Instituto Fernand Braudel de Economia Mundial - Associado à FAAP

Ed. 21: Part 2: Brazil, Japan, Russia: Money, Greed, Tecnology

"Events are like fireflies in the Brazilian nigth: they shine but fail to light ..."

Author: Norman Gall | Published in 1998

Parte 2: Dinheiro, ganância e tecnologia

"Events are like fireflies in the Brazilian night: they shine but fail to ligh the way," Fernand Braudel observed six decades ago, when his car broke down on a lonely road in the back country of Bahia. This certainly is tru, of the events issuing from the worldwide proliferation of financial asset that spawned the Asia crisis, leading to the difficulties faced by the world economy today. In the first part of this essay (Braudel Papers No. 19), we observed that some countries face stark choices like that of Argentina in it banking and foreign debt crises of 1980-82, of either defaulting or inflating away the stock of domestic debt or allowing their economies to shrinl severely. Since then, the video game of Money, Greed, Technology has generated much higher stakes. As fear enveloped the annual meeting of the World Bank and International Monetary Fund (IMF) in Washington,President Bill Clinton warned that "the world faces perhaps its most serious financial crisis in half a century."


Related issues:

  1. Braudel Papers Recession or Depression? Millions, Billions, Trillions
  2. Braudel Papers Brazil and the Asian
  3. Braudel Papers Financial assets and world economy

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