Financial Alchemy in Crisis

Financial Alchemy in Crisis

EnglishEbook
Nesvetailova, Anastasia
Pluto Press
EAN: 9781849645409
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Detailed information

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, 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.
EAN 9781849645409
ISBN 184964540X
Binding Ebook
Publisher Pluto Press
Publication date May 7, 2010
Pages 224
Language English
Country United Kingdom
Authors Nesvetailova, Anastasia
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