Paper Promises: Money, Debt and the New World Order
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Review
Bold and confident ... Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition ... The alphabet soup of acronyms, from SIVs to CDO Squareds, is blissfully lacking ... Finally, the book is free from the shrieking ideology that afflicts virtually all contemporary debates over money. Indeed, it offers a clear explanation of the fresh ideological divisions that have arisen over how to deal with the crisis ... the book should be taken very seriously (Financial Times )
This book stands way above anything written on the present economic crisis (Nassim Nicholas Taleb, Author Of 'the Black Swan' )
The most illuminating account of the financial crisis to appear to date ... [written] with a lucidity that enables him to convey deep insights without a trace of jargon ... [a] thought-stirring book (John Gray New Statesman )
A remarkable book from one of the most respected economics journalists on the planet. Every page brings a fresh insight or a new surprise. A delight (Tim Harford, Author Of 'the Undercover Economist' )
Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson ... If everyone read Coggan's book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy (Management Today )
A masterful history of financial crises (Independent )
By far the best analysis of the "new normal" (David Stevenson Financial Times )
An excellent book ... a smart and witty analysis of the current economic storm, set in the context of the history of money (David Wighton The Times )
Coggan is ... an exceptional banking and economic historian (Irish Examiner )
Coggan traces 'history's tug of war between monetary shortage and excess' in this engaging and timely book about the current financial crisis.... Thoughtful and thorough (Publishers Weekly )
Intriguing (Irish Independent )
Coggan ... deserves his Best Communicator award: he moves the story along at a fast and flowing pace, combined with the ability to find the short phrase that summarizes in simple language the kernel of many complex economic ideas ... demonstrates a comprehensive awareness of the major academic debates in economics and economic history ... deserves to be one of the three books you read from the vast literature spawned by the recent crisis (John Gent LSE blog )
A very good and sensible introduction to the history of the recent economic crisis, with an emphasis on debt and also historical perspective (Tyler Cowen Blog )
Paper Promises is not only a great book, it is a great accomplishment - a brilliant work of financial history, a clear examination of the present moment, and a journalistic masterpiece all wrapped into one (800-CEO-READ )
A crisply written look at how the debt crisis may overturn the global economic order ... Like a battlefield guide, Coggan takes us on a tour of paper promises, wending from John Law's monetary experiments in France following the death of Louis XIV to Ben Bernanke's quantitative easing ... A valuable primer to anyone who still asks, as his father-in-law did, where all the money went during the meltdown of 2007 and '08 (Bloomberg )
This book stands way above anything written on the present economic crisis (Nassim Nicholas Taleb, Author Of 'the Black Swan' )
The most illuminating account of the financial crisis to appear to date ... [written] with a lucidity that enables him to convey deep insights without a trace of jargon ... [a] thought-stirring book (John Gray New Statesman )
A remarkable book from one of the most respected economics journalists on the planet. Every page brings a fresh insight or a new surprise. A delight (Tim Harford, Author Of 'the Undercover Economist' )
Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson ... If everyone read Coggan's book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy (Management Today )
A masterful history of financial crises (Independent )
By far the best analysis of the "new normal" (David Stevenson Financial Times )
An excellent book ... a smart and witty analysis of the current economic storm, set in the context of the history of money (David Wighton The Times )
Coggan is ... an exceptional banking and economic historian (Irish Examiner )
Coggan traces 'history's tug of war between monetary shortage and excess' in this engaging and timely book about the current financial crisis.... Thoughtful and thorough (Publishers Weekly )
Intriguing (Irish Independent )
Coggan ... deserves his Best Communicator award: he moves the story along at a fast and flowing pace, combined with the ability to find the short phrase that summarizes in simple language the kernel of many complex economic ideas ... demonstrates a comprehensive awareness of the major academic debates in economics and economic history ... deserves to be one of the three books you read from the vast literature spawned by the recent crisis (John Gent LSE blog )
A very good and sensible introduction to the history of the recent economic crisis, with an emphasis on debt and also historical perspective (Tyler Cowen Blog )
Paper Promises is not only a great book, it is a great accomplishment - a brilliant work of financial history, a clear examination of the present moment, and a journalistic masterpiece all wrapped into one (800-CEO-READ )
