Journalists
Edward Chancellor is the author of "Devil Take the Hindmost: A History of Financial Speculation" (1999), chosen as a New York Times "Notable Book of the Year," and ranked as one of six indispensable investment classics by Money magazine. He is also editor of "Capital Account: A Money Manager’s Reports on a Turbulent Decade" (2004), a first-hand account of the speculative mania of the late 1990s and its aftermath. Edward’s latest report, "Crunch Time for Credit?" was published in February 2005, and analyses recent developments in the credit markets. As well as being a former associate editor at breakingviews, he has written for titles including The Economist, the Financial Times, the New York Times and the Wall Street Journal.
Policymakers everywhere want to ward off a re-run of the Great Depression. The effort is accompanied by a “Try Whatever It Takes” mentality. But Edward Chancellor says misguided policies could push the global economy onto a lower future growth path.
In the aftermath of speculative booms, euphoria commonly returns only to be followed by a second collapse. China’s overheating stock and property markets provide a prime example of the “echo bubble” phenomenon, argues Edward Chancellor.
Policymakers want more robust cages to contain inmates of the financial zoo. But if they don't heed the works of Hyman Minsky, clever money monkeys will quickly discover how to pick the locks, argues Edward Chancellor.
The gloomy predictions of Michael Panzner's Financial Armageddon, published in early 2007, have proved to be eerily accurate. And there’s more bad news to come, says Panzner. Given his extraordinary track record, investors are bound to pay attention. Edward Chancellor explains.
Governments worldwide are resorting to extreme measures to stave off deflation and depression. Such moves could hinder the cleansing process of the bust. While the contraction may be mitigated, depression economics can lead to weak economies over-burdened with government debt.
History is indispensable for understanding the world of finance. But it’s generally used selectively. Divergences between the present and past should inform our analysis as much as any similarities, argues Edward Chancellor.
So far China has proved itself to be remarkably resilient to America’s Great Recession. But its economy shows weaknesses similar to those witnessed in the recovery engineered by Greenspan after the tech bust, argues Edward Chancellor.
The credit crisis didn’t come about because “animal spirits” took flight, argues Edward Chancellor. Rather, the progress of events supports the view that animal spirits reflect underlying credit conditions.
Not long ago, Gordon Brown was boasting that he had "saved the world". But the hollowness of the British premier's claim was soon exposed. Britain's position now looks as perilous as Austria's after the collapse of the Credit-Anstalt bank in 1931. Edward Chancellor explains.