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Re: <nettime> choose-your-own adventure: a brief history of nettime
Brian Holmes on Wed, 4 Nov 2015 16:50:06 +0100 (CET)


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Re: <nettime> choose-your-own adventure: a brief history of nettime


   By providing freshly printed and essentially free money to private
   banks (sometimes even foreign banks, in the US case) governments were
   able to stop cascading failures and halt any drift toward a great
   depression. In China a huge infrastructure program was undertaken.  In
   Japan money has been funneled directly to consumers. In Europe, the EU
   bailout of nationalized banking sectors has concentrated tremendous new
   power in Brussels. The global currency markets are not coordinated.
   States, to the contrary, pursue geo-economic grand strategies, that's
   the big difference.

   On Nov 4, 2015 2:45 AM, <prem.cnt {AT} gmail.com> wrote:

     > On 4 Nov 2015, at 9:23 a.m., Brian Holmes <bhcontinentaldrift {AT} gmail.com> wrote:

     > The crucial intervention so far has been the unprecedented
     injection of some 12 trillion USD into the global monetary system by
     central banks, which know very well what each other are doing. The
     next crucial intervention will be to actually *do* something
     coherent with that money.
     Global  volumes of currency trading alone are in the order of 5.3
     trillion USD per day.  What capacity do the central banks of the
     world have to substantively influence the overall system?
 <...>

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