Broken Markets

The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in "Broken Markets," they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly "why" you're angry, "who" you're angry at, and "what" needs to be done!

"I would sleep better if I knew that Bernanke, Geithner, Bachus, Sen. Tim Johnson, Obama and Romney all kept dog-eared copies of Kevin Mellyn's Broken Markets on their nightstands. . . . Mellyn's work is a fascinating, important, and eminently good read and should inform the debate on overhauling the U.S. and global financial regulatory systems and sustainable macro fiscal and monetary policy." --Eric Grover, in his review of Broken Markets in The American Banker Broken Markets allows the intelligent non-specialist to understand and navigate the ongoing worldwide aftermath of the 2008 financial market meltdown. The key theme of the book is how the leading financial institutions and the political leadership of the U.S. and European Union have failed us and set the stage for continued market turmoil. It explains what this means for investors, borrowers, society in general, and the financial-services industry. Former banker Kevin Mellyn focuses on providing readers with clear and simple explanations of the forces at work and the potential consequences for their future prosperity. As this book makes clear, what’s coming is a world in which high structural unemployment and flat or declining real income is likely—not to mention a diminished retirement financial safety net. The book therefore provides actionable information for protecting wealth and making prudent investment decisions in an economy that is nothing like the one that has sustained us for decades. As a forward-looking narrative about rapidly changing events and volatile markets and politics, Broken Markets will provide no single prediction about the future but rather describe alternative scenarios and provide the reader with signposts to watch out for in deciding which reality is actually unfolding. Unlike most books written by journalists on global finance, the scenarios and signposts described will be largely based on the lessons of financial and political history rather than breaking news. This book: Tells you in plain language how today’s financial system threatens your livelihood and wealth Tells you why and how governments worldwide, with some notable exceptions, are taking actions likely to make things worse instead of better Explains how the leading financial institutions lost their way during the bubble years and how they can find the path back to prosperity and value to society Tells you what life will be like in a “post-finance” economy and how you can protect your wealth

Discussing the complex history of Silicon Valley and other pioneering centres of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures and reveals the common flaws undermining far too many programmes.

Combining path-breaking research and analysis from leading political scientists, advisors to heads of state, and award-winning academics, Warlords, Inc. pulls back the curtain on the secretive world of drug cartels and violent insurgencies, revealing their inner workings and implications for a world driven by unrelenting change and growing political uncertainty. These essays show how, as the complexities of modern geopolitical pressures mount, the world's elaborate but fragile political systems are becoming increasingly vulnerable to breakdown and deliberate disruption. The authors demonstrate that as infrastructures such as IT networks, global supply chains, and financial markets become increasingly volatile, the stability of entire populations hangs in the balance. Warlords, Inc. traces the evolution of forces that are reshaping the future of the geopolitical landscape: Mexican drug cartels, revolts in the Middle East and Africa, military conflicts in Eastern Europe, the growth of slums and street gangs in India, and the proliferation of cyber-attacks and drone warfare. The contributors demonstrate how the underworld of the global economy thrives, how it disrupts and maintains power, and why, looking toward the future, we should all be paying attention. CONTENTS 1. Of Warlords and Rodeos: What Happens When Nothing Works? 2. Social and Economic Collapse: Lessons from History and Complexity 3. Innovation, Deviation and Development: Warlords and Proto-State Provision 4. Sovereignty, Criminal Insurgency, & Drug Cartels: The Rise of a Post-State Society 5. From Patronage Politics to Predatory States:Crime and Governance in Africa 6. Warlord Governance: Transition Towards, or Coexistence with, the State? 7. 5GW: Into the Heart of Darkness 8. Weaponizing Capitalism: The Naxals of India 9. Mexico's Criminal Organizations: Weakness in Their Complexity, Strength in Their Evolution 10. The Politics of a Post-Climate-Change World: Pyongyang, Puntland, or Portland? 11. Bringing the End of War to the Global Badlands 12. The White Hats: A Multitude of Citizens 13. Beyond Survival: A Short Course in Pioneering Responses to Present (and Future) Crises

Investment outcomes and strategies have changed considerably since 2008. Broken Pie Chart demonstrates the failures of classical diversification and asset allocation, pointing out that the backward-looking methods used by traditional financial professionals will not work moving forward.

Markets in Profile explores the confluence of three disparate philosophical frameworks: the Market Profile, behavioral finance, and neuroeconomics in order to present a unified theory of how markets work. The Market Profile is an ever-evolving, multidimensional graphic that gives visual form to the market's continuing auction process, revealing the myriad underlying dynamics that influence market activity. Behavioral finance posits that investors are driven more by emotional factors and the subjective interpretation of minutia than by "rationality" when making investment decisions. And neuroeconomics is the study of how investor psychology permeates and affects the financial markets. Mr. Dalton explicates the ways in which irrational human behavior influences the market's natural auction process, creating frequently predictable market structure, which results in opportunities for investors to ameliorate risk. The book will improve investors ability to interpret change in markets, enabling better, more confident investment decisions.

Combining historical study, theorization, and experimental fiction, this book takes commodity culture and book retail around 1900 as the prime example of a market of symbolic goods. With the port of Southampton, England, as his case study, Simon R. Frost reveals how the city's bookshops, with their combinations of libraries, haberdashery, stationery, and books, sustained and were sustained by the dreams of ordinary readers, and how together they created the values powering this market. The goods in this market were symbolic and were not "consumed" but read. Their readings were created between other readers and texts, in happy disobedience to the neoliberal laws of the free market. Today such reader-created social markets comprise much of the world's branded economies, which is why Frost calls for a new understanding of both literary and market values.