About GCECS 2009

GCECS 2009 is not a venture for the faint of heart.

Over time, I’ve come to perceive GCECS 2009 as a dedicated pursuit aimed at fostering critical thinking through the platform of a finance and economics blog. In May 2007, my journey into writing began, driven by the glaring absence of comprehensive reporting in the United States concerning the seriousness and extent of risk underpricing across all credit instruments. Recognizing this gap required no extraordinary insight. It was conspicuously evident to anyone with a reasonable background in financial markets who perused the Financial Times and Bloomberg. The official narrative, it must be emphatically stated, fell far short of the mark.

It wasn’t difficult to discern that the unprecedented ‘wall of liquidity’ and the unwavering belief among industry professionals that they could execute a safe exit when the time was right would inevitably lead to dire consequences. However, what set this unraveling apart was its abrupt and tumultuous nature. Unlike the gradual decline seen in Japan after its real estate and stock market bubbles, the international financial markets experienced increasingly severe convulsions, reaching a crescendo in the tumultuous months of September and October 2008.

The aftermath of this crisis significantly broadened the scope of ‘finance and economics.’ Instead of heralding substantial reforms, the response centered on concerted efforts to restore the status quo ante. This approach further entrenched the dominance of formidable, often predatory, international financial institutions while exacerbating income inequality through covert bailouts to ailing firms. These maneuvers inadvertently perpetuated the reliance on asset bubbles to compensate for stagnating worker wages.

The meltdown also unveiled the steep cost of economic restructuring that commenced in the 1970s and accelerated during the Reagan/Thatcher era. Many citizens in advanced economies remain unaware that we find ourselves in the midst of a finance-driven counter-revolution. Analogous to the enclosure movement of early capitalism, which transformed self-sufficient peasants into wage-dependent laborers, we are currently witnessing a large-scale, concerted campaign aimed at diminishing the bargaining power and income of ordinary workers in relation to investors and elite technocrats. We firmly believe that this endeavor is not only detrimental to the majority but ultimately detrimental to the capitalist classes themselves. Highly unequal societies, as evidenced by a range of factors such as crime rates, life expectancy, and educational achievement, tend to produce suboptimal outcomes. Inequality exacts a toll even on the top tier, although this group often defines its self-interest in narrow economic terms.

With the invaluable contributions of a growing team of dedicated and proficient writers, we are documenting this transformative period and, in our modest capacity, striving to combat it. Our efforts frequently involve dissecting propaganda, unraveling intricate financial structures and legal agreements, and following the money to inform and educate our readers about the underlying dynamics of major news stories. We consistently critique government officials and their champions in academia and the media, particularly those who advocate policies that favor established interests and the wealthy while maintaining they are beneficial or essential for ordinary citizens.

With an engaged and well-informed community of commenters, we shine a light into the shadowy recesses of finance. We extend an invitation for you to join us in this endeavor.