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The 1929 crash and the 2008 crash that started the great recession were both caused by uncovering the bezzle. The "bezzle" is what Galbraith called fake moneta
by NPMaxwell 7y ago
The 1929 crash and the 2008 crash that started the great recession were both caused by uncovering the bezzle. The "bezzle" is what Galbraith called fake monetary supply: money that doesn't exist because it has already been embezzled (but still shows up on accounting statements). Trump signaled that there would be very lax regulation, meaning "your bezzle is safe from us." The next crash will appear when major corporations believe that it is in their interest to lay off CEO's and take their big baths. That will be sometime when they are convinced that the next Executive Branch administration will be checking accounting statements.
- NPMaxwell 7y agohttps://moneyfyi.wordpress.com/2013/11/15/5358/ https://moneyfyi.wordpress.com/2013/11/15/5358/ https://en.wikipedia.org/wiki/Big_bath https://en.wikipedia.org/wiki/Big_bath
- take_a_breath 7y agoIf your hypothesis is correct, we have the signal: “A total of 1,160 CEOs in the US have left their jobs in the first nine months of 2019, according to data from recruitment firm Challenger, Gray, & Christmas. That’s up 13% from the same period in 2018, and the highest turnover at this point in the year since the company first began tracking CEO departures, in 2002.” https://qz.com/work/1727662/why-ceo-turnover-in-2019-is-at-a-record-high/ https://qz.com/work/1727662/why-ceo-turnover-in-2019-is-at-a...
- NPMaxwell 7y agoCool! I bet it needs to be fine-tuned: % of Fortune-50 companies with CEO departures and losses taken on financial statements > 5%. Or something like that.