Franois Chesnais

They are a direct consequential of the continuous quotation and the superabundance of liquidity. Frdric Lordon (21), in a language slightly complicated for the common one of the mortals, its explanation on the above-named phenomenon, saying that ‘ ‘ the bubble is thus the symptomatic expression of the contradiction enters financial valuation demanded and possible economic valuation, the extreme financial growth that the divergence between asked for financial yield fills and objective capacities of yield of the underlying economic assets. We think that arcabouo theoretician who supports our hypothesis, mentioned above, of that the Modern Form of the Capital Money is artificial formation of prices is the walrassiano general balance.

Such equation considers an explicit expression of the prices that depends only on three categories of largenesses, the AVAILABLE valley to say, RESOURCES, the technology and the gostos of the consumers. However, as we saw, in the section ‘ ‘ The alchemy of the centralization financeira’ ‘ , Franois Chesnais (10), when commenting the book Le woollen Pouvoir Finance, of authorship of Andres Orlan, indicated one in the ways by which this alchemy of the financial centralization is carried through. The autonomy of that the finance enjoys on this plan (of form necessarily passenger) it rests on the internal mechanisms of evaluation of the prices of the proper headings to the financial markets. These mechanisms, that are endogenous to the liquidity, have as effect to increase the nominal value of the assets or credits in virtue of the only will of the market, without any relation with the true state of the pointers ‘ ‘ fundamentais’ ‘. Franois Chesnais (12) in offers a synthesis to them of these mechanisms, mentioned above, when commenting the Fonds book of pension, pige to cons? Woollen Mirage dmocratie actionnariale, of Frdric Lordon: The markets ‘ lquidos’ they assume the meeting of many important conditions.

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