Debt deconstructed

It's a miracle! A witty, lucid, book about the GFC that takes into account the average person's difficulty in grasping the basics of international finance.

The curious thing about money is that as much as we covet it, obsess about it and chase after it, most of us have a hard time understanding it. At any level above a basic household budget, money becomes an abstraction swimming in a sea of acronyms, operating according to laws harder to fathom than the fundamentals of theoretical physics. Quite a few of the people in charge of managing money at that level – for the sake of simplicity, let's just call them bankers – don't understand the more complex and immaterial financial products they deal in; that's one of the many underlying causes of the current economic crisis.

If bankers don't know exactly how collateralised debt obligations and the like operate, what hope is there for us civilians?



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