“This extraordinary capacity to finance not on past wealth but on the present value of future anticipated cash flows is at the core of America’s dynamic approach to wealth creation” – Edelstein, R., and Paul, J.M. Europe needs a new financial paradigm. Wall Street Journal Europe June 12-13, 1998. Quoted in The Fisherman and the Rhinoceros.
Continue reading “The financial economy and the real economy: Notes on the economic crisis part 1”