO Finance Watch. For many years he has been developing a critical analysis of the financial sector as well as casino finance.

Zielgruppe

Popular/general

Autoren/Hrsg.

Chesney, Marc

Inhaltsverzeichnis

1;Preface;6
2;Acknowledgements;8
3;Contents;9
4;Introduction: The Sinking of Civilisation in the Name of Its Salvation;10
5;Abstract;12
6;1 Yesterday and Today;13
6.1;The Trader, a Twenty-First-Century Mercenary;14
6.2;A War Without Borders;17
6.3;How We Got to This Point;22
6.4;The Manipulation and Control of Public Opinion;23
6.5;Power and Lobbies of the Financial Oligarchy;24
6.6;Bibliography;26
7;2 Trying to Satisfy Financial Markets Is but a Vain Task;27
7.1;Devastating Effects of the Crisis;28
7.2;The Ambiguous Role of Central Banks;30
7.3;The Lure of the Banking Union;35
7.4;Austerity Plans;36
7.5;The Dictatorship of the Financial Markets;36
7.6;Greece Under Supervision;37
7.7;Who Are They Trying to Fool?;42
7.8;Breaking the Taboo of Financial Markets’ Excessive Size and Complexity;43
7.9;Bibliography;47
8;3 Liberalism: The Financial Sphere Does Not Practice What It Preaches;48
8.1;From the First to the Second Globalisation;49
8.2;What Is Liberalism?;51
8.3;A Financial Oligarchy Dressed in Liberal Clothing;53
8.4;A Colossal Level of Debt;59
8.5;Bibliography;62
9;4 Characteristics of Casino Finance;63
9.1;The Stock Exchange at the Speed of Light and Liar’s Poker;64
9.2;Over-the-Counter Transactions;66
9.3;Bets in Casino Finance;68
9.4;Misleading Structured Products;70
9.4.1;Barrier Reverse Convertible (BRC);70
9.4.2;Doublo, a Product Proposed by the Caisses d’Épargne in France;71
9.5;The Banking Sector Is Not Playing Its Role;72
9.6;The Tricks of Stress Tests;77
9.7;Rating Agencies and the Conflict of Interest;81
9.8;Manipulation of Interest Rates;83
9.9;Manipulation of Exchange Rates;85
9.10;Bibliography;87
10;5 The Birth of Homo-Financiarius and the Subservience of the Elite;88
10.1;The Subservience of the Elite;92
10.2;Counterfeit Intellectual Money;94
10.3;The Political World and Corruption;97
10.4;Bibliography;99
11;6 Some Remedies and Solutions;100
11.1;Measures to Revive Democracy;104
11.2;Measures Concerning the Financial Sector;106
11.2.1;Financial Sector Regulation;106
11.2.2;Certification and Control of Products Issued by Banks;108
11.2.3;Taxes and Taxation of Financial Transactions;108
11.2.4;Debt Auditing and Control of Rating Agencies;115
11.2.5;Rethinking the Teaching of Economics and Finance;116
11.3;Conclusion;117
11.4;Bibliography;117
12;Index;118

Introduction: The sinking of civilisation in the name of its salvation.- 1. Yesterday and today.- 2. Trying to satisfy financial markets is but a vain task.- 3. Liberalism: the financial sphere does not practice what it preaches.- 4. Characteristics of casino finance.- 5.The birth of homo-financiarius and the subservience of the elite.- 6. Some remedies and solutions.

Über Autor(innen)

Marc Chesney is Professor of Finance and Director of the Department of Banking and Finance at the University of Zurich, Switzerland. He was previously Professor and Associate Dean at HEC Paris from 1993 until 2000 and is currently a member of the European NGO Finance Watch. For many years he has been developing a critical analysis of the financial sector as well as casino finance.