If I may be allowed to appropriate the term speculation
for the activity of forecasting the psychology of the market, and the term enterprise for the activity of forecasting the prospective yield of assets over their whole life, it is by no means always the case that speculation predominates over enterprise. As the organisation of investment markets improves, the risk of the predominance of speculation does, however, increase
Why another oil shock wave will lead to economic doomsday?SUN&FZ Associates
The world had survived the first Oil Embargo ShockWave. It has survived the second Oil Price ShockWave. Will it be able to absorb the third? I don’t think so. The first ShockWave was unexpected. The second was engineered. And… the third will be well planned, far more precise, smooth and flawless.
An old-media kind of guy, I still keep file folders of stories, blog entries, clippings, messages and reports printed out and more or less sorted. Back in early 2009, I started a file labeled “Hysteria’’to hold the physical evidence of what I thought the most unusual and even outlandish claims being leveled against an asset class I have spent 33 years writing about —municipal bonds. - Joe Mysak, Bloomberg Brief Editor
Why another oil shock wave will lead to economic doomsday?SUN&FZ Associates
The world had survived the first Oil Embargo ShockWave. It has survived the second Oil Price ShockWave. Will it be able to absorb the third? I don’t think so. The first ShockWave was unexpected. The second was engineered. And… the third will be well planned, far more precise, smooth and flawless.
An old-media kind of guy, I still keep file folders of stories, blog entries, clippings, messages and reports printed out and more or less sorted. Back in early 2009, I started a file labeled “Hysteria’’to hold the physical evidence of what I thought the most unusual and even outlandish claims being leveled against an asset class I have spent 33 years writing about —municipal bonds. - Joe Mysak, Bloomberg Brief Editor
Are fiscal/monetary conditions affecting the macro thesis for Canadian farmland investments? Do publicly traded equity investments hedge all inflation regimes? Canada's debt to GDP - looming threat or irrelevancy?
Complementary currencies and deflationary crisisSehrGlobal
This essay describes the benefit of complementary currencies for the global economy. Especially in times of a deflationary crisis, as we can experience it actual with the EURO crisis, are complementary currencies valuable to ease the economical disaster. The idea of superneutralisation of monetary systems leads to the option to think about alternative monetary systems not only in local extension, as we know them from community currencies, but also in a global scale.
The content of this essay does not argue for and against local or global approaches. It wants to show, that the experiences with local and community currencies are very valuable and important in an also global scale, not only as emergency monetary systems in times of deflationary crisis. The essay wants incorporate the dynamical growth of local initiatives with new economical approaches to domesticate the big business in advance.
Following up the EURO crisis is it possible to transform parts of the mechanism of superneutralisation to the common currency area of the EURO zone. In this sense a superneutralised European currency incorporates the advantages of a common currency with the advantages of national currencies. The problems with inner European trading imbalances could be minimized due to the flexible exchange rates of this system. To reach the balance of trading is one of the main challenges to keep Europe political and economical stable. And the described measure would be that tool to reach this goal. It could help to stabilize the European economies.
Alternative monetary thinking is important. One of the great achievements of community currencies is the use of low interest currencies. The essay describes the effect of reconciliation, which is based on superneutralisation and low interest currencies, as the most reasonable tool to solve the problems of public debts. As the superneutralised EURO zone would allow the implementation of low interest national currencies, it opens a opportunity for another tool to solve the EURO debt crisis.
The subchapter “Compatibleness of low interest and interest free money in a superneutralised currency area” will deal with the orthodox tenets of the quantity theory of money and neutrality of money.
Fasanara Capital | Investment Outlook
1. The Future Is Wide Open: Avoid The ‘Illusion Of Knowledge’ Trap
The single most dangerous thinking trap / optical illusion for investors today is to look at Trump, Brexit and Italy Referendum as non-events, buried in the past. We believe that 2017 may likely be driven by the same factors that failed to shape 2016. The non-events of 2016 are likely to be the drivers of 2017. Finally, we will get to find out if Brexit means Brexit, if Trump means Trump, if a failed Italian referendum means early elections and a membership of the EMU in jeopardy down the line.
2. Structural Shift: These Are Transformational Times
The macro outlook of the next years will be influenced the most by these structural trends:
› Protectionism, De-Globalization & De-Dollarization. In Pursuit of Inclusive Growth
› End of ‘Pax Americana’. The ascent of China. Geopolitical risks on the rise
› End of ‘Pax QE’. Markets without steroids, but still delusional.
› 4th Industrial Revolution: labor participation rate falling from 63% to 40% in 10 years?
3. Our Baseline Scenario: Bubble Unwind, Equities and Bonds Down
Starting this 2017, our major macro convictions are as follows:
› Global Tapering to progress
› US Dollar to keep grinding higher
› European Political Instability to worsen
› US Equities to weaken
THE CREATION OF FIAT MONEY (created by debt out of thin air, without backing)Jesus Gonzalez Losada
The creation of fiat money (created by debt out of thin air, without backing) is an instrument of control that gradually generates a system of slavery.
