Arcane credit derivative bets are now well into the tens of trillions. According to Charles R. Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will come crashing down with it.The Trillion Dollar Meltdown explains how we got here, and what is about to happen. After the crash our priorities will be quite different. But things are likely to get worse before they better. Whether you are an active investor, a homeowner, or a contributor to your 401(k) plan, The Trillion Dollar Meltdown will be indispensable to understanding the gross excess that has put the world economy on the brink--and what the new landscape will look like.

    Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

    This Harriman House edition includes Charles Mackay's account of the three infamous financial manias - John Law's Mississipi Scheme, the South Sea Bubble, and Tulipomania.Between the three of them, these historic episodes confirm that greed and fear have always been the driving forces of financial markets, and, furthermore, that being sensible and clever is no defence against the mesmeric allure of a popular craze with the wind behind it.In writing the history of the great financial manias, Charles Mackay proved himself a master chronicler of social as well as financial history. Blessed with a cast of characters that covered all the vices, gifted a passage of events which was inevitably heading for disaster, and with the benefit of hindsight, he produced a record that is at once a riveting thriller and absorbing historical document. A century and a half later, it is as vibrant and lurid as the day it was written.For modern-day investors, still reeling from the dotcom crash, the moral of the popular manias scarcely needs spelling out. When the next stock market bubble comes along, as it surely will, you are advised to recall the plight of some of the unfortunates on these pages, and avoid getting dragged under the wheels of the careering bandwagon yourself.

    But, in the great texts of that discourse, these writers downplayed a crucial requirement for capitalism’s creation: For it to succeed, peasants would have to abandon their self-sufficient lifestyle and go to work for wages in a factory. Why would they willingly do this? Clearly, they did not go willingly. As Michael Perelman shows, they were forced into the factories with the active support of the same economists who were making theoretical claims for capitalism as a self-correcting mechanism that thrived without needing government intervention. Directly contradicting the laissez-faire principles they claimed to espouse, these men advocated government policies that deprived the peasantry of the means for self-provision in order to coerce these small farmers into wage labor. To show how Adam Smith and the other classical economists appear to have deliberately obscured the nature of the control of labor and how policies attacking the economic independence of the rural peasantry were essentially conceived to foster primitive accumulation, Perelman examines diaries, letters, and the more practical writings of the classical economists. He argues that these private and practical writings reveal the real intentions and goals of classical political economy—to separate a rural peasantry from their access to land. This rereading of the history of classical political economy sheds important light on the rise of capitalism to its present state of world dominance. Historians of political economy and Marxist thought will find that this book broadens their understanding of how capitalism took hold in the industrial age.

    Then he provides a historical account of how economism became a prevalent mode of thought in the United States--focusing on the people who packaged Econ 101 into sound bites that were then repeated until they took on the aura of truth. He shows us how issues of moment in contemporary American society--labor markets, taxes, finance, health care, and international trade, among others--are shaped by economism, demonstrating in each case with clarity and �lan how, because of its failure to reflect the complexities of our world, economism has had a deleterious influence on policies that affect hundreds of millions of Americans.

    dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

    The author offers a pioneering roadmap to responsible macroeconomics and corporate growth."-Clayton Christensen, Professor of Business Administration, Harvard Business School and author of The Innovator's Dilemma"I hope this book will be able to influence the thought processes of corporations and motivate them to adapt to forthcoming business realities for the sake of their own long-term existence. Besides business leaders, this is a thought-provoking book for the readers who are looking for solutions to capitalism's problems."-Muhammad Yunus, Founder and Managing Director, Grameen Bank, Bangladesh and 2007 Nobel Peace Prize recipient"Capitalism at the Crossroads is a practical manifesto for business in the twenty-first century. Professor Stuart L. Hart provides a succinct framework for managers to harmonize concerns for the planet with wealth creation and unambiguously demonstrates the connection between the two. This book represents a turning point in the debate about the emerging role and responsibility of business in society."-C.K. Prahalad, Ross School of Business, University of Michigan, co-author of Competing for the Future and author of The Fortune at the Bottom of the Pyramid "Stuart Hart was there at the beginning. Years ago when the term 'sustainability' had not yet reached the business schools, Stuart Hart stood as a beacon glowing in the umbrage. It is clear commerce is the engine of change, design the first signal of human intention, and global capitalism is at the crossroads. Stuart Hart is there again; this time lighting up the intersection."-William McDonough, University of Virginia, co-author of Cradle to Cradle"Professor Hart is on the leading edge of making sustainability an understandable and useful framework for building business value. This book brings together much of his insights developed over the past decade. Through case studies and practical advice, he argues powerfully that unlimited opportunities for profitable business growth will flow to those companies that bring innovative technology and solutions to bear on some of the world's most intractable social and environmental problems."-Chad Holliday, Chairman and CEO, DuPont"Capitalism at the Crossroads clearly reveals the essence of what sustainability means to today's business world. Hart's analysis that businesses must increasingly adopt a business framework based on building sustainable value speaks to the entire sustainability movement's relevance. Sustainability is more than today's competitive edge; it is tomorrow's model for success."-Don Pether, President and CEO, Dofasco Inc."Stuart Hart has written a book full of big insights painted with bold strokes. He may make you mad. He will certainly make you think."-Jonathan Lash, President, The World Resources Institute"A must-read for every CEO--and every MBA."-John Elkington, Chairman, SustainAbility"This book provides us with a vast array of innovative and practical ideas to accelerate the transformation to global sustainability and the role businesses and corporations will have to play therein. Stuart Hart manages to contribute in an essential way to the growing intellectual capital that addresses this topic. But, beyond that, the book will also prove to be a pioneer in the literature on corporate strategy by adding this new dimension to the current thinking."-Jan Oosterveld, Professor, IESE Business School, Barcelona, Spain Member, Group Management Committee (Ret.), Royal Philips Electronics"Capitalism at the Crossroads captures a disturbing and descriptive picture of the global condition. Dr. Hart constructs a compelling new corporate business model that simultaneously merges the metric of profitability along with societal value and environmental integrity. He challenges the corporate sector to take the lead and to invoke this change so that the benefits of capitalism can be shared with the entire human community worldwide."-Mac Bridger, CEO of Tandus Group"Stuart L. Hart makes a very important contribution to the understanding of how enterprise can help save the world's environment. Crucial reading."-Hernando de Soto, President of The Institute for Liberty and Democracy and author of The Mystery of Capital"Stuart Hart's insights into the business sense of sustainability come through compellingly in Capitalism at the Crossroads. Any businessperson interested in the long view will find resonance with his wise reasoning."-Ray Anderson, Founder and Chairman, Interface, Inc."This stimulating book documents the central role that business will play in humanity's efforts to develop a sustainable global economy. Professor Hart presents an attractive vision of opportunity for those corporations that develop the new technologies, new business models, and new mental frames that are essential to a sustainable future."-Jeffrey Lehman, Former President of Cornell University"The people of the world are in desperate need of new ideas if global industrial development is ever to result in something other than the rich getting richer and the poor getting poorer, with nature (and potentially all of us) suffering the collateral damage. Few have contributed more to meeting this need over the past decade than Stuart Hart by helping to illuminate the potential role for business and new thinking in business strategy in the journey ahead. Capitalism at the Crossroads challenges, provokes, and no doubt will stimulate many debates--which is exactly what is needed."-Peter Senge, Massachusetts Institute of Technology, Chairperson of the Society for Organizational Learning, and author of The Fifth Discipline: The Art and Practice of The Learning OrganizationNew Foreword by Al Gore Brand-New Second Edition, Completely Revised with: Up-to-the-minute trends and lessons learned New and updated case studies The latest corporate responses to climate change, energy, and terrorism Global capitalism stands at a crossroads-facing terrorism, environmental destruction, and anti-globalization backlash. Today's global companies are at a crossroads, too-searching desperately for new sources of profitable growth. Stuart L. Hart's Capitalism at the Crossroads, Second Edition is about solving both of those problems at the same time.It's about igniting new growth by creating sustainable products that solve urgent societal problems. It's about using new technology to deliver profitable solutions that reduce poverty and protect the environment. It's about becoming truly indigenous to all your markets, and avoiding the pitfalls of first-generation "greening" and "sustainability" strategies.Hart has thoroughly revised this seminal book with new case studies, trends, and lessons learned-including the latest experiences of leaders like GE and Wal-Mart. You'll find new insights from the pioneering BoP Protocol initiative, in which multinationals are incubating new businesses in income-poor communities. You'll also discover creative new ways in which corporations are responding to global warming and terrorism. More than ever, this book points the way toward a capitalism that's more inclusive, more welcome, and far more successful-for both companies and communities, worldwide.Paths to profitable sustainability: Lessons from GE and Wal-Mart Shattering the "trade-off" myth New commercial strategies for serving the "base of the pyramid" What enterprises have learned about doing business in income-poor regions Becoming indigenous-for real, for good Codiscovering new opportunities, cocreating new businesses with the poor Learning from leaders: 20+ new and updated case studies Best practices from DuPont, HP, Unilever, SC Johnson, Tata, P&G, Cemex, and more About the Author xiiAcknowledgments xiiiForeword: Al Gore, Former Vice President of the U.S. xxivForeword: Fisk Johnson, Chairman and CEO, S.C. Johnson & Son, Inc. xxviiPrologue: Capitalism at the Crossroads xxxiPART ONE: MAPPING THE TERRAIN Chapter 1: From Obligation to Opportunity 3Chapter 2: Worlds in Collision 31Chapter 3: The Sustainable Value Portfolio 59PART TWO: BEYOND GREENING Chapter 4: Creative Destruction and Sustainability 87Chapter 5: The Great Leap Downward 111Chapter 6: Reaching the Base of the Pyramid 139PART THREE: BECOMING INDIGENOUS Chapter 7: Broadening the Corporate Bandwidth 169Chapter 8: Developing Native Capability 193Chapter 9: Toward a Sustainable Global Enterprise 223Epilogue 249Index 254

