- Euro limitations
- Selective relativism
- Underpinning international trade and finance
- The financial dimension
- Unregulated financial intermediation
- Asymmetry and instability -- the general logic of breakdown
- The limitations and stickiness of structural changes
- Illusions vested in changed policies and enhanced cooperation
- Aggravation of money supply problems
- What's the answer? Don't even risk the question!
- No one wants it but everybody talks about it? Uh - oh!
- Back to ground level reality!
Peaceful heat of exhausted dog-days fluttered around the Federal Reserve Board building on C Street, Washington, DC. It was noon and time for another monthly open-to-the- public “brown bag” seminar. Experience must have taught the organizers not to expect mobs thirsting for detailed research into the fine points of monetary economics. A small, main-level conference room -- big rectangular table in the middle, white board with neatly lined up colored markers -- served as the venue. I might have been the only one that day with a visitor’s badge.
A dozen or so causally dressed and relaxed men and women (fairly young on average) -- PhDs employed by the Research Division of the Board of Governors of the Federal Reserve System -- file in and disperse around the table. Cellophane-wrapped sandwiches, small bags of potato chips, cans of soft drink. Every reason to be expectant. The year is 1999, we are just a few months before the introduction of the euro, and the speaker is a well known professor of money and banking from an Ivy League university. (I withhold names to protect the naïve and spare the university’s fine shield from a chink.)
[...] financial assets just kept growing and the supply kept pace with it until the asymmetry built into the unipolar monetary system began to show its presence, allowing a glimpse into the mismatch between institutional practice cum prevalent thinking and exigencies of a broader, always evolving reality. What’s the answer? Don’t even risk the question! Development of a global money and central bank is the rational answer. But don’t hold your breath. Nothing of the sort can happen before severe hardship serves as catalyst. [...]
[...] But quantitative asymmetry and divergence of interests and advantages between the pivot and the rest of the world will eventually tease out a breakdown. The following three points demonstrate that unipolar monetary systems come with expiration dates even if these remain invisible and unpredictable. The limitations and stickiness of structural changes. Complementary structural transformations incited and facilitated by the international monetary system in the pivot and the rest of the world, respectively like all processes that are subject to constraints must have an economic rationale-dictated end. [...]
[...] There is a world of difference between what a college professor with his T-accounts and mastery of the relevant literature knows and how things really are. It seems that good economics (acute, well-referenced and presented research) emanating from famous chairs and bad judgment about ambient reality are joined at the hip. After the egregious mistake of discounting the feasibility of the euro, some experts now claim that it is about to replace the dollar as the mainstay of international finances and monetary relations. [...]
«Introduction to finance. Business finance. Aims of finance. Financial statements. Definition. Objectives of financial statements. Types of financial statements. Characteristics of ideal financial statement. Importance of financial statements. Users of financial statements. Limitations of financial...»
«Due to ongoing advancements in technology, new legislation, and other innovation, the field of finance is rapidly changing. Introduction to finance develops the three components of finance in an interactive framework that is consistent with the responsibilities of all- financial professionals,...»
«Introduction. Objective of the study. Overview of the literature and organization of the study. India at a glance. The Indian economy. The highlights of the Indian economy. Snap shot of the Indian economy. The growth of consumer market in India. The young consumer. High income. Card power. Luxury...»
«Retailing is the largest private industry in India and second largest employer after agriculture. Retailers not only provide consumers with a wide variety of products, but also a wide range of complementary services such as assurance of products delivery which can lead to more informed choice and...»
«Introduction. Problem discussion. Purpose. Research question. Methodology. Theoretical framework. The concept of service recovery. The Importance of Service Recovery. The role of front line staff. Service recovery in E-commerce. Technology and Complaint Behavior. Classification of service failures...»
«Service recovery has been found to play a significant role in customer satisfaction and customer loyalty intentions in the online context. Many studies have been conducted on how to manage recovery strategies after a service failures and how it impacts online customers' loyalty. Using the findings...»
«Introduction. Taxes and subsidies. Types of tax systems. Direct taxation. Indirect taxation. Keynesians and their ways. Conclusion.»
«There are two types of tax systems that work simultaneously in an economy. These two systems are called direct and indirect taxation. Both of these systems have different effects on the economy in terms of an incentive or disincentive. Direct taxation is levied on the income of people. They pay...»