"Graham Turner is one of only a handful of economists to understand the roots of the current financial crisis, its implications for all of us and crucially what should be done now. I strongly recommend you read this book." ---Larry Elliott, Guardian
"A timely analysis of the pressures on world money markets and the fundamental weaknesses in the global financial system. Graham Turner is a clear and independent voice in a confused and noisy world." ---Hamish McRae, Independent
"Graham Turner is a sharp observer of developments in the financial markets and was way ahead of the pack in warning about the risks of the American credit boom. Here, he delves deep into the origins of the credit crunch, laying the blame not just with Wall Street, but with the inevitable consequences of unfettered globalization." ---Heather Stewart, Observer
This book argues that the current financial turmoil signals a crisis in globalization that will directly challenge the free market economic model. Graham Turner shows that the housing bubbles in the West were deliberately created to mask the damage inflicted by companies shifting production abroad in an attempt to boost profits. As these bubbles burst, economic growth in many developed countries will inevitably tumble. The Japanese crisis of the 1990s shows that banks and governments may struggle to contain the fallout. The problem has not been limited to the US, UK and Europe: housing bubbles have become endemic across wide swathes of emerging market economies. As the West slides, these countries will see an implosion of their credit bubbles too, shaking their faith in the free market.
Turner is an experienced and successful economic forecaster, whose opinions are sought by large international banks and top financial journalists. Drawing from his first hand experience of the Japanese property crash of the 1990s, he presents his analysis in a clear and persuasive style, showing that the end of housing market growth spells disaster for neoliberal globalization.
Graham Turner is the founder of GFC Economics, an independent economic consultancy which provides forecasting services for some of the world's largest banks. He has worked in the financial sector for over 20 years, spending the 1990s working for Japanese banks.
About this product: The first book to take the lid off the events surrounding the recent turmoil in the financial markets and the near collapse of Northern Rock – and to reveal the potentially disastrous path down which we're all being led
About this product: Securitization once a fairly straightforward means of offering collateral for investment has mushroomed into a massively complex area of financial practice. The central role occupied by such risk-distributing products as collateral debt obligations (CDOs), credit default swaps (CDSs), collateral loan obligations (CLOs), and credit derivatives has given rise to one of the most crucial inquiries of our era: Is the financial collapse that threatens the world financial system due merely to rogue traders? Or is there something in the derivative idea itself that spells inevitable disaster? Most important, can we isolate the truly productive aspects of securitization and learn to recognise pitfalls in advance? As always in such ideational minefields, it is the legal practitioners who are expected to provide guidance to distressed investors and asset dealers. Hence this vital new book.
About this product: In these hard-pressed times we could all use a helping hand. The first in a great new "Beat the Credit Crunch" series, "100 Ways to Beat the Credit Crunch" offers well over 100 great tips and advice on how to save money, in every aspect of our lives, from how to sort out your personal finance with the best mortgage and banking deals to budget food shopping and cutting the cost of holidays. Written by the experts of CashQuestions.com in an accessible style, this guide provides real, usable advice that will help you survive the rockiest of times.
About this product: This brand new book shows you how to make big property profits during the Credit Crunch. There are currently lots of bargain properties selling at big discounts. This book shows you how to find them, negotiate the best deal possible and buy using as little of your own money as possible. You'll discover how to build your portfolio using so-called below market value (BMV) methods and the best ways of sourcing cheap repossessed properties. The author also reveals how he adds thousands onto the value of his properties using a variety of techniques, including conversion, refurbishment and development. Throughout, the book contains lots of practical pointers, tips, breakdowns of calculations and warnings from the author's extensive experience in the property game.
About this product: "Money" lifts the lid on the current global credit squeeze, the implications for our savings post Northern Rock, and answers some key questions: How do global money markets work and why did a US housing market crisis come to put our savings at risk? Is the situation similar to previous booms and busts? Have global governments done enough to alleviate the crunch? Will markets regulate themselves better in the future or is it time to keep our savings under the mattress? "Pocket Issue" looks at the facts behind the news headlines and gives you some answers. About "Pocket Issue - Small briefs for a big world": For a quick fix on the big issues "Pocket Issue" delivers the facts in only 96 pages. Pithy and pocket sized, titles brief you on the biggest challenges facing our world: food, climate change, energy, Middle East conflict, pandemics - delivering the facts in an accessible and easy-to-read style.
