Cheers Rakesh. I still haven't managed to read the book, because I have
this virus in my brain that makes me order things from bookshops
instead of using amazon.com. Will put up some comments when my copy
arrives.
dd
Daniel, please excuse the following very cursory answers to questions you posed long ago in response to
My note on Susan Stange's *mad money: when markets outgrow governments* Univ of Michigan, 1998.
You wrote:
>>Not enough emphasis is given here to the power of the global financial
>>regulatory community acting through the BIS and sister organisations.
>Strange analyzes at length how the regulatory community has been and is
>being circumvented.
A very good point which hadn't occurred to me until you pointed it out.The biggest culprit here, IMO, is JP Morgan -- I could write a long essay about their constant lobbying and tactics.
>> Sophisticated computer
>>systems have changed not very much about the business
>
>She argues not true.
hmmmm . . . I think this is overestimated. It's all about guys on telephones. But I only really have experience of one corner of the market. Will reserve comment.
>><dd>++++++++++++++++++++++
>> If the US really could do this so well, why hasn't
>>Japan reflated? But still interesting argument
>></dd>
>The US may have such power. Volcker considered Baker's veiled threats of
>further dollar devaluations in 1986 as an aggressive means of forcing
>Germany and Japan to take more aggressive expansionary action (quoted in
>Robt Solomon Money on the Move, p. 25). Summers may today be refusing to
>stem the dollar's decline in order to force Japan into further
>expansionary
>policy (or perhaps into further trade and financial liberalisation).
>Yours, Rakesh
whoooo! Is that ever a game of Russian roulette!
anyway, thanks
dd
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