I have the permission of David M Pidcock to share this book here. Any interested in reforming finance system should be reading this. David M Pidcock advised Mahatir Mohammad for not listening to World Bank.
CASE STUDY CAPITALISM This case views the global, capitalistMaximaSheffield592
CASE STUDY CAPITALISM
This case views the global, capitalist economic system through the prism of the 2007–2008 financial crisis (referred to here as the
Financial Crisis). More than a decade later, what more do we now know? How did the crisis emerge, and what were its consequences
(short- and long-term)? What challenges does it present for capitalism today? What was the role of social responsibility? And
perhaps most importantly, what changes does a strategic CSR perspective suggest moving forward?
THE FINANCIAL CRISIS
In many ways, the dramatic economic events that began toward the end of 20071 (widely reported as “the most serious financial
crisis since the Great Crash of 1929”2 or the “Great Recession”3) brought into focus the comprehensive nature of CSR. From
individual greed and the abdication of responsibility to organizational fraud and the mismanagement of resources, to governmental
failure to monitor and adequately regulate the financial system, the crisis emphasized the many interlocking factors that make CSR so
complex. At the same time, and with the benefit of hindsight, these events demonstrate how straightforward CSR can be. At its
simplest, CSR is not rocket science. It is often common sense, combined with an enlightened approach to management and decision
making. To look back at some of the decisions that contributed to the economic crisis and try to rationalize why they were made,
however, represents an exercise in exasperation:
What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-twoyears
mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds—which
Moody’s or Standard & Poor’s rate[s] AAA—and then selling them to banks and pension funds the world over?4
Essentially, the crisis resulted from the cumulative effects of multiple bad decisions by many individuals who had lost their sense of perspective.5 What was amazing
at the time was “how so many people could be so stupid . . . and self-destructive all at once”
6
to produce “a near total breakdown of responsibility at every link in our financial chain.”7 The scale of
At the height of the boom, the subprime mortgage industry in the United States had clearly lost all sense of proportion. The result
was higher default rates and, as a consequence, higher rates of home repossessions:
Between 2005 and 2007, which was the peak of sub-prime lending, the top 25 subprime originators made almost
$1,000bn in loans to more than 5m borrowers, many of whom have [since] had their homes repossessed.10
The industry as a whole experienced all the signs of a bubble, the aftermath of which generated dramatic headlines such as “Sex,
Lies, and Mortgage Deals.”11 As a society, we should have picked this up earlier and acted to diffuse it. As such, the Financial Crisis
highlights the central role of CSR in today’s global business environment. It is a lens through which excesses ...
Are fiscal/monetary conditions affecting the macro thesis for Canadian farmland investments? Do publicly traded equity investments hedge all inflation regimes? Canada's debt to GDP - looming threat or irrelevancy?
Complementary currencies and deflationary crisisSehrGlobal
This essay describes the benefit of complementary currencies for the global economy. Especially in times of a deflationary crisis, as we can experience it actual with the EURO crisis, are complementary currencies valuable to ease the economical disaster. The idea of superneutralisation of monetary systems leads to the option to think about alternative monetary systems not only in local extension, as we know them from community currencies, but also in a global scale.
The content of this essay does not argue for and against local or global approaches. It wants to show, that the experiences with local and community currencies are very valuable and important in an also global scale, not only as emergency monetary systems in times of deflationary crisis. The essay wants incorporate the dynamical growth of local initiatives with new economical approaches to domesticate the big business in advance.
Following up the EURO crisis is it possible to transform parts of the mechanism of superneutralisation to the common currency area of the EURO zone. In this sense a superneutralised European currency incorporates the advantages of a common currency with the advantages of national currencies. The problems with inner European trading imbalances could be minimized due to the flexible exchange rates of this system. To reach the balance of trading is one of the main challenges to keep Europe political and economical stable. And the described measure would be that tool to reach this goal. It could help to stabilize the European economies.
Alternative monetary thinking is important. One of the great achievements of community currencies is the use of low interest currencies. The essay describes the effect of reconciliation, which is based on superneutralisation and low interest currencies, as the most reasonable tool to solve the problems of public debts. As the superneutralised EURO zone would allow the implementation of low interest national currencies, it opens a opportunity for another tool to solve the EURO debt crisis.
The subchapter “Compatibleness of low interest and interest free money in a superneutralised currency area” will deal with the orthodox tenets of the quantity theory of money and neutrality of money.
Fasanara Capital | Investment Outlook
1. The Future Is Wide Open: Avoid The ‘Illusion Of Knowledge’ Trap
The single most dangerous thinking trap / optical illusion for investors today is to look at Trump, Brexit and Italy Referendum as non-events, buried in the past. We believe that 2017 may likely be driven by the same factors that failed to shape 2016. The non-events of 2016 are likely to be the drivers of 2017. Finally, we will get to find out if Brexit means Brexit, if Trump means Trump, if a failed Italian referendum means early elections and a membership of the EMU in jeopardy down the line.
