Economic Reality Fights Back

Almost every day, we learn of yet another greedy US corporate chief executive who conspired with accountants, lawyers, and investment bankers to defraud the investing public. But beyond the scandals, the public should be more aware of the erratic nature of today's financial markets. Exchange rates and stock market prices deviate enormously from long-run fundamental values, which can cause major dislocations in the real economy of jobs, production, and investment. And yet the financial analysts that discuss these trends in the media have failed to assess them realistically.

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