Top positive review
5 people found this helpful
An investment that can be ranked AAA!
on 24 April 2012
Philip Coggan has compiled a 400 page book with enough knowledge and analysis to make it feel like an 800 page book, without seeming at all like a long and demanding read.
Having read previous books in the financial and monetary sector, Paper Promises compares favorably in the sense that it is truly the best of all worlds.
The first part of the book is a financial and monetary history in every sense worthy of Niall Ferguson's Ascent of Money, coupled with a monetary analysis every bit as astute as the works of Barry Eichengreen, but much more readable.
Despite the length of the book, Coggan leaves no stone unturned. The collapse of the Gold Standard, Bretton Woods, and the 2008 and subsequent sovereign debt crisis are all covered appropriately within this volume.
Rather than just been a simple chronological sweep of finance, phenomena such as bubbles, inflation, and monetary practices such as quantitative easing are all explained.
One is hardly left wanting for more, as most questions one is left asking after the events of recent years receive explanation.
As a book that, among many other things, focuses on the value of money, Paper Promises in itself is superb value for money, and an important asset for the investment portfolio of any economics enthusiast.