The death of money

Ever wonder why today's corporate leaders can't seem to plan for the long term? Why government can't control inflation? Why the stock market is more volatile than ever? Why interest rates rise and fall like the tides? Why economic forecasts never seem to be right? In The Death of Money, Joel Kurtzman, an economist and business columnist for The New York Times, brilliantly and convincingly argues that economic stability and a rapid rate of growth, once America's. Hallmarks, have been lost because the fundamental nature of money has changed. Money - in the traditional sense - died two decades ago with a single stroke of Richard Nixon's presidential pen. What followed was twenty years of a new economic disorder that began with soaring oil, gold, and real estate prices and continued with an unprecedented consumption binge by government agencies and the citizenry alike. In the twenty years of chaos, we've seen the savings and loan. Industry collapse, the banking system become weaker, eclipsed by the economy of finance, and an entirely new global medium of exchange created that Kurtzman calls "megabyte money." Most economists, Kurtzman argues, still don't know what - or how - it all happened. Megabyte money is different from anything that has preceded it - and from the money jingling in your pocket or purse. It is part of an intricate and fragile electronic system of truly global dimensions and of. Amazing complexity. It is a nonstop, seven-day-a-week, 24-hour network that links tens of thousands of computers in places as lofty as the Federal Reserve and the Tokyo Stock Exchange and as lowly as the automated gasoline pump that accepts credit cards. Megabyte money has created an entirely new global economy, one which, Kurtzman warns, is still largely unregulated, where government agencies, including the Federal Reserve and the Treasury, have ceded much power to the. World's bankers, speculators, corporate treasurers, financiers, and computer programmers. In The Death of Money, Kurtzman vividly explains how this new megabyte economy enables brokers to electronically bundle up your home mortgage with dozens of others, convert them into jumbo securities like a bond, and sell those securities to investors in Germany or Japan. In the new megabyte economy, Nobel Prize-winning equations are programmed into the computers at mutual fund. Companies, and mathematicians, physicists, and even rocket scientists are replacing the stock pickers of the past. In the megabyte econo

שנה

1993

שפה

English

הוצאה

Little Brown & Co (P)

מהדורות

1

עמודים

256

ISBN

9780316507370

מקור הנתונים: Wikidata