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Broken Markets: A User's Guide to the Post-Finance Economy Paperback – June 14, 2012
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Top Customer Reviews
Like Mellyn's previous book there are the comic anecdotes (congressmen responding with "bovine incomprehension" toward all financial matters which Mellyn admits is "unfair to cows") and the quirks of history (OPEC as a byproduct of US abandoning Bretton Woods; UK clearing system a function of seeing the Bank of England as a competitor). The humor and historic quirks are the trademarks of any Mellyn exposition and make Broken Markets worth the read on the merits of these alone.
The book's central thesis, that we're entering a phase of "financial repression" is hard to argue - mainly due to the ample evidence that repression is well underway (think interest rates approaching zero, mounting financial regulation). By the time we reach the last scene, there are no surprises and unfortunately no joy either. Life in an era of financial repression is not interesting for anyone and unless you're one of the lucky third to be an "insider" on the right side of highly regulated society, be prepared for a long and tenuous life of unrewarding toil.
But the good news is that this movie runs on a continuous loop and after a bleak ending, there is always a happy beginning. After reading Broken Markets, you'll know what to look for. Definitely worth the read.
High debt is affordable as a massive redistribution from public to government. The rich can't make a dent in the debt. Chevy Volt and Solyndra are evidence of crony capitalism. The difference between private and public finance - government can take it's citizen's money. It's impoverishing the thrifty to feed the government.
There are no safe havens for keeping money. Mellyn's investment advise, in contravention of public incentives, is to save your money. Don't invest in stocks, bonds or money market funds. What does that leave? The book ends with the question will we ever again have prudent banks?
Most Recent Customer Reviews
Worth reading for those interested in a broad economic issues. A fair degree of opinion and with few (no?) footnotes it is based on the expertise and experience of the author. Read morePublished 15 months ago by William Tell
Very easy to read. Everything is explained in a down to earth way and with a uniquely punchy style.
Im a trader and investor in the stock market and I wanted to know from an expert why and what was and is the continuing cause of world wide economic malaise . Read morePublished on October 13, 2012 by John E
As the effects of the 2008 financial meltdown continue to resonate around the world, Kevin Mellyn's book offers a lucid explanation of what happened and what is continuing to go... Read morePublished on September 25, 2012 by The Next Big Reading Thing
Kevin Mellyn's book is an excellent review of the driving forces behind the rise and fall of the modern finance-driven economy. Read morePublished on September 22, 2012 by Oleg Fomin
It's amusing that Marx and Bagehot were rough contemporaries. One contemplated the world and overlaid a mystical syllogism out of Hegel to explain the inevitable machinery of... Read morePublished on September 6, 2012 by bruns grayson