The Great Eurozone Disaster : From Crisis to Global New Deal by Heikki Patomaki, James O'Connor

By Heikki Patomaki, James O'Connor

The eurozone has lurched from hindrance to calamity. With Greece, Portugal and eire pushed to the edge of monetary disaster, and the danger that different european international locations are quickly to persist with, the implications for the worldwide financial system may be dire. within the nice Eurozone catastrophe, Heikki Patomäki presents a charming narrative approximately how Europe ended up in its current situation and provides a thorough new imaginative and prescient for Read more...

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Sample text

During the Great War and soon afterwards, the global economic significance of the United States grew, so that the 1929 New York Stock Exchange crash spread panic and economic calamity throughout the world. The same sort of enabling and contributing factors regularly come together in financial crises. The propensity to swindle and be swindled is only one of the characteristics that are enhanced by the proliferation of speculative activity. Some financial crises spread far and wide even before the invention of the telephone, so it is clear that technology in itself is not a sufficient explanation for their occurrence.

It must be  the great eurozone disaster asked where all the funds for speculation and debt actually came from. How does the propensity to speculate emerge and develop? Why do different actors get into debt, and what consequences does this have? On the other hand, why is it that high rates of financial inflation cannot continue indefinitely? How do financial bubbles and the ensuing panic and crisis spread from economy to economy? Why do widespread unemployment and poverty tend invariably to follow banking crises and stock market crashes?

It is important to understand the sources and root causes of this turmoil and the ensuing epic recession. The financial crisis of 2008–09 affected the everyday lives of a great many people around the world. Jobs were lost, the values of houses and investments collapsed, and in the early stages food and energy prices rose sharply (before moderating somewhat as the crisis proceeded). Financial collapse affected people regardless of location or income level. Even those who were left more or less unscathed by the crisis became keenly aware of its ferocity through the media.

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