大緊縮: 人類史上最危險的觀念

• 兀鲁厄

  2021-10-26
  Global fnance made so much hay, not through effcient markets but by riding up and down three interlinked giant global asset bubbles using huge amounts of leverage. The frst bubble began in US equities in 1987 and ran, with a dip in the dot-com era, until 2007. It was the longest equity bull market in history, and it spread out from the United States to boost stock markets all over the world. The smart cash that was being made in those equity markets looked around for a hedge and found real estate, which began its own global bubble phase in 1997 and ran until the crisis hit in 2006. The fnal bubble occurred in commodities, which rose sharply in 2005 and 2006, long before anyone had heard the words “quantitative easing,” and which burst quickly since these were comparatively tiny markets, to...
• 3.1415926

  2019-01-13
  John Maynard Keynes noted that