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Zusatztext Dr. Brown gives the first clear and coherent explanation of the dire effects on the economy of the Federal Reserve's Great Monetary Experiment. He artfully and completely debunks two great myths of our age: that periods of secular price deflation are destabilizing; and that the Japanese 'lost decade' was caused by deflation. Most important! Brown brilliantly integrates elements of behavioral finance with sound monetary theory to explain how the Fed's policy of manipulating interest rates is sowing the seeds of a future financial crisis of global scope by systematically distorting the market mechanism that brings the market interest rate into accord with the neutral rate. If you want to truly understand where the economy is headed and why! this is the only book worth reading. (Joseph T. Salerno! Professor of Economics! Pace University! New York! NY! and! Academic Vice President! Mises Institute! Auburn! AL) Informationen zum Autor Brendan Brown is a monetary economist whoseareas of expertise include monetarism in theory and practice, Austrian Schoolmonetary tradition, European monetary union, Japanese monetary issues andinternational financial history. Heobtained a PhD at the University of London, an MBA at the University of Chicagoand a MSc at London School of Economics. Dr. Brown is Head of Economic Research at a leading Japanese financialinstitution. He is an Adjunct Fellow atthe Hudson Institute in Washington DC, and an Associate Scholar of the MisesInstitute, US. Klappentext The Great Monetary Experiment designed andadministered by the Federal Reserve under the Obama Administration unleashedstrong irrational forces in global asset markets. The result was a “monetary plague” which has attacked and corrupted the vitalsignalling function of financial market prices. This book analyses how quantitative easing causeda sequence of markets to become infected by asset price inflation. It explainshow instead of bringing about a quick return to prosperity from the GreatRecession, the monetary experiment failed in its basic purpose. Bringing abouteconomic debilitation, major financial speculation, waves of mal-investment inparticular areas, and a colossal boom in the private equity industry, theexperiment instead produced monetary disorder. Brendan Brown puts the monetary experiment into aglobal and historical context, examining in particular Japanese “folklore ofdeflation” and the Federal Reserve’s first experiment of quantitative easing inthe mid-1930s. The author couplesanalysis from the Austrian school of monetary economics and Chicago monetarismwith insights from behavioral finance, and concludes with major proposals forthe present and the future, including ideas for monetary reform in the UnitedStates, and suggestions for how investors can survive the current market“plague”. Zusammenfassung The Great Monetary Experiment designed and administered by the Federal Reserve under the Obama Administration unleashed strong irrational forces in global asset markets. The result was a 'monetary plague' which has attacked and corrupted the vital signalling function of financial market prices. This book analyses how quantitative easing caused a sequence of markets to become infected by asset price inflation. It explains how instead of bringing about a quick return to prosperity from the Great Recession, the monetary experiment failed in its basic purpose. Bringing about economic debilitation, major financial speculation, waves of mal-investment in particular areas, and a colossal boom in the private equity industry, the experiment instead produced monetary disorder. Brendan Brown puts the monetary experiment into a global and historical context, examining in particular Japanese 'folklore of deflation' and the Federal Reserve's first experiment of quantitative easing in the mid-1930s. The ...
