Answer all questions.

The most important Part2 must be completed!

Global Slump_CHAPTER FOUR: Financial Chaos: Money, Credit, and Instability in Late Capitalism

Using the course reading "Financial Chaos" from David McNally's book Global Slump, answer the following questions. The assignment is designed to help you dig into the reading .. all of the answers are available in the text. Answers should be no longer than one sentence, and some may be as short as one word. Each answer is worth 1 mark. Please note that for this exercise, the correct answer will be whatever appears in the reading. Ifyou try to do a google search to nd the answers. you might getthem wrong! One hint I Will give you is that you will nd the answers in chronological order in the text. 1. Does McNally think it is correct, or incorrect, to call the crash of2003 a "credit crisis?" 2. In 1973, 16% ofU.S. total prots came from the realm ofnauce. By 2007. what percentage ofU.S. prots came orn nance? 3. By the end ofthe nineteenth century, and until the 19305, all paper currencies could be comerted directly into what commodity? 4. During what years was the Bretton Woods system the stable basis for the international money system? 5. 'What decision by the Richard Nixon administration prompted EMF staffs to circulate a note saying "RIP. 'We regretfully annouce the unexpected passing away a a long illness oI'Bretton \"Foods...\" 6. Did Nixon's decision make currencies more stable (steady and consistent intheir value) or did it make them more volatile (unpredictable and risky)7 7. Derivatives, a form of nancial commodity that exploded in the late 19905, had actually existed for decades in one particular industry - what was that industry'.1 8. Housing prices in the U.S. were stable for a hundred years: and then. in 1995 they started to dramatically 9. Most nancial analysts failed to see the crisis coming because they were committed to awed theories like the Hypothesis. 10. By the end of 2008, how much money had been wiped out ofexistence? Part 2 (5 marks) This answ should be 1-2 paragraphs (no introduction or conclusion). The rst part ofthe assignment was about finding information, this part is about comprehending it. Your answer to the question should show me that you understand the basic ideas ofthe reading and can synthesize it into a simple and clear summary. Use your own words. do *not' copy text into your answer and change the words using sottware to make it sound diffaent I will not take o'mairks for grammar or spelling, but I will give a grade am on the entire assignmentifl detect that it is not your own words. ll. Write a summary ofthe chapter= highlighting the most important aspects cfwhat McNally (the author) is trying to teach you inthis reading. Do not simply repeat the information from the first ten questions. Instead, explain the main argument(s) ofthe chapter in clear and simple gaguage