2. Structural Shift: These Are Transformational Times
The macro outlook of the next years will be influenced the most by these structural trends:
› Protectionism, De-Globalization & De-Dollarization. In Pursuit of Inclusive Growth
› End of ‘Pax Americana’. The ascent of China. Geopolitical risks on the rise
› End of ‘Pax QE’. Markets without steroids, but still delusional.
› 4th Industrial Revolution: labor participation rate falling from 63% to 40% in 10 years?
3. Our Baseline Scenario: Bubble Unwind, Equities and Bonds Down
Starting this 2017, our major macro convictions are as follows:
› Global Tapering to progress
› US Dollar to keep grinding higher
› European Political Instability to worsen
› US Equities to weaken
THE CREATION OF FIAT MONEY (created by debt out of thin air, without backing)Jesus Gonzalez Losada
The creation of fiat money (created by debt out of thin air, without backing) is an instrument of control that gradually generates a system of slavery.
I have the permission of David M Pidcock to share this book here. Any interested in reforming finance system should be reading this. David M Pidcock advised Mahatir Mohammad for not listening to World Bank.
CASE STUDY CAPITALISM This case views the global, capitalistMaximaSheffield592
CASE STUDY CAPITALISM
This case views the global, capitalist economic system through the prism of the 2007–2008 financial crisis (referred to here as the
Financial Crisis). More than a decade later, what more do we now know? How did the crisis emerge, and what were its consequences
(short- and long-term)? What challenges does it present for capitalism today? What was the role of social responsibility? And
perhaps most importantly, what changes does a strategic CSR perspective suggest moving forward?
THE FINANCIAL CRISIS
In many ways, the dramatic economic events that began toward the end of 20071 (widely reported as “the most serious financial
crisis since the Great Crash of 1929”2 or the “Great Recession”3) brought into focus the comprehensive nature of CSR. From
individual greed and the abdication of responsibility to organizational fraud and the mismanagement of resources, to governmental
failure to monitor and adequately regulate the financial system, the crisis emphasized the many interlocking factors that make CSR so
complex. At the same time, and with the benefit of hindsight, these events demonstrate how straightforward CSR can be. At its
simplest, CSR is not rocket science. It is often common sense, combined with an enlightened approach to management and decision
making. To look back at some of the decisions that contributed to the economic crisis and try to rationalize why they were made,
however, represents an exercise in exasperation:
What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-twoyears
mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds—which
Moody’s or Standard & Poor’s rate[s] AAA—and then selling them to banks and pension funds the world over?4
Essentially, the crisis resulted from the cumulative effects of multiple bad decisions by many individuals who had lost their sense of perspective.5 What was amazing
at the time was “how so many people could be so stupid . . . and self-destructive all at once”
6
to produce “a near total breakdown of responsibility at every link in our financial chain.”7 The scale of
At the height of the boom, the subprime mortgage industry in the United States had clearly lost all sense of proportion. The result
was higher default rates and, as a consequence, higher rates of home repossessions:
Between 2005 and 2007, which was the peak of sub-prime lending, the top 25 subprime originators made almost
$1,000bn in loans to more than 5m borrowers, many of whom have [since] had their homes repossessed.10
The industry as a whole experienced all the signs of a bubble, the aftermath of which generated dramatic headlines such as “Sex,
Lies, and Mortgage Deals.”11 As a society, we should have picked this up earlier and acted to diffuse it. As such, the Financial Crisis
highlights the central role of CSR in today’s global business environment. It is a lens through which excesses ...
Today’s financial “crisis” is facilitating the evolutionary jump to the next stage of human development – shifting from faulty, money-measured GDP growth to the cleaner, greener sustainable economies
'The Global Crisis, the Political Economy of State Restructuring, and the Campaign for Transformative Social Protection', presentation at the Asia-Europe People's Forum (AEPF) Conference on Southeast Asia Regional Roundtable Strategising Meeting: Building Southeast Asia Peoples' Agenda on Transformative Social Protection as a Democratic and Human Rights Response to the Crisis, Asian Institute of Management, Makati City, Philippines, 12 October 2009
Enterprise Liquidity Risk: Overcoming the challengesCognizant
Given the vastness of today's global financial system and the volume and complexity of data that financial institutions must deal with every day, firms must learn how to proactively manage liquidity risk and avoid the pitfalls that sparked past financial crises. Predictive analytics and advanced risk-monitoring systems are among the tools available to help these institutions overcome the challenges of doing business in an increasingly connected world.
Ryan Avent writes that this year's best business books on economics all look back, with various degrees of pessimism on the construction of the post-World War II order, and on its demise. Marc Levinson's An Extraordinary Time chronicles the remarkable growth of the period between 1945 and 1973 -- and suggests the problems that have cropped up in the past 40 years represent a reversion to the mean. Rick Wartzman's The End of Loyalty tracks the breakdown of the social contract between employers and employees through the lens of four major U.S. industrial companies. And Walter Scheidel's The Great Leveler argues that the inequality that characterizes our own time has been present in societies since the beginning of recorded history.
