Daily Archives: October 15, 2011

How to Create a Financial Crisis in Four Easy Steps

While in a previous blog, I used the blame approach to the financial crisis, there is also a systemic approach to understanding it. In their IMF working paper ‘Inequality, Leverage and Crises‘ Michael Kumhof and Romain Ranciere construct a simple … Continue reading

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So Who Did Cause the Financial Crisis: clue: aka Greenspan’s Folly?

The US bipartisan Financial Crisis Inquiry Commission reported in 2011 the following guilty parties, who are not getting the credit they deserve for causing such an appalling mess through their gross incompetence and arrogance: Alan Greenspan Chairman of the Federal … Continue reading

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