[DOWNLOAD] "Collateral Damage: Why the Usual Fixes Aren't Stopping the Financial Freefall (Economy)" by The American Conservative * eBook PDF Kindle ePub Free
eBook details
- Title: Collateral Damage: Why the Usual Fixes Aren't Stopping the Financial Freefall (Economy)
- Author : The American Conservative
- Release Date : January 01, 2008
- Genre: Politics & Current Events,Books,
- Pages : * pages
- Size : 56 KB
Description
IN THE PAST MONTH, the monetary base--also known as M0 or, more piquantly, high-powered money--has shot up 25 percent. For the first time, the only part of the money supply utterly controlled by the Federal Reserve exceeds $1 trillion. This spectacular spike demonstrates the increasing desperation of our central bankers: the usual medicine isn't working. We have had billion-dollar giveaways to banks, over a trillion dollars poured into the world financial system, and still markets are plummeting and banks are hoarding their capital, starving even creditworthy clients of cash. It all began last summer after a couple of Bear Sterns hedge funds went bust, causing concerns about securities based on the U.S. housing market contaminating the entire financial sector. Interbank lending evaporated, the system threatened to seize up.