Similar to The end of rational and magic finance: The Minsky moment (20)
The growth of rapid financial technology (fintech) is expected to contribute more than 12% of compound annual growth rate (CAGR) to the economy. India is gradually becoming the hub for many prominent fintech startups such as Paytm, Pine Labs, PayU, Razorpay, and others. However, as per the survey by Financial Express, only 27% of Indians are financially literate. This article investigates the factors that influence the millennial generation and their financial literacy and the relationship between their knowledge, their objectives, their outlook, and their behavior toward the use of fintech applications. The questionnaire is used to gather the main data. Chisquared analysis was used to test the hypotheses, and correspondence analysis was used to determine the characteristics of the millennial generation and visually demonstrate the discrepancy.
The Granger causality model is used in the current study to analyze the short-run cause–effect relationship between two stock market indices between 2001 and 2021 using time series data of the daily closing prices of the BSE Sensex and S&P 500 indices listed in the Indian and US stock markets, respectively. The Granger causality model and the augmented Dickey–Fuller test for data stationarity were used in the study to examine the short-term causal link between two market indices during the time period. The outcomes demonstrated the connection between the Indian and US stock markets. The findings imply that both markets have a dynamic, bidirectional relationship. This study provides the investor’s essential inputs for investment decision-making and portfolio diversification. In the current era of globalization, the study is crucial because investors and fund managers now place a high priority on stock market integration. Through fund diversification across equity markets, this study subsequently makes it easier to reduce portfolio risk by providing useful insights on diversification strategies across the stock markets.
The study provides an empirical assessment of how institutions and trade liberalization affect Malawi’s economic expansion. It tackles the absence of empirical research into how institutions affect economic growth and how trade liberalization policy affects institutions’ influence on growth (interaction effect). The study also seeks to find out if economic growth, however, affects institutions as theories differ on causality. The study uses a time series analysis and autoregressive distribution lag (ARDL) technique to obtain short-run and long-run results. The study was conducted from 1988, the official inception year of trade liberalization in Malawi, to 2014. The empirical results show that political and economic institutions, as well as trade liberalization, affect Malawi’s economic growth in both the short term and the long term. Trade liberalization and political institutions negatively affect economic growth in the short run and long run, whereas economic institutions positively affect economic growth in the short run and long run. The findings also show that when strong economic institutions rather than strong political institutions are present, the effect of trade liberalization on economic development is more prominent (positive). Finally, the study also finds that it is institutions that affect economic growth in Malawi and not the other way around.
We have used a multiple regression model to identify the impacts of the variables of credit risk management on the Nigerian deposit money banks’ performance from 2000 to 2020. The estimation was completed using the ordinary least squares method with E-Views 12. The data was sourced from the Nigerian Stock Exchange for information and the Statistical Bulletin of the Central Bank of Nigeria. The outcome determined that return on equity (ROE) is negatively correlated with the nonperforming loan/loan and advances ratio. Last but not least, the ROE measurements of the deposit money banks in Nigeria show a substantial correlation between the ratios of advances and loans to nonperforming loans, loan loss provision to loans and advances, and capital adequacy. These ratios are positively correlated with each other and negatively correlated with the capital adequacy ratio. We advise effective surveillance of pre- and post-deposit financial institution loans for the early detection of problematic debts that won’t be repaid according to schedule and for the thorough analysis of prospective projects as indicated in the financial statement given by the intended client (cash budget, income statement). Accurate identification of realistic projects and repayment terms based on the customer’s past performance will be achieved.
Sustainable development of the regions is presently an often discussed theme, mainly due to the worldwide situation. The goal of the contribution is therefore to find regions in Slovakia and Ukraine that have the possibility to have mutually advantageous ways of cooperation. The selection of the regions results from the comparison of European Union (EU) Member State’s situations and not EU Member State situations. The situation in the regions is compared according to the regional gross domestic product per capita, the unemployment rate in the region and the average monthly wage of employees in the regions. The results of the contribution show possible cooperation of the analyzed regions in business, mainly in the area of industrial production, with unemployment decreasing. The use of the results is in the area of finding strategies for improvement and cooperation.
The coronavirus disease-19 pandemic and the impact of Sino-US trade have accelerated and intensified changes in consumer behavior and promoted the motherboard industry’s digital transformation. However, before entering the implementation stage of digital transformation, enterprises need to examine their readiness. Therefore, we hope to provide a reference for the motherboard industry in the implementation stage of digital transformation in the face of fast-changing market demands by constructing a digital transformation maturity assessment scale. Previously, maturity assessments were performed for manufacturing and smart manufacturing. The digital transformation maturity assessment of the motherboard industry lacks rigorous research in relevant
literature. Therefore, this study uses the current state of the motherboard industry to assess its digital transformation maturity and uses the fuzzy analytic hierarchy process and expert interviews to summarize and analyze the assessment mode of the digital transformation maturity of the motherboard industry. By analyzing digital transformation maturity and using an objective assessment scale, we can understand the current state of operations and set the right direction. This enables enterprises to obtain maximum benefits with limited resources when facing rapid changes in consumer behavior. We further show the implications of the industry’s operations, and finally, provide practical recommendations and conclusions.
