George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)


Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 7: Rise of the Shadow Banking System

Chapter 7: Rise of the Shadow Banking System and the following chapter examine how our financial system changed in the wake of the revival of the failed nineteenth century ideology of Free-Market Capitalism that began among policy makers in the 1970s. The nature of various kinds of financial instruments is explained in this chapter along with the way in which collateralization led to the rise of the shadow banking system.

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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