> LSE Hayek Lecture 2010 from Cobden Centre

 Jesús Huerta de Soto

FINANCIAL CRISIS AND ECONOMIC RECESSION

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INDEXED LECTURE

1.- The Fatal Error of Peel's Bank Act
2.- The "paradox of saving" is wrong. The healthy process of capital accumulation based on true savings.

3.- The unsustainable nature of the bubbles induced by artificial credit expansions created by the fractional-reserve banking industry.
The spontaneous reaction of the market against the effects of credit expansions: first the financial crisis and second the deep economic recession.
4.- The specific features of the 2008 financial crisis and the current economic recession.
The negative influence of the new accounting rules.
5.- Who is responsible for the current situation?
6.- Possible future scenarios and the most appropriate economic policy.
7.- Conclussion: a Proposal for Banking Reform.
8.- Questions and answers


1/8. The Fatal Error of Peel's Bank Act

Recommended Reading


2/8. The "paradox of saving" is wrong. The healthy process of capital accumulation based on true savings.

Recommended Reading


3/8. The unsustainable nature of the bubbles induced by artificial credit expansions created by the fractional-reserve banking industry.
The spontaneous reaction of the market against the effects of credit expansions: first the financial crisis and second the deep economic recession.

Recommended Readings

 


4/8. The specific features of the 2008 financial crisis and the current economic recession.
       The negative influence of the new accounting rules.

Recommended Reading


5/8. Who is responsible for the current situation?

Recommended Readings

 


6/8. Possible future scenarios and the most appropriate economic policy.

Recommended Reading


7/8. Conclussion: a Proposal for Banking Reform.

Recommended Reading


8/8. Questions and answers

1.- Abolishing the central bank? I can't see that.
2.- How can you prevent banks for creating another ways to create more credit?
3.- The Gold Standard
4.- It sounds to me like what you are suggesting is the mother of all bailouts.
5.- What you seem to be suggesting is to outlaw commercial banking but investment banking is pretty much OK.
6.- Where do you think it would lead the world if international bankers continue to control the credit of nations and direct the policy of governments?

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