Abstract
Triggered by the mounting defaults of US housing loans, the autumn of 2008 witnessed a breathtaking global financial meltdown. Financial institutions turned to their Central Banks for short-term assistance as well as to Asian and Middle Eastern sovereign-wealth funds for equity injections. With these initial inputs of capital not having had the desired effect, the US and other Western governments provided additional substantial capital through stock acquisition, in effect nationalising the financial system. House prices, currency values, commodity values and commodity prices all speeded downwards. Economic downturn and recession became the reality of western and many developing economies. With the Federal Reserve (i.e., the Fed) and the Bank of England adopting an aggressive policy of “quantitative monetary easing measures” (QMEM), in effect printing dollars and pounds sterling, the economic outlook for the next years looks dark especially with the deluge of paper that is to enter the money market (Khaleej Times, 2008a, p. 33).
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© 2009 Andrew Kakabadse and Nada Kakabadse
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Kakabadse, A., Kakabadse, N. (2009). Introduction. In: Kakabadse, A., Kakabadse, N. (eds) Global Boards. Palgrave Macmillan, London. https://doi.org/10.1057/9780230250512_1
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DOI: https://doi.org/10.1057/9780230250512_1
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