By Patrick Robinson, Lawrence G. McDonald
One of the most important questions of the monetary challenge has no longer been spoke back formerly. What occurred at Lehman Brothers and why was once it allowed to fail, with aftershocks that rocked the worldwide economic system? during this news-making, frequently striking publication, a former Lehman Brothers vp provides us the immediately answers—right from the abdominal of the beast.
In A monstrous Failure of universal Sense, Larry McDonald, a Wall highway insider, unearths the tradition and unstated principles of the sport like no publication has ever performed. The e-book is couched within the very human tale of Larry McDonald’s Horatio Alger-like upward push from a Massachusetts “gateway to nowhere” housing undertaking to the hot York headquarters of Lehman Brothers, domestic of 1 of the world’s hardest buying and selling floors.
We get a close-up view of the individuals within the Lehman cave in, particularly those that observed it coming with a helpless, offended simple task. We meet the Brahmins on the most sensible, whose reckless, pedal-to-the-floor habit to development ultimately demolished the nation’s oldest funding financial institution. The Wall highway we stumble upon here's a ruthless position, the place brilliance, conceitedness, ambition, greed, capability for relentless toil, and different human characteristics mix in a powerful combine that typically fuels prosperity yet sometimes destroys it.
The complete value of the dissolution of Lehman Brothers is still measured. yet this a lot is bound: it was once a devastating blow to America’s—and the world’s—financial method. And it needn't have occurred. this is often the tale of why it did.
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Additional info for A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
3. c. Graeber believes he has undermined the traditional explanation for the rise of the monetary economy but in fact he has done no such thing. As we will see, he has simply failed to apply concepts of economics accurately to the societies he analyzed, either because he misunderstood these concepts or refuses to employ them correctly. Be that as it may, this has led him into confusion. ”11 But these somewhat grandiose claims are not supported by evidence. Graeber qualifies them by stating that “all this hardly means that barter does not exist,”12 only that it is almost never employed between fellow villagers but is usually confined to trading with strangers.
It must have already acquired some value before it is used as money for the first time. That value can only be its use value as a commodity, as a useful good in its own right. But once a commodity has become an established medium of exchange, its value will no longer be determined by its use value as a commodity alone but also, and ultimately predominantly, by the demand for its services as money. But only something that has already established a market value as a commodity can make the transition to being a medium of exchange.
14Apparently, Graeber fails to realize that these are also instances of barter, and that only the delivery of one side of the trade has been postponed into the future. Only two forms of exchange are logically conceivable: direct exchange (goods/services for other goods/services) or indirect exchange (involving money as a medium of exchange). Graeber’s example of a “gift” economy involves the handing over of shoes today in exchange for handing over something else, which is as yet unspecified but could be, as per his example, potatoes or a pig, at an equally unspecified time in the future.