Download 13 Bankers: The Wall Street Takeover and the Next Financial by Simon Johnson PDF

By Simon Johnson

Regardless of its key function in developing the ruinous monetary drawback of 2008, the yank banking has grown higher, extra ecocnomic, and extra immune to legislation than ever. Anchored by way of six megabanks whose resources volume to greater than 60 percentage of the country’s gross household product, this oligarchy proved it may possibly first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary region and forcefully argues that we needs to get a divorce the large banks if we wish to keep away from destiny monetary catastrophes.
 
Updated, with extra research of the government’s contemporary try to reform the banking undefined, it is a well timed and professional account of our bothered political financial system.

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Extra resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)

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In the 1790s, Jefferson was particularly worried that the Bank of the United States could gain leverage over the federal government as its major creditor and payment agent, and could pick economic winners and losers through its decisions to grant or withhold credit. Over the past two hundred years, financial institutions and markets have only become more intertwined with the day-to-day functioning of the economy, to the point where large companies depend on the short-term credit they use to manage their cash flow as much as they depend on electricity.

It is not a question of finance or economics. It is ultimately a question of politics—whether the long march of Wall Street on Washington can be halted and reversed. Given the close financial, personal, and ideological ties between these two centers of power, that will not happen overnight. We have been here before. The confrontation between concentrated financial power and democratically elected government is as old as the American republic. History shows that finance can be made safe again. But it will be quite a fight.

Jefferson correctly discerned that banks’ crucial economic functions—mediating financial transactions and creating and managing the supply of credit—could give them both economic and political power. In the 1790s, Jefferson was particularly worried that the Bank of the United States could gain leverage over the federal government as its major creditor and payment agent, and could pick economic winners and losers through its decisions to grant or withhold credit. Over the past two hundred years, financial institutions and markets have only become more intertwined with the day-to-day functioning of the economy, to the point where large companies depend on the short-term credit they use to manage their cash flow as much as they depend on electricity.

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