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Crisis Economics: A Crash Course in the Future of Financeby Nouriel Roubini
Synopses & Reviews
This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future.
Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse.
Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants—explain how the world's economy can get out of the mess we're in, and stay out.
In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
"Roubini (Bailouts or Bail-ins), a professor of economics at NYU, was greeted with skepticism when he warned a 2006 meeting of the IMF that a deep recession was imminent. Along with economics historian Mihm, (A Nation of Counterfeiters) Roubini provides an in-depth analysis of the role of crises in capitalist economies from a historical perspective. With thumbnail sketches of nineteenth and twentieth century economic thought from Smith, Keynes, and others, they provide a context for understanding financial markets and the ways in which bankers and politicians relate to them. The authors also offer a theoretical context for understanding the current economic crisis and for using it as 'an object lesson... in how to foresee them, prevent them, weather them, and clean up after them.' Dismissing the 'quaint beliefs' that markets are 'self-regulating,' they take issue with the simplistic populist assumption that the present crisis was caused by greed or something 'as inconsequential as subprime mortgages.' They blame Alan Greenspan's refusal to use the power of the Fed to dampen unbridled speculation, choosing instead to pump 'vast quantities of easy money into the economy and keep it there for too long.' This will be a useful guide for readers attempting to get a handle on the present crisis." Publishers Weekly (Copyright PWyxz LLC)
The sequel to national bestseller Currency Wars predicts the next collapse of theand#160;monetary system and shows investors how to survive it
The international monetary system collapsed three times in the past hundred yearsand#151;in 1914, 1939, and 1971and#151;and the next collapse is already in sight. This time the dollar wonand#8217;t save us. In fact, the dollar itself will be the cause of the crisis.
Central bankers and the head of the IMF candidly admit that monetary policy is in unchartered waters. The world is witnessing no less than a global money experiment. Savers, investors, and everyday citizens are the guinea pigs in the central bankersand#8217; laboratory.
Bestselling author James Rickards explains why money and wealth have now become separated. Money is transitory, ephemeral, and may soon be worthless if central bankers continue on their current path. Wealth is permanent, tangible, and has real value worldwide. Gold, fine art, and land are forms of wealth. Investors who convert paper money into real wealth will survive the coming monetary maelstrom. But those who do not will lose what they have.
Rickards illuminates the death of money unfolding before our eyes, and helps readers prepare before itand#8217;s too late.
and#147; Unsettling . . . fascinating . . . a thorough analysis of how nations have manipulated their currencies . . . with disastrous consequences.and#8221; and#151;and#160;Fort Worth Star-Telegram
and#147; One of the scariest books Iand#8217;ve read this year . . . The picture that emerges is dark yet comprehensive and satisfying.and#8221; and#151;and#160;Bloomberg BusinessWeek
and#147;One of the most urgent books of the fall.and#8221; and#151; Politico
"A succinct, lucid and compelling account . . . Essential reading." -Michiko Kakutani, The New York Times
Renowned economist Nouriel Roubini electrified the financial community by predicting the current crisis before others in his field saw it coming. This myth-shattering book reveals the methods he used to foretell the current crisis and shows how those methods can help us make sense of the present and prepare for the future. Using an unconventional blend of historical analysis with masterful knowledge of global economics, Nouriel Roubini and Stephen Mihm, a journalist and professor of economic history, present a vital and timeless book that proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
About the Author
"A succinct, lucid and compelling account of the causes and consequences of the great meltdown of 2008"
-Michiko Kakutani, The New York Times
"A rigorous yet highly readable look at why booms and busts occur and how to keep them from wreaking havoc on the real economy"
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