By Frank Partnoy
On the top of the roaring ’20s, Swedish émigré Ivar Kreuger made a fortune elevating funds in the USA and loaning it to Europe in trade for matchstick monopolies. His company used to be an extraordinary luck tale during the nice Depression.
Yet after Kreuger’s suicide in 1932, the real nature of his empire emerged. pushed by way of luck to undertake ever-more perilous practices, Kreuger had grew to become to shell businesses in tax havens, fudged accounting figures, off-balance-sheet accounting, even forgery. He created a raft of cutting edge monetary products a lot of them precursors to tools wreaking havoc in today’s markets. whilst his Wall road empire collapsed, thousands went bankrupt.
Frank Partnoy, a widespread commentator on financial ruin for the monetary Times, New York Times, NPR, and CBS’s 60 Minutes,” recasts the existence tale of a notable but forgotten genius in ways in which strength us to re-think our principles concerning the knowledge of crowds, the invisible hand, and the loose and unfettered marketplace.
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Additional resources for The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals
After entering a country, the gold and silver can be used in the internal circulation or be hoarded outside the exchange process. 11 Hume’s argument emphasizes the importance and contribution of free trade to the creation of wealth and that of money in advancing trade. Free trade is advantageous to all partners in trade: those who have higher prices as well as those who face lower prices. Moreover, despite the Mercantilists’ arguments, there is no point in trying to increase the trade balance: But are there not frequent instances, you will say, of states and kingdoms, which were formerly rich and opulent, and are now poor and beggarly?
Caffenzis draws on Hume’s philosophical distinctions between natural and artificial fictions to make the case that for Hume, the differences between metallic money and paper money are “philosophical” rather than just “technical” (p. 165). ” The former results from conventions whereas the latter results from promises, distinctions that are rooted in Hume’s general philosophy of Man. Hence, both lead, with due differences, to a view of the monetary, nonbarter economy as a fiduciary – rather than metal-based – monetary system.
But private bankers are enabled to give such credit by the credit they receive from the depositing of money in their shops; and the bank of ENGLAND in the same manner, from the liberty it has to issue its notes in all payments. There was an invention of this kind, which was fallen upon some years ago by the banks of EDINBURGH; and which, as it is one of the most ingenious ideas that has been executed in commerce, has also been thought advantageous to SCOTLAND. It is there called a BANK-CREDIT; and is of this nature.
The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy