Out of Pocket: How Collective Amnesia lost the world
its wealth, again BY CLARK McGINN
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If you want one book which explains the building blocks of banking, which identifies the long term cycles that result in repeated crashes and which analyses the motivations and moralities of the financial world, Out of Pocket is a clear and witty 'must read' for both bank customers and finance professionals who want to understand why this crisis happened again, and what can be done to delay or avert the next one.
What makes Out of Pocket different is its long view thesis that this has all happened before and we all pretended that it hadn't. Combined with its style – using wit, historical and literary references and simple explanations of the complexities that triggered the crisis, it is the only universally accessible book on what happened, why it happened and above all how by avoiding Collective Amnesia we can all help to delay the inevitable next cycle of boom and bust.
If only the world's finance ministers, bank CEOs, non execs, customers, borrowers, little old ladies, all of us had read this book 3 years ago, or 30 years ago, we wouldn't in the mess we're in. But we are.
PBK • ISBN 978-1-906307-82-0 • £12.99