Anne's Reviews > Lords of Finance: The Bankers Who Broke the World

Lords of Finance by Liaquat Ahamed
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Dec 17, 11


World finance from pre WWI through the depression. Should be a dry topic, but it has a strong narrative and numerous eccentric characters. Some very interesting parallels to our current financial woes. Good insight into a variety of approaches to fiscal meltdown caused by too much debt (basically comes down to deflation or inflation), complicated by the blind adherence to the gold standard and horror of devaluation. And it was a different time - no global lender of last resort (IMF) and even the various 'Feds' didn't see themselves in that role, no social safety nets (UI etc.). So I'd say we did better managing the latest meltdown, but we haven't done better at managing the run up to the meltdown, and in some cases we may be in worse state, with so much of the world interconnected by high speed trading. What to do...
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