Monday, August 04, 2014

The Ascent of Money

The Ascent of money tells the story of the rise of finance as a key part of our economy. It starts with the basic trading units, and then goes on to the derivatives and the derivatives of the derivatives. As finance has become more important, people have continued to react irrationally to things. People also tend to underestimate the irrationality of others, leading to financial crises.

This book covers the rise of money in many parts of the world, from western Europe to Incan America to China. The focus is on the major events - often when one group gains or loses a large amount of money. From conquistadors to corrupt Savings and Loan owners, there is almost always somebody that tries to beat the system (often to be beat themselves by the system.) Often it is the very rules to protect that lead to future problems.

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