The Alchemy of Finance

Abstract

Foreword to the New Edition by Paul A. Volcker. Foreword to the First Edition by Paul Tudor Jones II. New Preface. New Introduction. PART ONE: THEORY 1. Reflexivity in the Stock Market. 2. Reflexivity in the Currency Market. 3. The Credit and Regulatory Cycle. PART TWO: HISTORICAL PERSPECTIVE. 4. The International Debt Problem. 5. The Collective System of Lending. 6. Reagan's Imperial Circle. 7. Evolution of the Banking System. 8. The Oligopolarization of America. PART THREE: THE REAL-TIME EXPERIMENT. 9. The Starting Point: August 1985. 10. Phase 1: August 1985-December 1985. 11. Control Period: January 186-July 1986. 12. Phase 2: July 1986-November 1986. 13. The Conclusion: November 1986. PART FOUR: EVALUATION. 14. The Scope for Financial Alchemy: An Evaluation of the Experiment. 15. The Quandary of the Social Sciences. PART FIVE: PRESCRIPTION. 16. Free Markets Versus Regulation. 17. Toward an International Central Bank. 18. The Paradox of Systemic Reform. 19. The Crash of '87. Epilogue. Notes. Appendix.

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