About this product: US and UK economies 'badly corrupted' by massive growth in debt, according to new independent report by leading UK financial historian. The credit bubble that has developed in the UK and US economies over recent years is unsustainable and has 'badly corrupted' the economies of the two countries, with potentially serious destabilising results, says a major new study of the economic and investment implications of the build-up of debt in the two countries. Housing markets look particularly vulnerable in both countries. The 200-page report, Crunch Time for Credit? by Edward Chancellor, is based on research originally commissioned by Odey Asset Management, the London hedge fund management company. Chancellor's authoritative history of financial speculation, Devil Take The Hindmost (published in 1999), correctly identified the collapse of the stock market in 2000 and was named one of six "indispensable investment classics" by Money magazine. In the new report, Chancellor analyses the massive build up of debt in the US and UK, and compares it to several episodes from history, including the Great Depression of the 1930s and recent experience in Japan and Korea. He also chronicles the way that intellectual understanding of credit has developed over the past 300 years. He concludes: "The growth of credit has created an illusory prosperity while producing profound imbalances in the British and American economies...When credit ceases to grow, the weakened state of these economies will become apparent." "It will also become clear that the credit boom, by inflating asset prices and boosting profits, has lead to inappropriate balance sheets (both for the private sector and in general). At some stage, balance sheets will have to be adjusted to face a new reality. The process of adjustment is likely to be painful. It may well end in either an extraordinary deflation...or an extraordinary inflation." Among the report's main findings are: On the global financial system - The Federal Reserve's consistent intervention to maintain financial stability and provide liquidity during recent crises has created "moral hazard on a grand scale' and 'one asset bubble after another". As a result, the credit system is now "dominated by leveraged short-term speculators" to an unprecedented degree. - A revolution in the financial system, including credit derivatives, has shifted risk throughout the financial system, but risk cannot be destroyed, only redistributed. The modern credit system has never been stress-tested by a severe recession. - Low inflation and the perception that central banks know how to prevent cyclical downturns has been used to justify higher asset prices and yet more debt. Investors, says Chancellor, "have failed to consider that lower inflation also implies lower future growth rates for profits and income". - More and more borrowers, both corporations and households, have become what economist Hyman Minsky called 'Ponzi finance units'. They are dependent on rising asset prices and the refinancing of their liabilities to remain solvent. - The Federal Reserve's 'easy money' response to the technology bubble in 2000 has helped create a "new investment bubble" in China, surging commodity prices and threatens to accelerate the "de-industrialisation of the West". It has also created a global housing bubble, with mortgage debt at dangerously high levels. - Home-owners, consumers and financial markets will all feel the consequences of the bubble bursting, though whether the outcome is renewed inflation or deflation cannot yet be foretold. Relevant parallels include the slump of the 1930s, the stagflation of the mid-1970s and the debt deflation in Japan since 1990. On The UK Housing Market In the section on credit in the UK, the report provides an exhaustive analysis of the UK housing market, and argues that, as in the United States, it is virtually impossible to accept the Bank of England's view that the recent debt-fuelled rise in house prices is a benign and sustainable event. The UK economy has become "increasingly vulnerable" to a credit crunch, he says. In a foreword to the report, Crispin Odey, CEO of Odey Asset Management, says: "Not only does he [Chancellor] make a cogent and persuasive case that current trends are unsustainable, but his unique knowledge of the hinterland of previous periods of speculative credit excess also illuminates the range of potential outcomes...There is no question that financial markets are not priced for the sorts of risks that Chancellor identifies."
About this product: The credit crisis has put a lot of strain on the weekly shop and eating well, especially where those with families to feed are concerned. However, while the crunch means that we're all having to cut back on luxuries, it doesn't have to mean sacrificing tasty food and a balanced diet. "The Credit Crunch Cookbook" is a vital tool that shows you how to creatively use cheaper ingredients and leftovers to produce wonderful meals for any occasion. Whether you want to make a nutritious family meal for less, or produce fab food to entertain friends without breaking the bank, it can all be found in this book.And when you feel the urge to order your favourite take-away, "The Credit Crunch Cookbook" shows you how to make your favourite international dishes at home. With hundreds of delicious recipes and expert advice helping to save both your wallet and the planet, "The Credit Crunch Cookbook" will keep you and your family filled to the gills so that you'll soon need to loosen your belts while everyone around you tightens theirs!
About this product: This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on April 26, 1993. The length of the article is 1455 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details Title: Entrepreneurs' answer to credit crunch: 'charge it!' (credit card) (Enterprise: Small Business) Author: Richard Core Publication:San Diego Business Journal (Magazine/Journal) Date: April 26, 1993 Publisher: CBJ, L.P. Volume: v14 Issue: n17 Page: p1(2)
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