Triumph of neoliberalism in finance

Bertrand M. Roehner ()
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Bertrand M. Roehner: University of Paris 6, LPTHE

Chapter Chapter 11 in Hidden Collective Factors in Speculative Trading, 2010, pp 229-259 from Springer

Abstract: Abstract “Hoarding has immobilized about $1.5 billion [representing 18 billion in dollars of 2000] of the national gold supply and has caused drastic deflation and credit contraction. A dollar hoarded destroys 5 to 12 dollars in potential credit. A nation-wide pledge was given to President Hoover by business organizations to convince their membership that investment in government bonds are as safe as the government itself and that with the creation of the Reconstruction Finance Corporation [on 22 January 1932] there is less likelihood of bank failures.” (New York Times 7 February 1932 p. 1) “Credit crunch pinches struggling companies. Corporations are in the grip of the worst credit crunch in a decade. The credit crunch is a collision between a slowing economy and the go-go days of just a few months ago, when it looked like almost any loan to a business was safe. The ability to raise cash has dried up for all but the most financially sound companies. It is likely to get worse before it gets better.” (USA Today, 5 January 2001)

Keywords: Real Estate; Monetary Policy; Central Bank; Housing Price; York Time (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-03048-2_11

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DOI: 10.1007/978-3-642-03048-2_11

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