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Dedication
by Kevin Mellyn
Broken Markets: A User's Guide to the Post-Finance Economy
Title Page
Dedication
Contents
Foreword
About the Author
Acknowledgments
Introduction
Chapter 1. The Rise and Fall of the Finance-Driven Economy
What Karl Can Teach Us
The Current Movie
The Magic and Poison of Financial Leverage
The Great Moderation
The Great Panic: Cause and Effect
The Agony of the Household Sector
Corporate America Chugs Ahead
The End of Employment
No Safe Havens
Chapter 2. Banking, Regulation, and Financial Crises
The Postwar Financial Order Undone
The Basel Process Is Born
The Birth of Consumer Banking
Safe As Houses
Risky Business
The Triumph of the Market
How Government Policy and Central Banks Shaped the Market Meltdown
The Classic Cure for Financial Panics
Why Things Might Get Worse
The Lessons of the Great Depression Unlearned
Three Years On: Why So Little Has Changed
Political Missteps
Legal Missteps
Dodd-Frank
Basel III
The End of the Euro
Chapter 3. The Economic Consequences of Financial Regulation
Distortion of Bank P & Ls and Balance Sheets
Supervision vs. Rule Making
The Shell Game
Restriction of Financial Access
Consumer Protection vs. Access
The End of Product Differentiation
Unbanking the Banked
Hurting the Savers and Investors
Chapter 4. Life After Finance
Is Government Spending Like Household Spending?
The Birth of the Credit-Driven Economy
How to Keep Interest Rates Low
Financial Repression Made Simple
The Political Direction of Credit and Investment
The Point: Power
Taking Risk out of a Risky Business
Death Knell for Consumer Credit
Chapter 5. Global Whirlwinds
Global Trade Is Not a Zero-Sum Game
Why China and the United States Are Joined at the Hip
Why Austerity Can Be Worse Than Debt
Why a European Banking Crisis Threatens America
The Global Money Pump
Technology vs. Friction
The Clearing and Settlement Bottleneck
The War Against Settlement Risk
Why Finance Might Move to Asia
Why the United States Is Losing Clout but Remains Indispensable
Why There Is No Alternative
Why the System Needs a Hegemon
Chapter 6. The Consumer in the World After Finance
The Money of the Mind
Structural Unemployment: Insiders and Outsiders
The New Reality
Innovation and Education Will Save America
The New Class
Seeking Shelter
A Little Advice
Chapter 7. Reconstructing Finance
Earning It
Restoration of Values and Reputation
Index
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Copyright
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Contents
To John Edward Mellyn, Sr.
(4/23/1914–1/16/2011)
DFC 1944
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