[FONT="]"Reaganomics", the US Federal Reserve discount rate was 19%, by December 2008 it had dropped almost to zero. The coincidence of this date with the beginning of the "acute" stage of the crisis in September of the same year is, of course, no accident.[/FONT]
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Mikhail Khazin: Essay on the fate of the Bretton Woods system - Fort RussMikhail Khazin: Essay on the fate of the Bretton Woods system
[FONT="][/FONT] [FONT="]Another contradiction - the need to use more and more sophisticated financial instruments to reduce the risk of producers has led to dramatic change in the scale of redistribution of comprehensive income in the economy in favor of the financial system. If before World War II, the norm was 5%, by the end of the 1940s this figure rose to 10%, today it exceeds 50%. [/FONT]
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Mikhail Khazin: Essay on the fate of the Bretton Woods system - Fort RussMikhail Khazin: Essay on the fate of the Bretton Woods system
[FONT="][/FONT] [FONT="]Another contradiction - the need to use more and more sophisticated financial instruments to reduce the risk of producers has led to dramatic change in the scale of redistribution of comprehensive income in the economy in favor of the financial system. If before World War II, the norm was 5%, by the end of the 1940s this figure rose to 10%, today it exceeds 50%. [/FONT]
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[FONT="]It is clear that in principle it is no longer possible to increase it, and the economy in which more than half of the earnings are withdrawn from the production circuit (I repeat - we are talking about not only the production of goods, but services consumed by the end user) to an intermediary, can not raise its effectiveness[/FONT]