6 of 6 people found the following review helpful
5.0 out of 5 stars
A glimpse of the big picture, 20 Jan 2012
This review is from: Leverage: How Cheap Money Will Destroy the World (Hardcover)
There has been much written and debated about the current financial crisis. Plenty of blame has been (quite fairly) laid at the door of the Banks and it would be easy to accept that this is the extent of the malaise that we face. The mainstream media certaily don't seem inclined to dig much deeper, particularly against a backdrop where, press releases, reports from vested interests and political spin are dressed up as news. This book gets past all that and peels back the layers of BS to get at the simple (mathematically provable) truth.
Leverage (in a financial sense) is used by almost all of us - governments, businesses and individuals as well as the banks but very few of us have stopped to think about the true implications of this and the impact it has on our economy and our society. This book takes what most would consider a dull or inpenetrable subject and lays out in clear simple and logical terms both the positive and negative implications of leverage for our society. In so doing, it allows the reader to build up a picture of the fraud and abuse that is endemic in our financial system and to see that the idiocy and greed of the Banks is really just a symptom of a more fundamental problem.
The book is written from an American perspective but since we share the same financial system this hardly matters - most of the US examples translate to the UK equivalents with little or no trouble. It is written in clear and simple language and is very readable - it flows along much more like a novel than a textbook. So who should read it? Well a lack of understanding of what is contained in this book is what allows the Banks to exploit the masses and allows Governments to buy votes with money that future generations will have to pay back. It would be nice if everyone could read it. That said, a few specifics:
If you are young and wondering how you will ever be able to afford your own home - read the book.
If you work in the Public Sector and you wonder why anyone thinks ot is a good idea to mess with your pension, well it might make uncomfortable reading but at least you will have answers.
If you ever wondered why our Goverment(s) contradicts itself by espousing green policies (energy conservation, carbon reduction, green belts et al) and then makes the task increasingly harder by cramming ever more people into our small island then read the book.
If you've wondering why despite the supposed economic growth of the last few decades, you feel poorer than ever...
If you want to get a better understanding of the recession / depression we are in and how it will play out...
If you want to know why your job has been moved to China or India...
There are plenty more reasons, not least is the ability to recognise a ponzi scheme when you see one - and once you've read this book, you'll start seeing them all around us. You might also be a little annoyed.
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