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Planet Ponzi

3.49 of 5 stars 3.49  ·  rating details  ·  37 ratings  ·  8 reviews
The world economy is now approaching the final death rattle of the greatest Ponzi scheme in history: a scheme in which politicians stood by as the financial industry and sovereign governments created a vast overhang of debt, a mountain of low-quality assets - and laid the foundations for an economic disaster which will dwarf any other in history.





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Hardcover, 384 pages
Published February 2nd 2012 by Bantam Press (first published February 1st 2012)
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Jim
Having read quite a few books on the financial crisis, it’s good to come across one written by an insider that positvely seethes with anger at the mess we’re in and lays the blame firmly, fairly and squarely at the foot of the bankers and politicians. When I consider what has happened in the financial community since the first run on Northern Rock, I am just aghast that we, Joe Public, are not down in the City tearing down the blocks of the banks in the way that the people tore down the Berlin W ...more
Jo Murphy
I don't think the guy knows much about politics - but as a hedge fund manager he does understand the market. The book breaks down what he describes as Planet Ponzi - that the entire economic system is one enormous financial fraud - and that we are living in the biggest bubble in history. The book has lots of facts and figures which demonstrate quite clearly how bankrupt the US and most countries in Europe are. His formulation of the concept of Planet Ponzi helped me understand why/how denial of ...more
Nick
Disappointing, good in parts but too many flaws to make it too credible. eg when discussing losses to mortgage providers he ignores any equity a borrower may have and assumes that a 25% fall in house prices would equate to a 25% write-down in those debts. Clearly not the case. There are many other examples of either weak analysis, or statement or conclusions that are just plain wrong.

However, there are some interesting points. But most of these will not be new to people who have read around this
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Daniel Berkompas
Honest, scary, and generally excellent. He does not touch much on the causes of the irrational risk taking that took place before the financial crisis, but is excellent on describing the behavior itself.
Scribe
Finished a few months back, but forgot to update. Good reading material for anyone interested in how national and personal debt are influential in the current state of the economy. As with any book like this, the later you read it the more out of date it is, but found this very accessible, and invaluable for understanding ongoing financial news stories.

Mostly US centric, with some parts touching more on UK (fairly complimentary, which was refreshing anyway?) and moreso on the EU (less compliment
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Erik van Berkum
Very nice and catchy written, easy to read. Great book with some very simple capitalist solutions in the end. Enormous amount of data to support his points.
Lessons learned Too big to fail too big to exist. No more bail outs only bankruptcies please. Failure to do bankruptcies, creditors will not learn the lessons.
John
An excellent book about the current and coming crisis. Almost as scary as any honest book ought to be.
Alanmoorenz
All very true and very scary!
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