One of the most constant aspects of American life is change - and nowhere is it more evident than in our financial markets.
There are good reasons why we don't want everyone to learn nuclear physics, medicine or how financial markets work. Our entire modern project has been about delegating power over us to skilled people who want to do the work and be rewarded accordingly.
THE CORRECTION, when it finally came, was not an overnight bursting of a bubble but a much more gentle letdown, a year-long leakage of value from key financial markets, a contraction too gradual to generate headlines and too predictable to seriously hurt anybody but fools and the working poor.
In Germany it is good if as many people as possible join initiatives and peaceful demonstrations against the rule of the financial markets. Worshipping the unfettered freedom of global markets has brought the world to the brink of ruin. We now need social and ecological rules for the market economy.
As financial market players know, advantage comes from reacting to news first. The same thing is true for all companies. When you start the conversation, you are recognised as someone who is plugged into the marketplace of ideas. If you talk about an idea early, you naturally get more exposure because the threads of conversation stem from what you have said. If you're in late you get lost in the cacophony.
Like the effects of industrial pollution and the new system of global financial markets, the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided to borrow a bit more and do even better.
The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.
Developments in financial markets can have broad economic effects felt by many outside the markets.
The middle and working classes are paying the debt that the financial markets created.
I think it could have real changing effects on the financial markets of our country, it could cause investors to think more about real rates of return and that in turn could spawn new kinds of products.
I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis.
Well, as you know, we're working through a difficult period in our financial markets right now, as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system.
Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
A second reason why science cannot replace judgement is the behavior of financial markets.
Kevin Freeman has been warning America’s leadership of the dangers of financial terrorism for the last three years. It is happening now and Kevin provides the evidence in his book Secret Weapon. Every American needs to understand how our financial markets have been manipulated by people who want to destroy the nation and how they can do even greater damage in the future. This book is a critical read for everyone.
Workers are on the streets today with a clear message to Europe's leaders. There is a great danger that workers are going to pay the price for the reckless speculation that took place in financial markets.
If the EU and the US can cooperate successfully on regulating financial markets, everyone else will follow.
But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.
It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.
The current system is organized around financial values over life values. We need to shift that locus of power down to the community level because the financial markets recognize only money and thereby only financial values.
Credit is the air that financial markets breathe, and when the air is poisoned, there's no place to hide.
Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.
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