The COVID-19 pandemic has taught us the need to rethink towards future risk and possibly how to mitigate or deal with such risk. To do this, the right risk culture needs to be embedded into the organization’s setting. In recent times, there has been an increase in regulatory pressure for effective risk management governance and strategy. An inspiring risk governance and strategy will never be realized without the backing of a strong risk culture. This paper discusses risk culture within an organization and rethinking risk culture in a post-pandemic era.
Global warming has affected the whole world negatively as it is experiencing uncertainty in weather. It is the long-term warming of the Earth’s climate system that has been seen since pre-industrial times (between 1850 and 1900). Human activities and the combustion of fossil fuels contribute to global warming by increasing heat-trapping
greenhouse gas levels in the Earth’s atmosphere. Although the phrases are commonly interchanged, the latter refers to both man-made and natural warming, as well as the consequences for our world. It’s generally calculated as the average increase in the Earth’s global surface temperature. To save the mother earth and to save themselves from the negative impacts of global warming, many countries have started taking initiatives of which green finance is the one. Many countries have started issuing green bonds. The bonds that are issued to raise money to be used in climate and environmental projects. This paper is written to define the importance of green finance for the world’s environment. It will describe how the term green finance
emerged and the status of different countries. The paper is based on secondary data only collected by accessing various online sources.
This study develops an insolvency model to predict the possible wilful non-payment of debt obligations that turn into bad assets. This paper reveals that financially weak firms have been in deep financial distress somewhere between two to three years prior to their declaration as a wilful defaulter by the initial credit institution and its reporting on the same to the credit information companies. The Cox proportional hazards model (PHM) has been employed, which is a well-known and profusely applied approach not just in medical science but also in forecasting firm bankruptcy. This widely recognized model has been utilized to estimate the effects of different covariates influencing the times-to-event data. The application of Bayesian methods has the benefit in dealing with censored data in
small sample over frequentists’ approach. Herein, Bayesian survival framework is applied incorporating normal priors that generally performs better than the traditional likelihood estimation to forecast wilful default. Subsequently, Markov Chain Monte Carlo (MCMC) sampling enables to provide the Bayesian estimator. In the Bayesian structure, the Survival model is used with the help of hazard function. The gamma distribution is selected as the prior for the standard hazard equation in PHM. In order to solve for posterior distribution, the Metropolis Hastings scheme is followed that avoids solving complicated equations with OpenBugs platform
The intention of this paper is to provide a clear idea about the current education scenario practiced in Kanyakumari District, Tamil Nadu, India, its associated drawbacks and to propose innovative teaching methods. For this purpose, various schools in the district were visited and surveys had been conducted to bring out the expectations and interests of students towards our education system. Based on the feedback given by the students and teachers, an analysis was performed and the shortcomings in the current education system were spotted out. The suggestions and expectations on the existing education scheme are being discussed in this paper.
Finance is the lifeblood and lifeline of any business entity either commercial or non-commercial. The
Survival, Stability and Sustainability of a firm is highly associated with its financial wellness. It can be observed through its ability to pay(re) short-term as well as long term liabilities, meeting the regular financial obligations, to increase the value of firm and ability to generate profit. Financial analysis, evaluation, and assessment help in determines the financial position and financial strength of a firm. Among the plenty of methods and tolls available for financial performance, ratio analysis is more useful and meaningful. These ratios make it possible to analyze the evolution of the financial situation of a firm (trend analysis), cross-sectional analysis and comparative analysis.
The aim is to determine the short-term profitability of IPOs and to surrounding the evolution of this profitability on the middle/long run. Therefore, we used the raw initial returns and the adjusted initial returns methods to assess the short-term performance. We determined the long-term performance through the cumulative abnormal returns and the buy-and-hold abnormal returns, abnormal returns being adjusted to the market index and to the market model.
Banking system occupies an important place in Indian economy.
It provides various services to its customer. The nature of its services has evolved as the advancement of technology. It has become most challengeable to understand the customer satisfaction with quality of services. The present investigation was planned with the objective to analyse the customer choice towards the services provided by the bank. The research data was collected by the various bank customers for analysing the service quality from the ratings provided by the customer. In this regard, this research paper focuses with a purpose to report the findings of selected banking services which are used by the customers in India.
India is a fast becoming country of mobile and internet. Government of India initiative such as “Digital India”, in future our country will become cashless economy. Due to advancement of technology, man becomes more convenient and comfortable. Mobile Wallet is a platform for making payment through mobile. There are various
applications available like google pay, paytm citrus, etc. by using of such platforms payment can become more easy for online shopping, money transfer, utility bill payment, etc. Through mobile payment is very convenient and more secure to the public. Here, is an attempt to make a study on how the mobile wallet used by the consumers and their perception and satisfaction level towards using of such m-wallet payment gateways.
