Content
In this book, Wolf argues that the subprime crisis is structurally comparable to the crisis of 1997 in Latin America, 1998 in Russia and 1999 in South-East Asia. This statement is based on the idea that there is a significant relationship between microeconomics of finance and the macroeconomics of the balance of payments. According to Wolf, this resulted in the United States becoming the "borrower and spender of last resort," thereby unbalancing global capital flows. Against this, Wolf proposes that global economic security depends on the ability of emerging economies to develop robust financial systems based on domestic currencies.
Read more about this topic: Fixing Global Finance
Famous quotes containing the word content:
“A person of mature years and ripe development, who is expecting nothing from literature but the corroboration and renewal of past ideas, may find satisfaction in a lucidity so complete as to occasion no imaginative excitement, but young and ambitious students are not content with it. They seek the excitement because they are capable of the growth that it accompanies.”
—Charles Horton Cooley (1864–1929)
“Any so-called material thing that you want is merely a symbol: you want it not for itself, but because it will content your spirit for the moment.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The real leader has no need to lead—he is content to point the way.”
—Henry Miller (1891–1980)