2 of 2 people found the following review helpful
4.0 out of 5 stars
A Timely Book, 21 Mar 2012
For the past few years the financial news has been full of crisis after crisis, but this is the first narrative I have come across of the whole process and the pivotal role which the Bank of England, its governor, and the British government played in creating the chaos and then trying to extricate us from it. Conaghan's account is very cogent, and although there is a clear authorial voice with some gentle humour to enliven the potentially heavy material, he does not get in the way of the narrative. One reviewer here has commented that the book lacks a thesis, but a narrative such as this does not need one - the Bank's actions and their results speak for themselves. And these actions make dispiriting reading, since what comes though in this book is that the people whom we trust to look after the economy do not seem to know what they are doing, and that their solutions are untried (necessarily so, in such an unprecedented series of events). Conaghan is to be congratulated on the depth and breadth of his research, breaking down some of the barriers of secrecy with which the Bank has surrounded itself, and on rendering comprehensible matters which I usually find opaque. That there has been no inquiry into why the Bank and its governor so badly misread the signs of impending disaster is perhaps the most shocking fact which this book drew to my attention.