A crisply written look at how the debt crisis may overturn the global economic order ... Like a battlefield guide, Coggan takes us on a tour of paper promises, wending from John Law's monetary experiments in France following the death of Louis XIV to Ben Bernanke's quantitative easing ... A valuable primer to anyone who still asks, as his father-in-law did, where all the money went during the meltdown of 2007 and '08 (Bloomberg )
Review
Bold and confident ... Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition ... The alphabet soup of acronyms, from SIVs to CDO Squareds, is blissfully lacking ... Finally, the book is free from the shrieking ideology that afflicts virtually all contemporary debates over money. Indeed, it offers a clear explanation of the fresh ideological divisions that have arisen over how to deal with the crisis ... the book should be taken very seriously Financial Times This book stands way above anything written on the present economic crisis -- Nassim Nicholas Taleb, Author Of 'the Black Swan' The most illuminating account of the financial crisis to appear to date ... [written] with a lucidity that enables him to convey deep insights without a trace of jargon ... [a] thought-stirring book -- John Gray New Statesman A remarkable book from one of the most respected economics journalists on the planet. Every page brings a fresh insight or a new surprise. A delight -- Tim Harford, Author Of 'the Undercover Economist' Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson ... If everyone read Coggan's book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy Management Today A masterful history of financial crises Independent By far the best analysis of the "new normal" -- David Stevenson Financial Times An excellent book ... a smart and witty analysis of the current economic storm, set in the context of the history of money -- David Wighton The Times Coggan is ... an exceptional banking and economic historian Irish Examiner Coggan traces 'history's tug of war between monetary shortage and excess' in this engaging and timely book about the current financial crisis... Thoughtful and thorough Publishers Weekly Intriguing Irish Independent Coggan ... deserves his Best Communicator award: he moves the story along at a fast and flowing pace, combined with the ability to find the short phrase that summarizes in simple language the kernel of many complex economic ideas ... demonstrates a comprehensive awareness of the major academic debates in economics and economic history ... deserves to be one of the three books you read from the vast literature spawned by the recent crisis -- John Gent LSE blog A very good and sensible introduction to the history of the recent economic crisis, with an emphasis on debt and also historical perspective Tyler Cowen Blog Paper Promises is not only a great book, it is a great accomplishment - a brilliant work of financial history, a clear examination of the present moment, and a journalistic masterpiece all wrapped into one 800-CEO-READ A crisply written look at how the debt crisis may overturn the global economic order ... Like a battlefield guide, Coggan takes us on a tour of paper promises, wending from John Law's monetary experiments in France following the death of Louis XIV to Ben Bernanke's quantitative easing ... A valuable primer to anyone who still asks, as his father-in-law did, where all the money went during the meltdown of 2007 and '08 Bloomberg
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Most Helpful Customer Reviews
33 of 34 people found the following review helpful
Format:Hardcover
This book highlights, in very simple and understandable language, and with great elegance, the complexity of the world we live in. Everybody wants the best of both worlds. Governments want to please the voters through promises, and borrowing money, which they have to return back. Governments are inefficient than the markets, yet, the markets may not exist without them. We all want a comfortable life - working less and consuming more. However, life is hard. And if we try to do everything for ourself, we might end up growing potatoes in the garden, to cook it using wood chopped from the nearby forest. Trading, amongst ourselves or with other nationalities benefits us, but we always want our nations to prosper more than others. There is always a friction. Like Buddha said, we need to find a balance.
Debt is the subject of this book. Debt is a "promise to pay back", sounds simple. But modern debts are promise to pay back in promises to pay back (as fiat money is also a form of debt). This makes the economic system very complex. Money these days can be created by central banks with a click of a mouse. Creating money may cause inflation, but it may be vital to help the economy function property or to help avoid mass bankruptcies in our society. Money is the store of value as well as the medium of exchange, we need to find a balance between the two functions. The futures of debtors and creditors of the world are tied together. And debt is not only the fault of the borrowers, but also a fault of the lenders. All this has implications of the global economy. This book addresses these issues flawlessly.
To sum up, a wonderfully researched book. Acknowledges ides from all political and economic spectrum. One of the most enjoyable reads (went through the book in 18 hours, and could not put it down). I recommend it to everyone interested in issues facing the global economy.
