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Is a full-blown global banking meltdown in the offing? — Satyajit Das

Summary:
Capitalism is dependent on credit, so financial crises serious enough to threaten the capitalist system must be resolved by socializing losses. The alternative is financial collapse leading to economic collapse and social chaos. Central banking and credit regulation were instituted at the heart of economic liberalism to correct the risk inherent in this type of system.The New Indian ExpressIs a full-blown global banking meltdown in the offing?Satyajit Das is a former banker and author of numerous works on derivatives and several general titles: Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006 and 2010), Extreme Money: The Masters of the Universe and the Cult of Risk (2011), A Banquet of Consequences RELOADED (2021) and Fortune’s Fool: Australia’s

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Capitalism is dependent on credit, so financial crises serious enough to threaten the capitalist system must be resolved by socializing losses. The alternative is financial collapse leading to economic collapse and social chaos. Central banking and credit regulation were instituted at the heart of economic liberalism to correct the risk inherent in this type of system.

The New Indian Express
Is a full-blown global banking meltdown in the offing?
Satyajit Das is a former banker and author of numerous works on derivatives and several general titles: Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006 and 2010), Extreme Money: The Masters of the Universe and the Cult of Risk (2011), A Banquet of Consequences RELOADED (2021) and Fortune’s Fool: Australia’s Choices (2022).

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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