Jugul Julien Renault rated it it was amazing Sep 07, Check out the top books of the year on our page Best Books of Chris Turner is a writer and translator who lives in Birmingham, England. Sparad i dina bevakningar. Colin rated it it was amazing Dec 12, Many of his derided early warnings about globalization and environmental degradation have eologica commonplace discourses in political debates today. Mind of an Outlaw Norman Mailer.
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He was an inspirational and relevant thinker and I was very lucky to study his ideas at Uni. I thought it was interesting enough to quote in full in place of a review, which is beyond me : "The secret of the growth of the United States economy during the s, years characterized by a quasi-stagnation of the European economy, resides in a policy that no other country can afford itself and which, sooner or later, will have fearsome consequences.
Like the other northern economies, the United States economy suffers from a shortage of creditworthy demand. However, it alone is capable of offsetting that shortage by allowing itself to accumulate debt or, in other words, by effectively printing money.
To prevent creditworthy demand falling and the economy going into recession, the Central Bank encourages households to get into debt with their banks and consume what they hope to earn in the future. At the end of the s, each household owed on average as much money as it hoped to earn in the next 15 months. In , households spent billion dollars more than they earned and this consumption, which was not linked to any productive work, was reflected in a deficit of billion dollars a year in the United States current account balance.
It was entirely as though the United States was borrowing externally what it was lending internally: it was financing a debt with other debts.
By buying overseas billion dollars worth of goods more than they sold, the United States was keeping the world awash with liquidity.
When Wall Street goes into long-term decline and the dollar begins to weaken, the fictional character of outstanding dollar balances will become evident and the world banking system will be in danger of collapsing like a house of cards.
In this way, the stock-market bubble was followed by the dot. In three years, it has increased the stock-market value of the property sector from 20 to 60 trillion dollars. No one can predict what will follow. The bigger a speculative bubble, the more it threatens, when it bursts, to bring about the collapse of the banking system and of currencies.
André Gorz vive, la lucha ecologista sigue