Money Greed Desire: Causes of the financial crisis: Causes of the financial crisis

Author: Robert R. Morris
Publisher:
Publish Date: 2004-04-01
Features: This series of books tells the real stories of the long history of American financial development. It covers the transformation of Wall Street, the rise of monopolies in the United States, the causes of financial turmoil in various fields, and so on. It analyzes how human nature's greed and desire for money are intertwined with historical events. This is a highly readable book, serving as a repository for showcasing one's knowledge and refined taste after meals. The book points out that accurately predicting the future of the stock market is an unrealistic goal, but by examining history, some clues can be found, which helps in estimating the arrival of the next stock market opportunity. To seek such clues, the book conducts a tentative examination of the 10 best years of the 20th century, proving that there are indeed commonalities. Through skillful analysis of historical and contemporary financial events and their dominant factors, the book offers a fresh perspective on the causes of financial turmoil, a rare kind of book. It studies the eternal cycle of financial crises: from the rise of wise innovations to the overall overdevelopment, and the inevitable market collapse before investors and financial institutions fully adapt. It explains why the U.S. financial system evolved from a stagnant state of capital scarcity in the 19th century to its current global dominance. It examines the technological, economic, demographic, and industrial factors that drove the rapid development of the financial system from the 1980s to the 1990s. It demonstrates how to analyze recent financial turmoil in South Asia and Russia by drawing on the alternating cycles of prosperity and recession in the early financial history of the United States. In this process, we gain a more realistic expectation of the prospects for each new stage of the capital system and financial markets. It explains the reason behind the argument that globalization is not a new phenomenon. The investment system of the 19th century was even more globalized than the current world. It reviews the contemporary financial geniuses, such as Michael Milken, one of the typical examples, and clarifies the fact that all the financial instruments invented by contemporary financial geniuses were already envisioned by 19th-century financial geniuses, such as Jay Gould.