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Don't be Fooled Again: Lessons in the good, bad and unpredictable behaviour of global finance (Financial Times Series) [Kindle Edition]

Meyrick Chapman
4.4 out of 5 stars  See all reviews (5 customer reviews)

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Book Description

The decade which began in July 1997 saw a global financial system that generated more wealth for more people for a much longer period of time than any other in financial history.

 

But ten years later, in a seemingly sudden move, there was a flight of capital and a collapse of the global banking system. What went wrong? Did anyone see it coming? What lessons can we learn from this?

 

And is it really all that bad?

 

 

Fooled Again is not a history book, but it looks at the history of recent financial management, mismanagement, extraordinary risk and greed, flows of global capital and international toxic balance sheets to identity the key lessons to be learned from the global financial crisis.

 

Taking a considered and long-term view, Meyrick Chapman gives an immensely readable and insightful view of what really happened and shows us why not all crises are bad, and why the events of 2008 and 2009 may ultimately benefit us.

 

 


Product Description

From the Back Cover

‘Reaching beyond the usual narratives he tells us controversially why good may yet come out of the financial crisis and looks to what the future may hold.’

 

George Magnus, Senior Economic Adviser, UBS Investment Bank

 

'Books on the financial crisis that have been written by financial sector insiders are rare and this book is welcome on three counts: Meyrick Chapman is an insider, he writes very clearly and he analyses what has happened lucidly and correctly. This will not be an ephemeral book: it will be studied and quoted for many years to come.'

 

Geoffrey Wood, Professor of Economics, Cass Business School, London

 

‘Meyrick Chapman's great strength is that he combines an insider's in-depth knowledge of how modern finance markets really work with a deep and comprehensive understanding of finance and financial history. But most of all, he's not just being wise after the event'.

 

Stephen Diggle, Artradis Fund Management

 

 

The decade that began in July 1997 saw a global financial system that generated more wealth for more people for a much longer period of time than any other in financial history.

 

But ten years later, in a seemingly sudden move, there was a flight of capital and a collapse of the global banking system. What went wrong? Did anyone see it coming? What lessons can we learn from this?

 

And is it really all that bad?

About the Author

About the author

 

A History graduate from Cambridge, Meyrick Chapman began his career in finance in 1982 on the trading desk of a commodity house. He moved to investment banking in the late 1980s and worked as a proprietary trader for several years at Banker Trust. In 1997 he joined then Swiss Banking Corporation (later to become UBS) framing strategy in international bond markets. It was in this role that he gained first hand experience of the colossal international capital flows that eventually led to the financial crisis which are investigated in "Fooled Again". He has contributed to policy think tanks, industry magazines and the general financial press as well as speaking at many international conferences. He is married with two children and lives in West London

 


Product details

  • Format: Kindle Edition
  • File Size: 793 KB
  • Print Length: 300 pages
  • Page Numbers Source ISBN: 0273727893
  • Simultaneous Device Usage: Up to 5 simultaneous devices, per publisher limits
  • Publisher: Financial Times/ Prentice Hall; 1 edition (3 Oct. 2013)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B00FLTDXQS
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Bestsellers Rank: #711,397 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews
2.0 out of 5 stars You wanted a banker's view: you have it 29 May 2012
By @iGlinavos VINE VOICE
Format:Paperback
I am an open minded person, and it is part of my work to read everything from everyone regardless of where they come from. There are often insightful comments to be found from authors of all persuasions. This particular title however is dissapointing for being a caricature of what you would expect a banker to say. In a nutshell, capitalism has ups and downs, there is nothing to be learnt of crises as they all depend on their particular circumstances (see Greenspan for an elaboration of this point), there might actually be a positive in all this 'creative destruction'. All in all a typical, orthodox and totally superficial account of the financial crisis, its origins and its meaning. What is missed by people of the author's persuasion is that the contradictions of capitalism (and not just the conflicting uses of money, that the author acknowledges) make it crisis prone, and that there is not much that is beneficial to society from the boom and bust that financialisation brings. One does not need to be a Marxist to guess there are underlying dynamics at work that are totally unexplored by this book. My general conclusion is that the book tells you little that is insightful and will not advance understanding of the crisis. What it does advance is an understanding of the mentality of bankers.
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3 of 4 people found the following review helpful
5.0 out of 5 stars Insightful, accessible alternative 18 Jan. 2010
Format:Paperback
This really is an excellent book and I cannot recommend it highly enough.

The author avoids the pitfalls of so many other books on financial crises, especially those churned out in the wake of this most recent one - a superficial, transparent finger-pointing exercise that appears to scream "Look at the car crash! Look at the car crash!" over and over again without providing any idea of why it happened or what to do now.

Instead, `Don't Get Fooled Again' provides insight aplenty, drawing on the author's extensive experience in the banking industry and first-hand knowledge of past crises, their causes and how they led us inextricably to the current problems. The book provides an alternative, but entirely logical, view to current perceived wisdom.

Yes, irresponsible banking practices are still part of the problem, but it is argued that there are other greater culprits for the current mess. And, when they are suggested, many readers' initial reaction is likely to be, "Of course, why didn't I think of that?"

While the book provides many answers to some difficult questions, it thankfully shies clear of trying to give the impression that it is a complete solution to the problem. The author points out that there are many issues to be dealt with in both banking and society before we can begin to put this phase of a continuing crisis behind us.

As such, this book will serve as a useful guide for those wishing to better understand what has happened - made even easier by an excellent and accessible writing style - as well as those seeking to move ahead in an extensively changed market environment.
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2 of 3 people found the following review helpful
5.0 out of 5 stars A unique & compelling explanation of the crisis 4 Jan. 2010
By A. Kara
Format:Paperback
I found this book a refreshing take on the financial crisiis and would recommend it to both casual readers and committed students of financial crisis.

Meyrick Chapman provides a lucid and compelling analysis of the financial crisis. His perspective of events is special not just because he was an insider working at a bank that was badly impacted by the crisis but also because of the analytical rigour that he has presented.

His book has challenged a number of commonly held interpretations held by policy makers and others including that greed was a key ingredient for the crisis. Meyrick has instead placed the crisis in a historical context which then leads to a different conclusion and what's more, there is also a message of hope. If Meyrick's interpretation is correct, there are important lessons for policy makers.
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5.0 out of 5 stars Must declare that I know the author, but the ... 26 Jan. 2015
Format:Kindle Edition|Verified Purchase
Must declare that I know the author, but the review is my honest thoughts.

Found it insightful and interesting. Well worth purchasing. Re-reading in light of current world events (Greece and Russia).
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0 of 1 people found the following review helpful
5.0 out of 5 stars Excellent read 2 May 2011
By Lamine
Format:Paperback
Although I purchased this book more than a year ago, I find myself coming back to it time after time. The author argues convincingly that misguided cross-country flows of capital are the root cause of the great financial crisis. I have found this framework of thought to be extremely useful in navigating the current markets and preparing for what might come.
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