By R. Macdonald
An entire and available rationalization of the criteria contributing to the onset of the 2007 monetary and financial hindrance. The myriad components are defined in an orderly method with uncomplicated phrases. The anticipation (or now not) and reception of the predicament through mainstream economists and by way of Austrian economics ends up in mirrored image at the nation of monetary idea.
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Extra info for Genesis of the Financial Crisis
30 Genesis of the Financial Crisis The financial world is an intermediary between the capital and debt markets. ) and invests it in various projects in the real world. The theory is that this service is done in such a way as to provide the highest possible return for the clients who provide wealth, by investing in the best-performing projects. This is beneficial not only for those clients, but for society as a whole because these ‘best-performing projects’ are precisely the ones which maximize the new wealth of society.
Whether one purchases Treasury bonds or Citigroup bonds, one is really lending money. Who does this? Many, many individuals, but the vast majority of these bonds are held by pension funds and other pools of capital that either are restrained to low-risk investments or need a portion of low-risk investments to anchor their portfolio. The failure of these bonds (in the case of the failure of Citigroup) would constitute not a failure in the liquidity of these pools of capital, however, simply a reduction of the performance of their investments.
With the US government around to bail out Citigroup, this may appear a better deal than buying US Treasury bonds, which are also (more closely) guaranteed by the US government, but at a lower interest rate. Whether one purchases Treasury bonds or Citigroup bonds, one is really lending money. Who does this? Many, many individuals, but the vast majority of these bonds are held by pension funds and other pools of capital that either are restrained to low-risk investments or need a portion of low-risk investments to anchor their portfolio.