Debt is the subject of this book. Debt is a "promise to pay back", sounds simple. But modern debts are promise to pay back in promises to pay back (as fiat money is also a form of debt). This makes the economic system very complex. Money these days can be created by central banks with a click of a mouse. Creating money may cause inflation, but it may be vital to help the economy function property or to help avoid mass bankruptcies in our society. Money is the store of value as well as the medium of exchange, we need to find a balance between the two functions. The futures of debtors and creditors of the world are tied together. And debt is not only the fault of the borrowers, but also a fault of the lenders. All this has implications of the global economy. This book addresses these issues flawlessly.
To sum up, a wonderfully researched book. Acknowledges ides from all political and economic spectrum. One of the most enjoyable reads (went through the book in 18 hours, and could not put it down). I recommend it to everyone interested in issues facing the global economy.
28 of 29 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
The author sets the current financial crisis in context. If you are a regular reader of the financial press you may not learn too much about the latest crisis itself. However, in my own case I had huge gaps in my understanding of everything that happened before my own time - for example the gold standard, Bretton Woods, and earlier monetary systems.
Philip Coggan starts at the very basics, with an explanation of what money is, and of various monetary systems that have been tried out in the past, from whales' teeth to gold to paper money, and also the pros and cons of each. By placing the current crisis in context, our overall understanding of what is happening in 2011 becomes clearer. He also answers many questions I had wondered about for years but had been too afraid to ask.
The author writes with an outstanding simplicity and clarity. If you are not familiar with the ins and outs of the current crisis, this would be a great place to start. And if you are familiar, you will benefit from reviewing the crisis in its context.
Highly recommended.
Philip Coggan starts at the very basics, with an explanation of what money is, and of various monetary systems that have been tried out in the past, from whales' teeth to gold to paper money, and also the pros and cons of each. By placing the current crisis in context, our overall understanding of what is happening in 2011 becomes clearer. He also answers many questions I had wondered about for years but had been too afraid to ask.
The author writes with an outstanding simplicity and clarity. If you are not familiar with the ins and outs of the current crisis, this would be a great place to start. And if you are familiar, you will benefit from reviewing the crisis in its context.
Highly recommended.
26 of 27 people found the following review helpful
Format:Hardcover
Not many people understand how the world got into such a financial mess. Philip Coggan is the best possible guide. He explains the world of finance with a clarity that is really quite surprising, given the complexity of the subject matter. And he tells stories that grip the reader from the start. Who knew that modern governments, with their overactive printing presses, had outdone the Roman emperors who debauched their gold coins by mixing them with cheaper metals? I can't recommend this book highly enough.
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Most Recent Customer Reviews
An investment that can be ranked AAA!
Philip Coggan has compiled a 400 page book with enough knowledge and analysis to make it feel like an 800 page book, without seeming at all like a long and demanding read. Read more
Published 1 month ago by A. J. Smith
Well written, accessible take on the current monetary system
This is a well written and very accessible book on the monetary system and the financial crisis. The author offers a reflection on paper money and presents the historical movement... Read more
Published 1 month ago by Ioannis Glinavos
Complete Clarity on financial history and recent crisis
Having read a few other books on the recent financial crisis such as The Return of Depression Economics and having seen a few good documentaries such as Inside Job, I can say that... Read more
Published 2 months ago by donal
A poor effort
This is a poor effort; I was profoundly disappointed. The historical run through of the origins of money is interesting enough; then there is an account of the events of 2008 and... Read more
Published 3 months ago by Dr. P. M. Symmons
Is Owed Unto
On all British bank notes from £5 to £50 the words `I promise to pay the bearer on demand the sum of ...' still appear. Read more
Published 4 months ago by Ms. Abigail J. Rhodes
Modern money is debt and debt is money
This is a book about debt, and why "money is debt" - one of those striking phrases that starts simple and gets murkier, so that even after reading Philip Coggan's intelligent... Read more
Published 4 months ago by Sphex
Must Read
Great book. A comprehensive review of the current crisis. A must read for anyone who like to understand the current economic mess and its long term implication.
Published 4 months ago by Philip
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