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The Money Trap: Escaping the Grip of Global Finance by [Pringle]
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The Money Trap: Escaping the Grip of Global Finance Kindle Edition

5.0 out of 5 stars 1 customer review

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"The Money Trap looks deeply at the fundamental problems of reforming the international monetary system. Since the end of Bretton Woods, the world economy has not had rules that guided markets toward an efficient equilibrium that benefitted large and small countries. Pringle shows why current international arrangements repeatedly bring crises." - Allan Meltzer, University Professor of Political Economy, Carnegie Mellon University, USA
"In this lucidly written and wide-ranging treatment of the global financial crisis, Robert Pringle traces the modern historical origins of the crisis and draws together many elements of the story. Among the scores of books on the crisis, this one stands out for the accessibility of the account and the clear proposals it advances. It will be read with profit by all manner of practitioners and commentators." - Forrest Capie, Professor Emeritus in Economic History, CASS Business School, London, UK

"The Money Trap embodies an original, ambitious, bold, and provocative approach to the subject of the crisis and the monetary system…A valuable addition to the literature available for policy makers, analysts, academics and participants in financial markets." - Dr. Y. V. Reddy, Former Governor, Reserve Bank of India

"This work is probably the most ambitious - and also relevant - attempt to explain the set of causes that led to the disasters of 2007 and following years. It proposes solutions based on economic literature and on the personal views of an author who has devoted most of his career to this fundamental subject. The analysis is fundamental not only for specialists but, more importantly, also for our society. It is a book that should be read by government officials, economists, students and citizens." - Jacques de Larosière, Managing Director of the International Monetary Fund (1978-87), Governor of the Banque de France (1987-93) 
"It is always very important to review history, particularly the history of past mistakes. By doing that, we can see how we should behave in the future when similar crises hit us. Robert Pringle's book does exactly that. It contributes greatly to our understanding of the present international financial system." - Eisuke Sakakibara, Professor of Waseda University, Tokyo, Former Vice Minister of Finance and International Affairs of Japan 
"This book cuts through all the carping and obfuscation to pinpoint the biggest burden on business enterprise: the lack of reliable money." - Graham Bannock, Co-author (with R.E.Baxter), The Palgrave Encyclopedia of World Economic History 

Book Description

The Money Trap helps readers understand why efforts to revive economic activity since the credit crunch have not proved successful and proposes radical ways forward

Product details

  • Format: Kindle Edition
  • File Size: 1551 KB
  • Print Length: 300 pages
  • Publisher: Palgrave Macmillan; 2014 edition (7 Jun. 2012)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 5.0 out of 5 stars 1 customer review
  • Amazon Bestsellers Rank: #910,928 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Format: Hardcover Verified Purchase
So much has been written about the causes and consequences of the Great Panic and Recession of 2007-9 and yet so little wisdom has been gained. Robert Pringle's book "The Money Trap" is a jewel in the haystack in that it reveals so lucidly and in big picture fashion what went wrong and what has to be put right. Unlike so many authors, Robert Pringle has no axe to grind, no official institution to defend, and no quack cure to promote.Rather his stark thesis is that global monetary disorder lies behind the financial and economic beakdowns.
As a renouned financial and economic journalist Robert Pringle is disillusioned about the present state of debate about monetary and banking reform. In that debate there is far too much focus on the nuts and the bolts whilst the overall designs remain inherently flawed. In a fascinating chapter the author discusses how central banks and governments around the world managing their huge holdings of foreign exchange reserves have become one of the biggest destabilising speculative forces in the global market-place. He does not believe that a solution to monetary disorder can come from the central bankers. The solution as it evolves must be imposed on the central bankers by a political process.
The writing style is exquisitely simple for such complex issues. The reader gets drawn along by the narrative as if reading a novel and is priviledged to enjoy at every important turn a rare combination of practical knowledge and mastery of principle. This book should be a much-used reference guide in coming years where the reader can check on progress or lack of progress towards building global monetary order. Robert Pringle leaves us in no doubt that such progress is the only long-run safeguard against a repeat of global market panic and recession.
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