'He's been around the tills long enough to recall the "complacent incompetence" of US manufacturing in the 1960s near the end of the liberal consensus. Richard Nixon welshed on the Bretton Woods commitment to redeem dollars in gold at a fixed price, and Paul Volcker of the US Treasury vanquished the resultant inflation in the early 80s - the destruction of much of the west's blue-collar employment was just collateral damage. And he locates the initial puff in every subsequent bubble.'
-- The Telegraph, March 7th, 2009
'(Morris) explain(s) in clear prose, and in a book that is barely more than a monograph, the blow-up in the world's financial markets. Morris traces the origins of the credit bubble to the illusion that clever financial engineering was the same as efficiently managing risk. He is justifiably harsh on the regulatory failures that hastened the crisis, but he is no dogmatist. He acknowledges the merits of financial innovation, and his model for reform is the tough monetary policy that defeated inflation in the 1980s. A similarly painful reckoning now - a huge write-down of assets - is necessary to resuscitate the financial system."
--This text refers to the