How much bank do people need? Get out of the crazy financial world

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How much bank do people need? Out of the crazy financial world is an economic policy book published in 2013 by Thomas Fricke , the former chief economist of the Financial Times Germany , which takes a critical look at the financial markets.

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In the first part, Fricke argues that the financial markets are not, as stakeholders claim, efficient, self-regulating or omniscient. Without financial globalization , more and more sensible investments would have been made since the 1980s (...). Without the increasingly ludicrously high returns on financial investments, there would have been no alternative, more money would have flowed into more sensible investments. That would have created more jobs and growth, and there would be fewer unemployed.

In the second part of the book, Fricke formulates five goals that should be achieved:

  1. noticeably dampen the volatility of the financial markets
  2. the procyclicality counteract and reverse it
  3. to reduce the Fricke disproportionate highly rated return potential of investments, the money flows to the real economy redirect
  4. to reduce the enormous differences in income and wealth according to Fricke, which, according to Fricke, would lead to more solid growth
  5. Free up funds for the real economy that were previously tied up in the sphere of financial magic .

Based on the analysis from the first part and the formulated goals, Fricke suggests six measures that should help to achieve these goals:

  • A financial transaction tax , which Fricke as basic equipment referred to brake billows and bustle of the markets
  • A new world currency system that takes into account the good and bad experiences of the post-war period
  • A stop mechanism for alleged by Fricke excesses in the trading of government bonds , which he described as dangerous to democracy rated
  • A regulation of the raw material markets, especially against food speculation
  • The main demand is the introduction of a system of automatic corrections as a means against "dangerous euphoria and panic attacks", which should be a substitute for the lack of stabilizing speculation, according to Fricke
  • A bonus reform for money dealers.

reception

The reviewer of Lesart in Deutschlandradio Kultur states that Fricke explains in detail and comprehensibly " how much it has hurt that assets have shifted around the world in the last three decades ". Sina Fröhndrich, for Andruck from Deutschlandradio, doubts that “ his outlined bank exit could take place realistically and promptly ”, attests to the book that it is a contribution worth reading because it is understandable .

expenditure

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supporting documents

  1. ↑ a b c Fricke, How much bank does a person need, quoted from: http://www.nachdenkseiten.de/?p=17700
  2. ↑ http://www.dradio.de/dkultur/sendung/lesart/2087412/
  3. ↑ Review on Deutschlandradio