The Untold Story of FDR, the Supreme Court, and the Battle over Gold

Author: Sebastian Edwards

Publisher: Princeton University Press

ISBN: 1400890381

Category: Business & Economics

Page: 288

View: 3321

The untold story of how FDR did the unthinkable to save the American economy The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history. Sebastian Edwards provides a compelling account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the abandonment of the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government—suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good—and that led to FDR's attempt to pack the court in 1937. At a time when several major economies never approached the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.
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Author: Jane Jacobs

Publisher: Birkhäuser

ISBN: 3035602123

Category: Architecture

Page: 220

View: 6823

In The Death and Life of Great American Cities durchleuchtet Jane Jacobs 1961 die fragwürdigen Methoden der Stadtplanung und Stadtsanierung in Amerika, der "New Yorker" nannte es das unkonventionellste und provozierendste Buch über Städtebau seit langem. Die deutsche Ausgabe wurde schnell auch im deutschsprachigem Raum zu einer viel gelesenen und diskutierten Lektüre. Sie ist jetzt wieder in einem Nachdruck zugänglich, mit einem Vorwort von Gerd Albers (1993), das nach der Aktualität dieser Streitschrift fragt.
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Development and Conflict since 1945

Author: John Ward

Publisher: Routledge

ISBN: 1134368305

Category: History

Page: 144

View: 1532

Bringing the story up-to-date, this expanded new edition takes into account recent developments including Argentina's 2001 debt default and the 2002 presidential election in Brazil. Latin America provides an introduction to the economic and political history of the region in the last half century. Beginning with a brief history of Latin America since 1492, John Ward discusses the interactions between economic, political and social issues. The discussions includes: * the long-term background to the 1980s debt crisis * the effects of neo-liberal free market reforms * relations with the United States and the wider world * welfare provision in relation to wider economic issues * social trends as reflected by changes in the status of women * globalization and environmental debates * comparisons with the more dynamic East Asian economies. Also including biographies of the leading figures of the period and an expanded bibliography, it will provide central reading to Latin American history students, researchers and the interested general reader.
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A Colloquy

Author: Michael A Stegman

Publisher: DIANE Publishing

ISBN: 9780788131318

Category:

Page: 126

View: 490

A research & commentary on the critical policy issue of whether or not racial discrimination exists in the home mortgage lending industry. A collection of essays on this topic by experts such as John Yinger, Stephen Ross, & George Galster. Also includes commentaries on mortgage performance & housing market discrimination, default rates & their place in the controversy, & the role of FHA data in the lending discrimination discussion. Graphs, charts.
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Author: Kim Ghattas

Publisher: Macmillan

ISBN: 080509833X

Category: Political Science

Page: 368

View: 2844

The first inside account to be published about Hillary Clinton's time as secretary of state, anchored by Ghattas's own perspective and her quest to understand America's place in the world In November 2008, Hillary Clinton agreed to work for her former rival. As President Barack Obama's secretary of state, she set out to repair America's image around the world—and her own. For the following four years, BBC foreign correspondent Kim Ghattas had unparalleled access to Clinton and her entourage, and she weaves a fast-paced, gripping account of life on the road with Clinton in The Secretary. With the perspective of one who is both an insider and an outsider, Ghattas draws on extensive interviews with Clinton, administration officials, and players in Washington as well as overseas, to paint an intimate and candid portrait of one of the most powerful global politicians. Filled with fresh insights, The Secretary provides a captivating analysis of Clinton's brand of diplomacy and the Obama administration's efforts to redefine American power in the twenty-first century. Populated with a cast of real-life characters, The Secretary tells the story of Clinton's transformation from popular but polarizing politician to America's envoy to the world in compelling detail and with all the tension of high stakes diplomacy. From her evolving relationship with President Obama to the drama of WikiLeaks and the turmoil of the Arab Spring, we see Clinton cheerfully boarding her plane at 3 a.m. after no sleep, reading the riot act to the Chinese, and going through her diplomatic checklist before signing on to war in Libya—all the while trying to restore American leadership in a rapidly changing world. Viewed through Ghattas's vantage point as a half-Dutch, half-Lebanese citizen who grew up in the crossfire of the Lebanese civil war, The Secretary is also the author's own journey as she seeks to answer the questions that haunted her childhood. How powerful is America really? And, if it is in decline, who or what will replace it and what will it mean for America and the world?
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Author: Duncan L. Clore,Richard E. Towle,Michael J. Sugar

