This book accompanied the Channel Four television series of the same name, and apart from a few areas where more detail is given, sticks very closely to the series. Ferguson covers very early days of using money and then gets going on money lending (it was against the principles of the Catholic Church) and hence carried out by Jews in the first ghetto (or foundry) in Venice. He progresses to bonds and the fortunes generated by Nathan Rothschild betting against government bonds after the defeat of Napoleon. Then stocks or shares are considered and the early problems with schemes that resulted in investment 'bubbles', the leading role of the Netherlands and the Dutch East India Company, the colossal swindles of John Law running a pyramid scheme in France with the Mississippi Company and the foundation of New Orleans. The failure of insurance companies in really big disasters and the growth of national insurance schemes. It is here that the role of Milton Friedman and the Chicago Boys and the very successful Chilean system of private managed state pension and insurance schemes are described, all under the rule of President Pinochet. This is a system of save-as-you-go rather than pay-as-you-go used in Western European democracies. The risk of investing in property is discussed, generally with a view to showing that there is more risk than supposed, an argument that I think is rather overdone especially for a country like Britain that has a net immigration surplus and, therefore, a built in pressure on housing. Finally the present inter-relationship between American borrowing and Chinese lending is reviewed and their apparent interdependence suggested. On the whole the book is entertaining and has something of a 'Gee Whiz' feel about it. It is not a financial textbook and is not the place to find convincing explanations for some of his assertions, indeed a few explanations are somewhat muddled.