Never Let A Serious Crisis Go to Waste

Never Let A Serious Crisis Go to Waste

How Neoliberalism Survived the Financial Meltdown

Book - 2013
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At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. Yet in the harsh light of a new day, attacks against government intervention and the global drive for austerity are as strong as ever. Never Let a Serious Crisis Go to Waste is the definitive account of the wreckage of what passes for economic thought, and how neoliberal ideas were used to solve the very crisis they had created. Now updated with a new afterword, Philip Mirowski's sharp and witty work provides a roadmap for those looking to escape today's misguided economic dogma.
Publisher: London ;, New York :, Verso,, 2013.
ISBN: 9781781680797
Branch Call Number: 320.513 MI
Characteristics: 467 pages : illustrations, maps ; 24 cm

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StarGladiator
Apr 23, 2014

A perfectly on target book by an academic who really nails it. The oft cited, and incorrect, reason for the economic meltdown (even cited by pseudo-liberal and former Reagan Administration guy, Paul Krugman) was too much household debt, when, point of fact, it was the awesome amount of debt created by the banks, hedge funds and private equity firms by their ultra-leveraging, selling endless financial instruments [credit derivatives] based upon layer and layer of debt. Daisy chaining their financial instruments [one bank sells a credit derivative and marks it on the liability side, the purchaser marks it on the asset side, then generates their own credit derivative based upon that asset, and on and on and on] dramatically increased the creation of debt, resulting in years of deleveraging. Hence, their austerity drive to force poverty on the rest of us.

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