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The Credit-Anstalt Crisis

15 Sep

Note to Ben Bernanke and other masters of the world.

If you don’t have the pound sterling, try interlibrary loan. Please see the following ad and review.

The Credit-Anstalt Crisis of 1931

  • Aurel Schubert, Webster University, Vienna, Austria
  • Hardback
  • 224 pages
  • Dimensions: 228 x 152 mm
  • Weight: 0.5 kg
    • Available, despatch within 1-2 weeks
  • £72.00
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Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market’s efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities – in Austria as well as abroad – did not help to resolve the crisis quickly.


Rick Perry and Cherokee people

15 Sep

From my letter to the New York Times:
Regarding Ms. Collins op-ed: Just because Rick Perry is running a populist campaign with his attacks on social security as a Ponzi scheme, the Federal Reserve and its chairman Ben Bernanke (for more on this, read Richard Hofstadter’s “The Paranoid Style in American Politics”), Perry has shown he can accomodate to the circumstances with a more moderate immigration policy to appease his demand for cheap labor business base, and if necessary take the right decision on healthcare regarding the HPV vaccine even if makes him take the dirty campaign money from big pharmacy. In short, he may be the right total opportunist our nation needs in 2012.

Noticing the real Americans–our brothers and sisters in Abraham or Adam or the void–the Cherokees and their pure blood thesis of history, as a member of the Disgruntled Peoples’ Coalition, Right On! Everyone knows that black Union soldiers were deployed after the Civil War in “Buffalo Brigades” to exterminate the various tribes on behalf of empire. So turnabout is fair play. Even if it takes 150 years to get even, what’s 150 or even 1500 years in the great scheme of things?

Hello world!

15 Sep

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