Archivo de la categoría: Capital ficticio

Financial fictions: the old ones — Michael Roberts Blog

I must declare an interest.  In days of old, many moons ago, I worked for an investment consultancy that advised Bill Hwang, the owner of Archegos, the ‘family office’ hedge fund that recently collapsed leaving $20bn owed to two big banks, Credit Suisse and Nomura. Bill Hwang Hwang was then a ‘Tiger cub’, someone that […]

Financial fictions: the old ones — Michael Roberts Blog

Covid and fictitious capital — Michael Roberts Blog

During the year of the COVID, output, investment and employment in nearly all the economies of the world plummeted, as lockdowns, social isolation and collapsing international trade contracted output and spending.  And yet the opposite was the case for the stock and bond markets of the major economies.  The US stock market indexes (along with […]

Covid and fictitious capital — Michael Roberts Blog