    Nicholas Shaxson, a former correspondent for the Financial Times and The Economist, argues that tax havens are a central cause of all these disasters.In this hard hitting investigation he uncovers how offshore tax evasion, which has cost the U.S. 100 billion dollars in lost revenue each year, is just one item on a long rap sheet outlining the damage that offshoring wreaks on our societies. In a riveting journey from Moscow to London to Switzerland to Delaware, Shaxson dives deep into a vast and secret playground where bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals and the world's wealthiest citizens. Tax havens are where all these players get to maximize their own rewards and leave the middle class to pick up the bill.With eye opening revelations, Treasure Islands exposes the culprits and its victims, and shows how:*Over half of world trade is routed through tax havens*The rampant practices that precipitated the latest financial crisis can be traced back to Wall Street's offshoring practices*For every dollar of aid we send to developing countries, ten dollars leave again by the backdoorThe offshore system sits much closer to home than the pristine tropical islands of the popular imagination. In fact, it all starts on a tiny island called Manhattan. In this fast paced narrative, Treasure Islands at last explains how the system works and how it's contributing to our ever deepening economic divide.

    Mitch Feierstein reveals the true debts of Britain, the US government and the eurozone - the full picture, not the figures the politicians would have us believe.In Planet Ponzi, Feierstein explains clearly the background to the world's worst financial crisis for seventy years, predicts the next steps in this infinitely dangerous game and offers practical advice on measures which you personally can take to protect yourself and your family.

    Forget the 1%; it's the wealthiest .01% who are fast outpacing the rest of us. Today's colossal fortunes are amassed by the diligent toiling of smart, perceptive businessmen who see themselves as deserving victors in a cutthroat international competition.  Cracking open this tight-knit world is Chrystia Freeland, an acclaimed business journalist. At ease in Davos or Dubai, Freeland has reported on the lives and minds of these new super-elites for nearly a decade. Grounding her interviews in the economics and history of modern capitalism, she provides examples of the new wealth and its consequences. She showcases the $3 million birthday party of a New York financier months before the financial meltdown; details the closed-door 2005 SEC meeting where the US government allowed investment banks to write their own regulatory laws; and tells how the Bank of Canada's Mark Carney became a key figure in the central battle between the plutocracy and the rest of us.  Brightly written and powerfully researched, Freeland's Plutocrats will be a lightning rod event in the midst of the US election season.

     The only book to tell the story of Madoff's scam and the SEC's failings by those who saw both first hand Describes how Madoff was enabled by investors and fiduciaries alike Discusses how the SEC missed the red flags raised by Markopolos Despite repeated written and verbal warnings to the SEC by Harry Markopolos, Bernie Madoff was allowed to continue his operations. No One Would Listen paints a vivid portrait of Markopolos and his determined team of financial sleuths, and what impact Madoff's scam will have on financial markets and regulation for decades to come.

    capitalism, the future of banking, and the root causes of the financial meltdown.Award winning, veteran sell side Wall Street analyst Mike Mayo writes about one of the biggest financial and political issues of our time - the role of finance and banks in the US. He has worked at six Wall Street firms, analyzing banks and protesting against bad practices for two decades.In Exile on Wall Street, Mayo:Lays out practices that have diminished capitalism and the banking sector Shares his battle scars from calling truth to power at some of the largest banks in the world and how he survived challenging the status quo to be credited as one of the few who saw the crisis coming Blows the lid off the true inner workings of the big banks and shows the ways in which Wall Street is just as bad today as it was pre-crash. Analyzes the fallout stemming from the market crash, pointing out the numerous holes that still exist in the system, and offers practical solutions. While it provides an education, this is no textbook. It is also an invaluable resource for finance practitioners and citizens alike.

    Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.       Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.

    We need a new approach: an economics for the many.Big challenges lie ahead for our society: the rise of automation and the threat of catastrophic climate change. But so, too, do the huge possibilities presented by new technology and better ways of organising our economy in the wake of neoliberalism’s failure. With the election of Jeremy Corbyn as Labour leader, and the extraordinary turnaround in Labour’s fortunes in the 2017 election, we have a real opportunity to build an economy in Britain that is radically fairer, radically more democratic, and radically more sustainable. But we need the right ideas and strategies if we’re going to get there.Economics for the Many, edited and with an introduction by Shadow Chancellor of the Exchequer John McDonnell, features contributions from the participants in his New Economics conferences, including Barry Gardiner, Ann Pettifor, Prem Sikka, and Guy Standing. It covers topics from housing, public ownership, and fairer international trading systems to industrial policy for the twenty-first century and how to tackle tax avoidance and regional imbalances. Together, the essays in this volume lay out a vision for a new economics, one that works for the many, not the few.

    But it hasn’t been the sleepy, sand-splattered Caribbean islands, or even traditional financial secrecy havens like Switzerland or Panama, that have come to dominate the offshoring world. Instead, the country profiting the most from modern offshoring also happens to be the one that still claims to be the moral leader of the free world, and the one that claims to be leading the fight against the crooked and the corrupt: the United States of America.From anonymous shell companies and legal inventions like “perpetual trusts” to public relations and lobbying shops willing to do anything they can to camouflage the source of the dirty money, the United States’ transformation into the center of global offshoring is complete. And while Donald Trump presented, in many ways, the ultimate culmination of the U.S.’s descent, the country’s trajectory has been decades in the making.American Kleptocracy will examine just how the United States’ implosion into a center of global offshoring took place: how states like Delaware and Nevada perfected the art of the anonymous shell company, and how post-9/11 reformers watched their success usher in a new flood of illicit finance directly into the U.S.; how African despots and post-Soviet oligarchs came to dominate American coastlines, American industries, and entire cities and small towns across the American Midwest; how Nazi-era lobbyists birthed an entire industry of spin-men whitewashing trans-national crooks and despots, and how dirty money has now begun infiltrating America's universities and think tanks and cultural centers; and how those on the front-line are trying to restore America's legacy of anti-corruption leadership—and finally end this reign of American kleptocracy. It will also look at how Trump’s presidency accelerated all of the trends already on hand—and how the Biden administration can, and should, act on this inheritance.