Lords of Finance: The Bankers Who Broke the World

3,99 valoración promedio
( 9.951 valoraciones por Goodreads )
 
9781594201820: Lords of Finance: The Bankers Who Broke the World

Winner of the 2010 Pulitzer Prize

With penetrating insights for today, this vital history of the world economic collapse of the late 1920s offers unforgettable portraits of the four men whose personal and professional actions as heads of their respective central banks changed the course of the twentieth century


It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions taken by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.

In Lords of Finance, we meet the neurotic and enigmatic Montagu Norman of the Bank of England, the xenophobic and suspicious Émile Moreau of the Banque de France, the arrogant yet brilliant Hjalmar Schacht of the Reichsbank, and Benjamin Strong of the Federal Reserve Bank of New York, whose façade of energy and drive masked a deeply wounded and overburdened man. After the First World War, these central bankers attempted to reconstruct the world of international finance. Despite their differences, they were united by a common fear--that the greatest threat to capitalism was inflation--and by a common vision that the solution was to turn back the clock and return the world to the gold standard.

For a brief period in the mid-1920s they appeared to have succeeded. The world's currencies were stabilized and capital began flowing freely across the globe. But beneath the veneer of boom-town prosperity, cracks started to appear in the financial system. The gold standard that all had believed would provide an umbrella of stability proved to be a straitjacket, and the world economy began that terrible downward spiral known as the Great Depression.

As yet another period of economic turmoil makes headlines today, the Great Depression and the year 1929 remain the benchmark for true financial mayhem. Offering a new understanding of the global nature of financial crises, Lords of Finance is a potent reminder of the enormous impact that the decisions of central bankers can have, of their fallibility, and of the terrible human consequences that can result when they are wrong.

"Sinopsis" puede pertenecer a otra edición de este libro.

Review:



Amazon Exclusive: Liaquat Ahamed on the Economic Climate

In December 1930, the great economist Maynard Keynes published an article in which he described the world as living in “the shadows of one of the greatest economic catastrophes in modern history.” The world was then 18 months into what would become the Great Depression. The stock market was down about 60%, profits had fallen in half and unemployed had climbed from 4% to about 10%.

If you take our present situation, 16 months into the current recession, we're about at the same place. The stock market is down 50 to 60 percent, profits are down 50 percent, unemployment is up from 4.5% to over 8%.

Over the next 18 months between January 1930 and July 1932 the bottom fell out of the world economy. It did so because the authorities applied the wrong medicine to what was a very sick economy. They let the banking system go under, they tried to cut the budget deficit by curbing government expenditure and raising taxes, they refused to assist the European banking system, and they even raised interest rates. It was no wonder the global economy crumbled.

Luckily with the benefit of those lessons, we now know what not to do. This time the authorities are applying the right medicine: they have cut interest rates to zero and are keeping them there, they have saved the banking system from collapse and they have introduced the largest stimulus package in history.

And yet I cannot help worrying that the world economy may yet spiral downwards. There are two areas in particular that keep me up at night.

The first is the U.S. banking system. Back in the fall, the authorities managed to prevent a financial meltdown. People are not pulling money out of banks anymore—in fact, they are putting money in. The problem is that as a consequence of past bad loans, the banking system has lost a good part of its capital. There is no way that the economy can recover unless the banking system is recapitalized. While there are many technical issues about the best way to do this, most experts agree that it will not be done without a massive injection of public money, possibly as much as $1 trillion from you and me, the taxpayer.

At the moment tax payers are so furious at the irresponsibility of the bankers who got us into this mess that they are in no mood to support yet more money to bail out banks. It is going to take an extraordinary act of political leadership to persuade the American public that unfortunately more money is necessary to solve this crisis.

The second area that keeps me up at night is Europe. During the real estate bubble years, the 13 countries of Eastern Europe that were once part of the Soviet empire had their own bubble. They now owe a gigantic $1.3 trillion dollars, much of which they won’t be able to pay. The burden will have to fall on the tax payers of Western Europe, especially Germany and France.

In the U.S. we at least have the national cohesion and the political machinery to get New Yorkers and Midwesterners to pay for the mistakes of Californian and Floridian homeowners or to bail out a bank based in North Carolina. There is no such mechanism in Europe. It is going to require political leadership of the highest order from the leaders of Germany and France to persuade their thrifty and prudent taxpayers to bail out foolhardy Austrian banks or Hungarian homeowners.

The Great Depression was largely caused by a failure of intellectual will—the men in charge simply did not understand how the economy worked. The risk this time round is that a failure of political will leads us into an economic cataclysm.

