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Chargement... The Death of Money: How the Electronic Economy Has Destablized the World's Markets and Created Financial Chaospar Joel Kurtzman
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"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 economy, money is nothing more than the "1's" and "0's" of the computer's code. Moving instantly along electronic highways, $1.9 trillion changes hands each day in New York alone. Information - even wrong or incomplete information - instantly affects prices around the world." "The death of money has created a strange new world most people have little knowledge of. It is a world that is far more volatile and chaotic than anything that has preceded it. Though this new world economic order evolved without a plan, Kurtzman warns that efficient new mechanisms must now be put into place to bring the economy under control. If we do so, he says, the vast, productive resources of our nation can again serve our needs."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved Aucune description trouvée dans une bibliothèque |
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In the Death of Money Joel Kurtzman, an economist and business editor at The New York Times vividly explains how money which in the traditional sense died three decades ago, has been replaced by what he calls “megabyte economy”.
According to Kurtzman, this new megabyte economy which set the end of decades of market stability began on 15th August 1971. Then President Nixon, abolished the Bretton Woods system and the gold standard. What followed was a period 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. A stable economic system was replaced with an unbelievable nanosecond volatility. The banking system become weaker, the savings and loan industry collapsed, the prices of the most commodities soared, pulling other prices with them, while the remnants of the U.S.A financial system seems to collapse and crumble under a mountain of debt.
In this megabyte economy, where world’s markets are linked, the electronic money is nothing more than the "1's" and "0's" of the computer's code. Nobel-Prize winning equations are programmed into computers at mutual fund companies, while mathematicians and physicists are replacing the stock pickers of the past. The death of money has created a strange new world which most people have little knowledge of. It is a world that is far more chaotic and beyond the ability of the most forecasters to predict. The speculative markets now dwarf the “real” markets. Any speculation means abrupt change which is heavily influenced not just by the events but by the way people view them.
Kurtzman also explain why the stock market crash on October 1987 – “The Black Monday” - was not an anomaly and why we should expect more such crashes. In contrast to Adam’s Smith argument that rational self-interest in a free-market economy leads to economic well-being, Kurtzman says that “complex, sophisticated and evolving financial structures of the capitalist system lead to the development of conditions conducive to incoherence – to runaway inflation or deep depression”.
He also warns that the electronic economy will intensify the trend toward localism, provincialism, nationalism and racism among people whose lives and identities are disrupted by the end of the Nation State. Fundamentalism will increase as people’s lives are made to seem insignificant by the creation of a single massive global economy where enterprises are loyal to no one, bigger that everyone and under no nation’s control.
Kurtzman argues that efficient new mechanisms must be put into place to bring the economy under control and regain the balance between the “money economy” and the “real economy”. The Death if Money is a very good analysis of the speed and the dangers of the electronic global economy. “The countries that will be in the best position to prosper are those that allow local populations to flourish and to express their ethnic diversity without losing control over common good.”
Kurtzman argues that the old remedies no longer work in this new global economy. The most successful countries would be these, which will recognise that the invisible hand of the market should always have a measure of help from the very visible hands of government”. ( )