This study reports survivorship bias for the momentum effect. Effectively, this study shows that the Portuguese stock market does not exhibit the “momentum effect” when all listed stocks are considered spanning the period from January 1991 to December 2016. However, this phenomenon was detected when only survivor stocks are used. This study also shows that average returns for momentum portfolios were similar before and after the 2007
financial crisis.
The International Journal of Finance and Market Research (IJFMR) is an open access peer-reviewed journal that publishes articles which contribute new results in all the areas of Finance and Market Research. Authors are solicited to contribute to the journal by submitting articles that illustrate research results, projects, surveying works and industrial experiences that describe significant advances in this area.
More from BOHR International Journal of Finance and Market Research (16)
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. 2 Fabrizio Pezzani
after positive trends that lead to risk and debt positions cre-
ated by more emotional than rational expectations (expec-
tations are not knowledge even if convenient to think so),
the balance sheets of companies and banks become more
fragile and exposed to financial crises that were repeated
more intensely until they generated increasingly disastrous
financial bubbles. Speculative positions, in these phases,
spiraling upwards in a sort of Ponzi scheme far from
reality, until confidence cracked, the climate of opinion
changed abruptly, and operators were no longer able to
finance their uncovered positions in the face of a price col-
lapse, the liquidity crisis turned into a solvency crisis, and
the system broke down. The Lehman crisis of 2008 was
described in these terms by the Washington Post only the
day before, with its main columnist, Donald Luskin, claim-
ing there were no problems whatsoever.
History, however, proved Minsky right. He passed away
in 1996 in the midst of the financialization of the real
economy that would lead us to today’s disasters and the
Nobel prizes that sanctified finance: in 1994, the markets
with Lucas became rational, such as never to make mis-
takes, and in 1997, derivatives began the race to infinity
with the Nobel prizes for Merton and Scholes, who would
fail only a year later with the institution that operated
according to their intuitions. The illusion of infinite wealth
was cloaked as absolute truth, moving from saving invest-
ments to debt consumption. This was followed by the first
dot.com bubble in 1999 in the same year that Greenspan
wholly deregulated the derivatives market and opened the
doors to the wolves of Wall Street. In the new century in
December 2001, the year of the Twin Towers, the Enron
scandal occurred, and in just one month, the $85 shares
were worth 25 cents, then the sub-prime bubble was read-
ied, but everything slipped away. In finance, everything is
played out in the short or very short term in a world far
from the forgotten real economy.
Financial speculation dictated the economy’s agenda by
distorting reality and history, erasing all the antitrust rules
that had regulated the markets; the separation of the dol-
lar from an underlying asset in 1971 facilitated the start
of the giant Pied Piper illusion. In fact, the separation of
the dollar from gold signaled a return to the theories of
John Law who, at the beginning of the 18th century, did
the same thing, thinking he could link its issuance to land,
but the failure of the East India Company was the first
huge financial bubble at the dawn of a new history in 1726
following the tulip bubble in 1630 as we see in the graph
below.
The ”Mida’s syndrom” is in the human spirit, who
would like to have infinite whealt as Virgilio in Eneide
describe as ”Auri sacra fames”.
The quest for maximum personal profit would lead
to the relocation of labor, the consequent loss of earn-
ings from the real economy, the increase in debt
consumption that generated growing insolvency; creat-
ing shareholder value led to China becoming a world
factory by wiping out jobs in manufacturing and relocat-
ing them to the Celestial Empire, and now they might
understand the nemesis, as shown in graph on next
page top.
In the period between 1990 and 1999, the US relo-
cated most of its manufacturing to China for lower costs
and saw its GDP grow exponentially, which in previous
years had been lower than that of Chad; a severe depres-
sion hit the great American agricultural industry, now in
ruins.
3. The end of rational and magic finance 3
Certainly, the delocalization phenomenon led many
other countries towards this path, including Italy; the prob-
lems are now coming to the fore and the big fashion
manufacturers who have long been accustomed to mak-
ing money on price differentials have to deal with the lack
of production with effects on sales and on their ability to
cover costs.
The stock market becomes a casino based on specu-
lation that buys and sells continuously; high-frequency
“trading” becomes e-commerce based on mathematical
models that make the decisions, and competition is played
out on the speed with which operations are executed, leav-
ing the real world outside of any scheme. Corporations
become endless bubbles created by expectations of
illusory results, and to create value, accounting stan-
dards allow accepting results based on expectations of
future earnings; the higher values attributed by the
market lead to greater indebtedness, but the value of
shares becomes the result of manipulation with buy-
backs and the liquidity of quantitative easing, which
according to Bloomberg, generated surplus value of 60%.
The following graphs show the buy-back effect and
the perception of distance between finance and the real
economy:
The curve of financial assets becomes steeper and
steeper, but the real economy is held back, unemploy-
ment does not allow debt positions to settle, “the fall
in the level of prices and wages tends to trigger a
deflationary process that reduces the amount of money,
which only aggravates the situation in the labor mar-
ket: flexible prices and wages have destabilizing effects”
(Minsky, op. cit.). The more the stock market indexes
grow, the worse the real economy becomes, the two
indicators going in completely different directions; the
4. 4 Fabrizio Pezzani
system spiraling towards the “Minsky moment” (see graph
below).
