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Financial Alchemy in Crisis

Download or Read eBook Financial Alchemy in Crisis PDF written by Anastasia Nesvetailova and published by Pluto Press. This book was released on 2010-06-15 with total page 144 pages. Available in PDF, EPUB and Kindle.
Financial Alchemy in Crisis
Author :
Publisher : Pluto Press
Total Pages : 144
Release :
ISBN-10 : 0745328776
ISBN-13 : 9780745328775
Rating : 4/5 (76 Downloads)

Book Synopsis Financial Alchemy in Crisis by : Anastasia Nesvetailova

Book excerpt: In July 2007, the combination of a seemingly unstoppable rise in house prices and bullish banks swimming in liquidity meant that almost anyone could get a mortgage in the UK or US. Little more than a month later the supply of credit dried up practically overnight, leaving the world wondering how bank liquidity could suddenly vanish. In Financial Alchemy in Crisis, Anastasia Nesvetailova shows that this liquidity never actually existed. The rise of sophisticated financial instruments created what appeared to be an abundance of liquid funds but was in fact a credit pyramid. As soon as house prices stopped rising the reality was exposed. Nesvetailova's bold and radical analysis explains why the credit crisis was an inevitable consequence of entrusting the world economy to financiers who believe that they can 'create' money and wealth.


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