By James Grant
Bernard Baruch used to be a self-made millionaire, mythical inventory dealer, and enterprise investor. for many of the 1st half the twentieth century, he epitomized the “good side” of Wall road within the public brain. Celebrated as “Adviser to Presidents” and “The Park Bench Statesman,” he additionally turned referred to as “The guy Who bought out earlier than the Crash.
James furnish a lot praised biography attracts on a wealth of formerly untapped fabric.
Read or Download Bernard Baruch: The Adventures of a Wall Street Legend PDF
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Extra info for Bernard Baruch: The Adventures of a Wall Street Legend
Another study which I saw, along the same line of wanting reasoning, made use of a prediction by AT&T that by 2003 roughly: 70% of American households will have digital video 30% will have Internet protocol (IP) telephone, and 25–35% will have broadband Internet access. We have long past the 2003 benchmark and these projections are still blue sky. People and companies who suffered most from daydreaming about the business aftermath of such predictions are those that have been unable to scale down their expectations and expenditures, and appreciate that not everything is as linear as it is thought to be.
GDP was designed to indicate whether the economy was headed upward or downward. Today, the old GDP is a system based on axioms and postulates that downplay the mammoth service economy; it is as obsolete as the value added tax (VAT) invented in the late 1950s by the French taxmen to simulate the benefits the German Konzern derived from vertical integration – which happens to be another illusion. Notes 1 James Grant, Money of the Mind, Farrar Straus Giroux, New York, 1992. 2 In 1951, while I was doing my training at Electricté de France (EDF), I was given exactly the same argument about the nationalization of power production and distribution, as well as of rail traffic.
There is nothing awkward in this, because debt is easier to trade than assets. It is also easier to manipulate debt and create new financial instruments, as compared to assets. But debt handling should be subject to sound debt management practices. The amount of debt by governments, supranatural organizations, banks and industrial corporations amounts to trillions of dollars, and this volume strongly influences the behavior of the global financial system – while at the same time it questions its long-term survival.