Even in the face of the evidence of the facts, the “main-
stream” of the rational financial culture that sanctifies the
absolute exactitude of the markets continued to justify
the growing asymmetry, blaming man’s emotionality that
prevents us from understanding the sophisticated formu-
lations of computers that, in the absence of emotionality,
are able to interpret reality in a fairer and more aseptic
way. Notwithstanding this clash between man and artifi-
cial intelligence, we can understand Emanuele Severino’s
thought when he affirmed that technology is the master of
the world. Man’s passive and ill-advised subjection to this
challenge is a further demonstration of the cultural chal-
lenge that Stanley Kubrik first represented in the visionary
film “2001: A Space Odyssey” in which at the end, the
cunning astronaut David Bowman got the better of Hal
9000, the on-board computer, which was never wrong. Ulti-
mately, computers live on man-made models, but they can
never possess man’s imagination and cunning, in other
words, they can never replace, ideologically, the cunning
Ulysses and invent the Trojan horse. The following graph
again shows the dramatic asymmetry between unreal
finance and the real world, but sooner or later, man will
have to come to terms with his insipience and overkill; it
is always the ancient Greek “Hybris” who ends up betray-
ing man who just like Icarus wants to challenge the sun but
ends up defeated.
Finally, the dramatic coronavirus pandemic in China
has been an explosive “trigger”, reducing production,
5. The end of rational and magic finance 5
consumption, and revenue expectations, while increasing
the risk of insolvency. Everything becomes a rollercoaster
game against the evidence of reality, and the case of Tesla
is the example.
The real evidence of the facts is given by less manipula-
ble indicators such as the “Baltic Dry Index”, the index of
the trend of the maritime transport and freight rates of the
main categories of dry bulk cargo ships. It collects infor-
mation on cargo ships carrying “dry”, hence non-liquid
(oil, chemical, etc.) and “bulk” material. With reference to
the transport of raw materials or agricultural commodities
(coal, iron, wheat, etc.), it is also an indicator of the level
of supply and demand for these goods, signaling the eco-
nomic trends. The observation of its trend is dramatic; the
above graph show a drop of 80% in five months from the
peak in September 2019 to date:
The consequences are evident from the blockade of
trade, production, and consumption, increasing the debt
positions of companies more exposed to relocations and
trade with China but also with neighboring countries.
Credit companies see the level of fragility of part of the
credit worsened, and the financial system has to deal with
the endlessly created bubble. In the desire to cut costs,
relocation has prevented “thinking” of a sort of beautiful
exit from the trap of the single producer and consumer,
the income trap triggering the tripwire: Apple has reduced
its sales forecasts (iPhones are assembled in China), the
German automotive industry has 40% of its production
in China, as does Boeing, American supermarkets are full
of Chinese products... The debt of American families has
exceeded $18,000 bn/$ and US debts $23,000 bn/$, the sub-
prime game for cars is playing out, and yet stock market
values are rising dangerously in the real world. The growth
of debt is asymmetrical to the growth of the economy and
becomes unsustainable, when the perception of the risk
of a collapse of the stock market, already drugged to the
maximum, will become less sensitive to the enthusiastic
declarations of the always new maximums reached by the
Stock Exchange, it will begin to dispose of the shares of
companies more in crisis. The “Minsky moment” becomes
increasingly threatening.
In the same way, the following graph shows the asym-
metry between debt growth and the economic growth
deficit, the two trends are irreversible in the short term
as are the positions taken by the Trump administration
towards China with the increase in tariffs to cover part
of the growing deficit, and the unfeasible commitment
made by China itself to purchase American products.
In essence, in a context of confusion, the position of
the Fed also increasingly seems to be that of Buridan’s
ass, equally hungry and thirsty, hence unable to choose
whether to eat or drink. It had to increase the rates but
then ended up knocking them down and flooding the
money market with QE (quantitative easing) despite the
evidence that you cannot cure a junkie by increasing
his doses. By now we are at the end of the cycle, and
the debt and economic deficit are not repairable in the
short term.
However, if the virus were to continue spreading to
other countries, the US would also find itself in greater
difficulty with regard to the healthcare system. To reduce
costs, pharmaceutical companies have relocated 50% of
the production of generic drugs that will be unobtain-
able in hospitals, as well as the masks to be used as
a deterrent to contagion. In the last 30 years, the US
pharmaceutical industry has relocated much of its pro-
duction abroad; the US is currently no longer able to
produce generic antibiotics used to treat ear infections,
sore throats, pneumonia, urinary tract infections, venereal
and other diseases. The last penicillin factory closed in
2004. China, the world leader in low-cost products, has
filled the gap. Today, China produces 40% of the active
ingredients in American drugs and 80% of those used by
India, the leading global supplier of generic drugs. On
6. 6 Fabrizio Pezzani
a practical level, it would mean that if the US stopped
sourcing from China, within a couple of months, Amer-
ican pharmacies would be empty. Today, the most pur-
chased Made in China medicines on the other side of
the Pacific range from antidepressants to birth control
pills, HIV/Aids, diabetes, Parkinson’s and epilepsy. The
above graphs highlight the growth of the drug industry
in China.