Publisher: American Bar Association

ISBN: 9781590315439

Category: Breach of contract

Page: 763

View: 1215

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Author: Michael Moran

Publisher: St. Martin's Press

ISBN: 1137000422

Category: Political Science

Page: 256

View: 4530

A leading forecaster of economic and political trends takes a sharp look at the decline of American influence in the world, and how it can prepare for the new reality. The age of American global dominance is ending. Today, a host of forces are converging to challenge its cherished notion of exceptionalism, and risky economic and foreign policies have steadily eroded the power structure in place since the Cold War. Staggering under a huge burden of debt, the country must make some tough choices—or cede sovereignty to its creditors. In The Reckoning, Michael Moran, geostrategy analyst explores the challenges ahead -- and what, if anything, can be prevent chaos as America loses its perch at the top of the mountain. Covering developments like unprecedented information technologies, the growing prosperity of China, India, Brazil, and Turkey, and the diminished importance of Wall Street in the face of global markets, Moran warns that the coming shift will have serious consequences not just for the United States, but for the wider world. Countries that have traditionally depended on the United States for protection and global stability will have to fend for themselves. Moran describes how, with a bit of wise leadership, America can transition to this new world order gracefully—by managing entitlements, reigniting sustainable growth, reforming immigration policy, launching new regional dialogues that bring friend and rival together in cooperative multinational structures, and breaking the poisonous deadlock in Washington. If not, he warns, history won't wait.
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Author: George E. Lowe

Publisher: Xlibris Corporation

ISBN: 1477142754

Category: Religion

Page: 723

View: 8529

Volume 1 of Stalking the Antichrists and Their False Nuclear Prophets, Nuclear Gladiators, and Spirit Warriors,1940-1965 is essentially an enhanced memoir. It is based for the most part on my personal observations and knowledge and specialized information from my academic studies of history, political science, and literature at Grove City College and the University of Chicago,as well as my professional insights into the heart of the U. S. Navy (1953-1957, 1960-1961[OP- 09D]) as an Air Intelligence Officer in Hawaii and Japan and the Pentagon; political- military/counsellor assignments in the State Department as a Foreign Service Officer(FSO-6) at the American embassy in Paris (1962-64); and a speechwriter in the Navy Department (1965). In volume 2, the textual narrative begins with the end of my specific actions/ activities in the Navy and Foreign Service in July 1965, which I have called How I Lived in History, 1950-1965. In retrospect my entire Navy careerfrom my commissioning as Ensign USNR, 1355 AIO, in early September 1953 at Naval Station, Newport, Rhode Island, to my first honorable discharge at Treasure Island on August 27, 1957was in preparation to an understanding of World War II and the Cold War.
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Author: N. Finch

Publisher: Springer

ISBN: 1137450665

Category: Business & Economics

Page: 298

View: 6924

Emerging Markets and Sovereign Risk provides case studies, commentary and analysis on the financial risk management and measurement in the context of frontier and developing counties from international experts covering three key areas of emerging market investments, the rating sovereign risk and managing sovereign risk.
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The Gold Standard and the Great Depression, 1919-1939

Author: Barry Eichengreen

Publisher: Oxford University Press

ISBN: 0199879133

Category: Business & Economics

Page: 480

View: 629

This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.
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Author: Thomas A. Durkin,Gregory Elliehausen,Michael E. Staten,Todd J. Zywicki

Publisher: Oxford University Press

ISBN: 0199384967

Category: Business & Economics

Page: 528

View: 8630

Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
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Author: Mr. Eduardo Borensztein,Ugo Panizza

Publisher: International Monetary Fund

ISBN: 1451915497

Category: Business & Economics

Page: 50

View: 8915

This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.
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What Everyone Needs to Know?

Author: Goldie Blumenstyk

Publisher: Oxford University Press

ISBN: 0199374112

Category: Education

Page: 192

View: 4153

American higher education is at a crossroads. Technological innovations and disruptive market forces are buffeting colleges and universities at the very time their financial structure grows increasingly fragile. Disinvestment by states has driven up tuition prices at public colleges, and student debt has reached a startling record-high of one trillion dollars. Cost-minded students and their families--and the public at large--are questioning the worth of a college education, even as study after study shows how important it is to economic and social mobility. And as elite institutions trim financial aid and change other business practices in search of more sustainable business models, racial and economic stratification in American higher education is only growing. In American Higher Education in Crisis?: What Everyone Needs to Know, Goldie Blumenstyk, who has been reporting on higher education trends for 25 years, guides readers through the forces and trends that have brought the education system to this point, and highlights some of the ways they will reshape America's colleges in the years to come. Blumenstyk hones in on debates over the value of post-secondary education, problems of affordability, and concerns about the growing economic divide. Fewer and fewer people can afford the constantly increasing tuition price of college, Blumenstyk shows, and yet college graduates in the United States now earn on average twice as much as those with only a high-school education. She also discusses faculty tenure and growing administrative bureaucracies on campuses; considers new demands for accountability such as those reflected in the U.S. Department of Education's College Scorecard; and questions how the money chase in big-time college athletics, revelations about colleges falsifying rankings data, and corporate-style presidential salaries have soured public perception. Higher education is facing a serious set of challenges, but solutions have also begun to emerge. Blumenstyk highlights how institutions are responding to the rise of alternative-educational opportunities and the new academic and business models that are appearing, and considers how the Obama administration and public organizations are working to address questions of affordability, diversity, and academic integrity. She addresses some of the advances in technology colleges are employing to attract and retain students; outlines emerging competency-based programs that are reshaping conceptions of a college degree, and offers readers a look at promising innovations that could alter the higher education landscape in the near future. An extremely timely and focused look at this embattled and evolving arena, this primer emphasizes how open-ended the conversation about higher education's future remains, and illuminates how big the stakes are for students, colleges, and the nation.
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Pricing, Strategies and Risk Management

