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A Global Monetary Plague: Asset Price Inflation and Federal Reserve Quantitative Easing de Brendan Brown

A Global Monetary Plague: Asset Price Inflation and Federal Reserve Quantitative Easing

Autor Brendan Brown
en Limba Engleză Hardback – 31 aug 2015
The Great Monetary Experiment designed and administered by the Federal Reserve under the Obama Administration unleashed strong irrational forces in global asset markets. The result was a 'monetary plague' which has attacked and corrupted the vital signalling function of financial market prices. This book analyses how quantitative easing caused a sequence of markets to become infected by asset price inflation. It explains how instead of bringing about a quick return to prosperity from the Great Recession, the monetary experiment failed in its basic purpose. Bringing about economic debilitation, major financial speculation, waves of mal-investment in particular areas, and a colossal boom in the private equity industry, the experiment instead produced monetary disorder. Brendan Brown puts the monetary experiment into a global and historical context, examining in particular Japanese 'folklore of deflation' and the Federal Reserve's first experiment of quantitative easing in the mid-1930s. The author couples analysis from the Austrian school of monetary economics and Chicago monetarism with insights from behavioral finance, and concludes with major proposals for the present and the future, including ideas for monetary reform in the United States, and suggestions for how investors can survive the current market 'plague'.
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Specificații

ISBN-13: 9781137478849
ISBN-10: 1137478845
Pagini: 239
Ilustrații: XI, 239 p.
Dimensiuni: 140 x 216 x 23 mm
Greutate: 0.5 kg
Ediția:1st ed. 2015
Editura: Palgrave Macmillan UK
Colecția Palgrave Macmillan
Locul publicării:London, United Kingdom

Cuprins

Foreword By Alex Pollock
Introdusction
1. The Monetary Origins Of Market Irrationality
2. How Fed Quantitative Easing Spread Asset Price Inflation Globally
3. A 100-Year History Of Fed-Origin Asset Price Inflation
4. How To Cure Deflation Phobia?
5. A Manifesto For US Monetary Reform
6. Japanese Tales In The Mythology Of Fed Quantitative Easing
7. How The Roosevelt Fed ' 's Quantitative Easing Ended In A Crash
8. A Guide To Surviving A Monetary Plague

Recenzii

Dr. Brown gives the first clear and coherent explanation of the dire effects on the economy of the Federal Reserve's Great Monetary Experiment. He artfully and completely debunks two great myths of our age: that periods of secular price deflation are destabilizing; and that the Japanese 'lost decade' was caused by deflation. Most important, Brown brilliantly integrates elements of behavioral finance with sound monetary theory to explain how the Fed's policy of manipulating interest rates is sowing the seeds of a future financial crisis of global scope by systematically distorting the market mechanism that brings the market interest rate into accord with the neutral rate. If you want to truly understand where the economy is headed and why, this is the only book worth reading.
(Joseph T. Salerno, Professor of Economics, Pace University, New York, NY, and, Academic Vice President, Mises Institute, Auburn, AL)

Notă biografică

Brendan Brown is a monetary economist whoseareas of expertise include monetarism in theory and practice, Austrian Schoolmonetary tradition, European monetary union, Japanese monetary issues andinternational financial history.  Heobtained a PhD at the University of London, an MBA at the University of Chicagoand a MSc at London School of Economics. Dr. Brown is Head of Economic Research at a leading Japanese financialinstitution.  He is an Adjunct Fellow atthe Hudson Institute in Washington DC, and an Associate Scholar of the MisesInstitute, US.  

Textul de pe ultima copertă

The Great Monetary Experiment designed andadministered by the Federal Reserve under the Obama Administration unleashedstrong irrational forces in global asset markets.  The result was a “monetary plague”  which has attacked and corrupted the vitalsignalling function of financial market prices.  
This book analyses how quantitative easing causeda sequence of markets to become infected by asset price inflation. It explainshow instead of bringing about a quick return to prosperity from the GreatRecession, the monetary experiment failed in its basic purpose. Bringing abouteconomic debilitation, major financial speculation, waves of mal-investment inparticular areas, and a colossal boom in the private equity industry, theexperiment instead produced monetary disorder. 
Brendan Brown puts the monetary experiment into aglobal and historical context, examining in particular Japanese “folklore ofdeflation” and the Federal Reserve’s first experiment of quantitative easing inthe mid-1930s.  The author couplesanalysis from the Austrian school of monetary economics and Chicago monetarismwith insights from behavioral finance, and concludes with major proposals forthe present and the future, including ideas for monetary reform in the UnitedStates, and suggestions for how investors can survive the current market“plague”.  


Caracteristici

Takes a modern financial policy initiated in the USA and gives it both a global and historical spin so it is relevant to multiple epochs and regions Includes a wide range of case studies and examples, from the Japanese 'folklore of deflation' to the Federal Reserve's first experiment of quantitative easing in the mid-1930s Provides resolutions and elucidations, not justobservations, on how investors can survive this ‘monetary plague’