Search results for ""Author Bernard Connolly""

It has become a commonplace to blame central banks for recurrent bubbles and financial crises, recessions, massive wealth inequality and widespread disenchantment with capitalism, and latterly for inflation. But this important new book argues that the enormous intellectual error of which central banks have been guilty sprang from the generation-long arrogance of the mainstream academic macroeconomics profession, which ignored interwar lessons and the crucial importance of intertemporal disequilibrium. The book shows why and how the intellectual error, most evident in the deliberations and actions of the US Federal Reserve from the mid-1990s onwards, set in train the global consequences which now threaten the continued existence of a capitalist society. In particular, it explains how central banks have needed the financial-sector misbehaviour they so piously castigate. While a key early figure in this Greek Tragedy was an ardent advocate of capitalism - Alan Greenspan, the revered former Federal Reserve Chairman - culpable hubris has underlain the whole structure of modern macroeconomic theory. Nemesis, the book shows, has followed ineluctably.

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'The Brussels Commission has just suspended its senior economist, Bernard Connolly, for writing a book savaging the prospects for a common currency. There are many who now believe he should be lauded as a prophet.' Observer, Editorial, 1 October 1995'Mr. Connolly's longstanding proposition that the foisting of a common currency upon so many disparate nations would end in ruin is getting a much wider hearing...' New York Times, 17 November 2011When first published in 1995, The Rotten Heart of Europe caused outrage and delight - here was a Brussels insider, a senior EU economist, daring to talk openly about the likely pitfalls of European monetary union. Bernard Connolly lost his job at the Commission, but his book was greeted as a profound and persuasive expose of the would-be 'monetary masters of the world.' His brave act of defiance became headline news - and his book a major international bestseller. In a substantial new introduction, Connolly returns to his prophetic account of the double-talk surrounding the efforts of politicians, bankers and bureaucrats to force Europe into a crippling monetary straitjacket. Hidden agendas are laid bare, skulduggery exposed and economic fallacies are skewered, producing a horrifying conclusion. No one who wants to understand the workings of the EU, past, present and future can afford to miss this enthralling and deeply disturbing book.

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