카지노 자본주의

by Hans-Werner Sinn, Hun Dae Lee (Translator)

In Casino Capitalism, Hans-Werner Sinn examines the causes of the banking crisis, points out the flaws in the economic rescue packages, and presents a master plan for the reform of financial markets. Sinn argues that the crisis came about because limited liability induced both Wall Street and Main Street to gamble with real estate properties. He meticulously describes the process of lending to American homeowners and criticizes both the process of securitizing and selling mortgage claims to the world, as well as the poor job rating agencies did in providing transparency. He argues that the American Dream has ended because the world now realizes that this dream was built on loans that are never likely to be repaid.

Sinn also asserts that the banking crisis has not yet been resolved, because the necessary write-offs of toxic assets have largely been swept under the carpet. Comparing actual worldwide write-offs with those estimated by the IMF estimates, he concludes that substantial parts, if not most, of the true losses have yet to be revealed and that the banking systems of many countries are on the brink of insolvency.

In view of this, he directs sharp criticism at the various economic rescue packages, arguing that the plans assume that banks have a liquidity problem while, in fact, they suffer from a solvency crisis. Sinn points out that the conflict between the goals of rescuing banks in the short term and inducing more prudent behaviour in the long term requires the government to help the banks, but not their shareholders, by becoming a temporary co-owner. In addition, he calls for higher equity requirements, a worldwide return to more cautious accounting methods, a ban on extremely speculative short selling, and strict regulations on conduits, hedge funds and credit default swaps.

This authoritative account provides an invaluable overview for academics, students, policymakers, politicians, and all those with an interest in the unprecedented 2008 banking crisis.

Genres: Nonfiction

454 pages, Paperback

First published May 15, 2009

About the author

Hans-Werner Sinn is a German economist and President of the Ifo Institute for Economic Research.

Reviews

[◎비너스카지노닷컴◎코드-1177◎ ◎비너스카지노닷컴◎ · Rating 5 out of 5]

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[Bayad Ali · Rating 4 out of 5]

An informative insight on the 2008 financial crisis

[▣비너스카지노닷컴▣▣코드-1177▣ ▣비너스카지노닷컴▣ · Rating 5 out of 5]

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안전검증카지노 【비너스카지노.COM】【가입코드-1177】
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[로이스 · Rating 5 out of 5]

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[Curtis Seven · Rating 4 out of 5]

A book taking a look at some of the under appreciated risks in the financial sector in recent years as one can surmise from the title. There was a time not so long ago when people thought the old boom bust cycle with recessions, bubbles, and panics were a thing of the past because the risks were being spread across such a fast market. I am just starting this book but I would suspect this sort of over confidence is exactly what led to the risks that nearly collapsed the world financial system.

One thing I'd note is that the 2010 publication date is for the English version this book was published in 2009 in Germany originally and as such one can expect more of a Euro perspective on it. My initial impressions are that the author is reasonably conservative and a solid adherent to the idea of market economics with some limited roles for governments. He also takes a big picture perspective that minimizes the decisions taken by individuals and instead concentrates on systemic and widespread issues.

The chief concern he spells out in the introduction is the lack of an international system to normalize transactions between nations in the international sense which in essence means he does favor more regulations and not less in this sphere presumably in currency speculation among other things.

[Gregg]

Breaks down the financial crisis, making it easier to understand