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Meltdown: Money, Debt and the Wealth of Nations, Volume
4 (Janary 2004–June 2005)
The fourth volume of Meltdown keeps pace with the belated adoption under duress of serious double-entry accountancy brought back to Europe by the Knights Templar from Muslim lands. It alone had made possible the lengthy voyages of discovery of the Americas and the sea route to Asia. However, it also spurred the development of banks that lost little time in distorting accountancy. As banks were released from the restrictions imposed of them by the Roosevelt government to get the world out of the Depression, mathematics came to be misused as an endlessly powerful analytical tool, but without empirical content. From there arose the switch from trading in market values to rates of growth into higher powers. Even the ownership of such trading was by-passed and “naked” insurance against the very securities that banks sold were bundled into packages designed for a quick sale and getaway.
Meltdown, volume 4, tracks down the extent of the scam to its very roots, making the point that you can buy insurance against what is risky, but if a proposition is not just risky but wrong, there is no real insurance available.
The economics departments have been swept clean of teaching staff who dare remember the teachings of great economists and the policies that got the US, and the world, out of the Great Depression of the 1930s. World war is the final most desperate of all gambles. And against that final outcome there, there is no insurance.