Author: Jan De Spiegeleer,Wim Schoutens

Publisher: John Wiley & Sons

ISBN: 1119978068

Category: Business & Economics

Page: 396

View: 4321

This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools. Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value - pre 2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond. Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity. Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage. Part IV explains the all important risk management part of the process in detail. This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.
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Roman

Author: Omar El Akkad

Publisher: S. Fischer Verlag

ISBN: 3104908109

Category: Fiction

Page: 32

View: 4835

Gleich hier die kostenlose XXL-Leseprobe lesen! »American War« - das Buch der Stunde. »Ein gewaltiger Roman«, schreibt die renommierteste Literaturkritikerin der USA, Michiko Kakutani. Ein Roman über den nächsten amerikanischen Bürgerkrieg und das dramatische Schicksal einer Familie. Was wird sein, wenn die erschütternde Realität der Gegenwart - Drohnenangriffe, Folter, Selbstmordattentate und die Folgen von Umweltkatastrophen - mit aller Gewalt in die USA zurückkehrt? Vor diesem Hintergrund entfaltet Omar El Akkad mit großer erzählerischer Kraft den dramatischen Kampf der jungen Sarat Chestnut, die beschließt, mit allen Mitteln für das Überleben zu kämpfen. »American War« ist in den USA ein literarisches Ereignis, das schon jetzt mit Cormac McCarthy »Die Straße« und Philip Roth »Verschwörung gegen Amerika« verglichen wird.
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Author: Acadimie de Droit International de La Haye,Hague Academy of International Law

Publisher: Martinus Nijhoff Publishers

ISBN: 9789028613522

Category: Law

Page: 626

View: 4505

The Academy is a prestigious international institution for the study and teaching of Public and Private International Law and related subjects. The work of the Hague Academy receives the support and recognition of the UN. Its purpose is to encourage a thorough and impartial examination of the problems arising from international relations in the field of law. The courses deal with the theoretical and practical aspects of the subject, including legislation and case law. All courses at the Academy are, in principle, published in the language in which they were delivered in the "Collected Courses of the Hague Academy of International Law .
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From Theory to Best Practice

Author: Thomas J. Fagan,Robert K. Ax

Publisher: SAGE

ISBN: 1452236313

Category: Social Science

Page: 432

View: 5757

Correctional Mental Health is a broad-based, balanced guide for students who are learning to treat criminal offenders in a correctional mental health practice. Featuring a wide selection of readings, this edited text offers a thorough grounding in theory, current research, professional practice, and clinical experience. It emphasizes a biopsychosocial approach to caring for the estimated 20% of all U.S. prisoners who have a serious mental disorder. Providing a balance between theoretical and practical perspectives throughout, the text also provides readers with a big-picture framework for assessing current correctional mental health and criminal justice issues, offering clear strategies for addressing these challenges.
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Consumer Credit, Debt Collection and the Capture of Affect

Author: Joe Deville

Publisher: Routledge

ISBN: 1134087780

Category: Business & Economics

Page: 230

View: 1861

Consumer credit borrowing – using credit cards, store cards and personal loans – is an important and routine part of many of our lives. But what happens when these everyday forms of borrowing go ‘bad’, when people start to default on their loans and when they cannot, or will not, repay? It is this poorly understood, controversial, but central part of both the consumer credit industry and the lived experiences of an increasing number of people that this book explores. Drawing on research from the interior of the debt collections industry, as well as debtors' own accounts and historical research into technologies of lending and collection, it examines precisely how this ever more sophisticated, globally connected market functions. It focuses on the highly intimate techniques used to try and recoup defaulting debts from borrowers, as well as on the collection industry’s relationship with lenders. Joe Deville follows a journey of default, from debtors’ borrowing practices, to the intrusion of collections technologies into their homes and everyday lives, to the collections organisation, to attempts by debtors to seek outside help. In the process he shows how to understand this particular market, we need to understand the central role played within it by emotion and affect. By opening up for scrutiny an area of the economy which is often hidden from view, this book makes a major contribution both to understanding the relationship between emotion and calculation in markets and the role of consumer credit in our societies and economies. This book will be of interest to students, teachers and researchers in a range of fields, including sociology, anthropology, cultural studies, economics and social psychology.
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