This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally … self-destruction of the financial system. This law-finance paradox tends to be resolved by suspending the full force of law … finance is concentrated around ultimate lenders of last resort and why regulating finance’s core has become so elusive. It …

finance the US real estate boom. Using simple accounting rules, the article shows however that credit is never limited by … of payment - which only the US can produce - Americans give credit to themselves to finance their current account …

This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The … deficit that supplies the net dollar saving to the nongovernment sector. Further, saving is never a source of finance; rather …, private lending creates bank deposits to finance spending that generates income. Some of this income can be saved, so the …