About the Author:

Liaquat Ahamed has been a professional investment manager for 25 years. He has worked at the World Bank in Washington D.C. and the New York based partnership of Fischer Francis Trees and Watts, where he served as Chief Executive. He is currently an adviser to several hedge fund groups, including the Rock Creek Group and the Rohatyn Group, is a director of Aspen Insurance Co. and is on the board of Trustees of the Brookings Institution. He has degrees in economics from Harvard and Cambridge Universities.
From the Trade Paperback edition.

"Sobre este título" puede pertenecer a otra edición de este libro.

Los mejores resultados en AbeBooks

1.

Liaquat Ahamed
Editorial: The Penguin Press (2009)
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Primera edición Cantidad: 1
Librería
A Book By Its Cover
(Louisville, KY, Estados Unidos de America)
Valoración
[?]

Descripción The Penguin Press, 2009. Hard Cover. Estado de conservación: New. Estado de la sobrecubierta: New. First Edition. First Printing. Jacket protected in mylar. Nº de ref. de la librería 35200

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 7,75
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,17
A Estados Unidos de America
Destinos, gastos y plazos de envío

2.

Ahamed, Liaquat (Author)
Editorial: Penguin Random House
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Cantidad: > 20
Librería
INDOO
(Avenel, NJ, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Random House. Estado de conservación: New. Brand New. Nº de ref. de la librería 159420182X

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,53
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 2,96
A Estados Unidos de America
Destinos, gastos y plazos de envío

3.

Ahamed, Liaquat
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Cantidad: 5
Librería
Pbshop
(Wood Dale, IL, Estados Unidos de America)
Valoración
[?]

Descripción 2009. HRD. Estado de conservación: New. New Book.Shipped from US within 10 to 14 business days. Established seller since 2000. Nº de ref. de la librería IB-9781594201820

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,19
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,37
A Estados Unidos de America
Destinos, gastos y plazos de envío

4.

Ahamed, Liaquat
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Cantidad: 3
Librería
Paperbackshop-US
(Wood Dale, IL, Estados Unidos de America)
Valoración
[?]

Descripción 2009. HRD. Estado de conservación: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Nº de ref. de la librería KB-9781594201820

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,52
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,37
A Estados Unidos de America
Destinos, gastos y plazos de envío

5.

Ahamed, Liaquat
Editorial: Penguin Press 1/22/2009 (2009)
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: 1
Librería
BargainBookStores
(Grand Rapids, MI, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press 1/22/2009, 2009. Hardback or Cased Book. Estado de conservación: New. Lords of Finance: The Bankers Who Broke the World. Book. Nº de ref. de la librería BBS-9781594201820

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 21,82
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

6.

Ahamed, Liaquat
Editorial: Penguin Press
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: 1
Librería
Bookhouse COM LLC
(Philadelphia, PA, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press. Hardcover. Estado de conservación: New. 159420182X. Nº de ref. de la librería Z159420182XZN

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 22,88
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

7.

Ahamed, Liaquat
Editorial: Penguin Press
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: 1
Librería
BookShop4U
(PHILADELPHIA, PA, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press. Hardcover. Estado de conservación: New. 159420182X. Nº de ref. de la librería Z159420182XZN

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 22,88
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

8.

Ahamed, Liaquat
Editorial: Penguin Press
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: 1
Librería
Vital Products COM LLC
(Southampton, PA, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press. Hardcover. Estado de conservación: New. 159420182X. Nº de ref. de la librería Z159420182XZN

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 22,88
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

9.

Ahamed, Liaquat
Editorial: Penguin Press (2009)
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: 1
Librería
Murray Media
(North Miami Beach, FL, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press, 2009. Hardcover. Estado de conservación: New. Never used!. Nº de ref. de la librería 159420182X

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 21,27
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 1,68
A Estados Unidos de America
Destinos, gastos y plazos de envío

10.

Ahamed, Liaquat
Editorial: Penguin Press
ISBN 10: 159420182X ISBN 13: 9781594201820
Nuevos Tapa dura Cantidad: > 20
Librería
Mediaoutlet12345
(Springfield, VA, Estados Unidos de America)
Valoración
[?]

Descripción Penguin Press. Hardcover. Estado de conservación: New. 159420182X *BRAND NEW* Ships Same Day or Next!. Nº de ref. de la librería SWATI2122549472

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 19,71
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,37
A Estados Unidos de America
Destinos, gastos y plazos de envío

Existen otras copia(s) de este libro

Ver todos los resultados de su búsqueda