The lack of an alternative strategy to relocation linked
only to the “lower price” logic but far from the social, cul-
tural, and political variables of supplier countries is the
most evident example of the short-term vision of finance,
everything and immediately, and of the lack of a political
culture in the US that is not only and always that of aggres-
sion and military threat. Actions dictate the consequences,
but it seems that we never want to see them in the suicidal
illusion that time and history have stopped to fulfill our
desires. But when the dream ends after a period that was
thought, fatuously, to never end, the reaction is always to
find a scapegoat guilty of the inability to read history. The
dynamics of clashes, of “back and forth” on foreign policy
in the autistic search for enemies and continuous clashes –
Assad, Russia, North Korea, Maduro, Iran, Egypt, China...
– are the evident manifestation of dangerous political con-
fusion, and incapable of looking within where instead the
greatest dangers lie.
7. The end of rational and magic finance 7
Conclusion: the end of fiat money and
the return to the gold exchange
standard
The collapse in September 2008 could have been an
acknowledgment that the system was at an end and admit
the dramatic consequence of creating not only a financial
but also a social bubble that would give way to the
tragic path of a malicious crisis. The only financial cul-
ture was that of liquidity flooding the markets to make
them manageable and manipulated to serve the interests
to be realized. Toxic relations between academia, politics
and finance that continued to lie about the fundamentals
of a science such as economics that had been converted
into a casino. The design supported by an inept and help-
less political class that thought above all about survival
was elevated to a dogma by the ”media” who slavishly
lent themselves to represent rational markets as a magic
and indisputable entity. However, awareness of the prob-
lem has prompted several countries to increase their gold
reserves even taking these to be held in the coffers of oth-
ers as can be seen from the following graphs showing the
return to the gold as reserve value facing the financial big
bubble. Return to the gold as the central banks are doing.
In the late Professor Emanuele Severino’s words, “We
are on a stormy sea and we do not want to see it” but “his-
tory, in a sort of nemesis, always presents the bill”.
References
Aristotele (2000). Etica Nicomachea [Nicomachean Ethics]. Bompiani: Milan
Chomsky N. (2006). Failed States: The Abuse of Power and the Assault on
Democracy. Il Saggiatore: Milano
Cicero (1999) On the Commonwealth and on the Laws. Cambridge University
Press
Guardini R. (1954). The End of the Modern World. Morcelliana:
Brescia
Keynes JM. (1923). The End of Laissez Faire. MacMillan Publishers: London
Keynes JM. (1933). Essays in Persuasion. MacMillan: London.
Keynes JM. (1936). The General Theory of Employment, Interest and Money.
Palgrave MacMillan
Minsky Himan (1975). John Maynard Keynes, Palgrave MacMillan, UK.
Minsky Himan (1982). Can ”It” Happen Again? Essays on Instability and
Finance. Routledge.
Minsky Hyman (1986). Stabilizing an Unstable Economy. Yale University
Press.
Minsky Hyman (1992). The Financial Instability Hypothesis. Levy Eco-
nomics Institute.
Minsky Hyman (2010). Ending Poverty: Jobs not Welfare. Levy Economic
Institute.
Pezzani F. (2011). Cooperative Competition. Egea-UBE: Milan.
Pezzani F. (2016). Independence Day and forgotten equality. Bus
Econ J.
Pezzani F. (2016). The Nobel Prize for mythical finance and Colombo’s
egg. Bus Econ J.
Pezzani F. (2017). Society the Foundation of the Economy. We need a Socio-
Cultural Revolution. Scholar’s Press: Germany.
Pezzani F. (2017). Once upon a time in America and the end of the Amer-
ican dream. Journal of Socialomics.
Pezzani F. (2017). The gold exchange standard and the magic trap of paper
money. J Accoun Finan Audit. 5: 23–32.
Posner R. (2010). The Crisis of Capitalist Democracy. Egea-UBE:
Milan.
Prigogine I. (1996). La fin des certitudes. Temps, chaos et les lois de la nature.
Odile Jacob: Paris.
Putnam R. (2004). Social capital and Individualism. Il Mulino: Bologna.
2004
Russell B. (2009). The Scientific Outlook. Laterza: Rome-Bari.
Sigmund F. (1971). The Future of Illusion. Boringhieri: Turin.
Sigmund F. (1971). The Discomforts of Civilization. Bollati Boringhieri:
Turin.
Sorokin P. (1941). Social and Cultural Dynamics. Utet: Turin.
Sorokin P. (1941). The Crisis of Our Age. EP Button & Co: New York.
Toynbee AJ. (1949). Civilization on Trial. Bompiani: Milan.
Toynbee AJ. (1977). Mankind and Mother Earth. Garzanti: Milan.
Vico G. (1925). La scienza nuova [The New Science]. Napoli.
Zygmunt B. (2005). Liquid Life. Laterza: Bari.