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THE ONLY GAME IN TOWN

CENTRAL BANKS, INSTABILITY, AND AVOIDING THE NEXT COLLAPSE

Fiscal-policy wonks will find this look at the financial system illuminating, though ordinary investors and civilians will...

The chair of Barack Obama’s Global Development Council warns that the economy is bound for more bumpiness, stress, and course-altering ahead, “potentially quite suddenly.”

El-Erian (When Markets Collide, 2008) charts the changing role of central banks in national economies and the global economy at large. Their overarching mission is to provide their home nations with a stable currency and, beyond that, stable monetary and financial operations—macro goals that are defined by government but then effected by bankers. The bankers have lately exercised more and more autonomy, though, without much direct political control and with ever expanding responsibilities to govern the “fate of the global economy.” In the case of the Federal Reserve, for instance, stability is understood to involve providing for stable prices, economically productive interest rates, and a thriving job market while reducing risk—all good goals but hard to contain under one roof. In the new climate of a post-recessionary nervousness and a sluggish recovery without the elastic rebound of previous ones, the author suggests, we seem to be in a different mode than the business cycle of old. Consequently, central banks are experimenting, even making things up as they go along, in order to jump-start economies, for instance, by putting into place negative interest rates and other “unconventional monetary policies” without any precedent or historical examples to follow. The natural result is instability from above and below, from the supply side and the demand side, and a “new normal” that the author wishes could be seen as a “new abnormal.” Central banks, their briefs thus much expanded, must do what they can to contain market volatility. As El-Erian’s discussion moves on, it becomes increasingly technical so that, by the end, readers must contemplate the challenging implications of, say, limiting exposure to “any specific set of securities that has a repeated history of suddenly losing market liquidity.”

Fiscal-policy wonks will find this look at the financial system illuminating, though ordinary investors and civilians will find it daunting.

Pub Date: Feb. 1, 2016

ISBN: 978-0-8129-9762-0

Page Count: 336

Publisher: Random House

Review Posted Online: Dec. 6, 2015

Kirkus Reviews Issue: Dec. 15, 2015

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BETWEEN THE WORLD AND ME

NOTES ON THE FIRST 150 YEARS IN AMERICA

This moving, potent testament might have been titled “Black Lives Matter.” Or: “An American Tragedy.”

Awards & Accolades

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  • National Book Award Winner


  • Pulitzer Prize Finalist

The powerful story of a father’s past and a son’s future.

Atlantic senior writer Coates (The Beautiful Struggle: A Father, Two Sons, and an Unlikely Road to Manhood, 2008) offers this eloquent memoir as a letter to his teenage son, bearing witness to his own experiences and conveying passionate hopes for his son’s life. “I am wounded,” he writes. “I am marked by old codes, which shielded me in one world and then chained me in the next.” Coates grew up in the tough neighborhood of West Baltimore, beaten into obedience by his father. “I was a capable boy, intelligent and well-liked,” he remembers, “but powerfully afraid.” His life changed dramatically at Howard University, where his father taught and from which several siblings graduated. Howard, he writes, “had always been one of the most critical gathering posts for black people.” He calls it The Mecca, and its faculty and his fellow students expanded his horizons, helping him to understand “that the black world was its own thing, more than a photo-negative of the people who believe they are white.” Coates refers repeatedly to whites’ insistence on their exclusive racial identity; he realizes now “that nothing so essentialist as race” divides people, but rather “the actual injury done by people intent on naming us, intent on believing that what they have named matters more than anything we could ever actually do.” After he married, the author’s world widened again in New York, and later in Paris, where he finally felt extricated from white America’s exploitative, consumerist dreams. He came to understand that “race” does not fully explain “the breach between the world and me,” yet race exerts a crucial force, and young blacks like his son are vulnerable and endangered by “majoritarian bandits.” Coates desperately wants his son to be able to live “apart from fear—even apart from me.”

This moving, potent testament might have been titled “Black Lives Matter.” Or: “An American Tragedy.”

Pub Date: July 8, 2015

ISBN: 978-0-8129-9354-7

Page Count: 176

Publisher: Spiegel & Grau

Review Posted Online: May 5, 2015

Kirkus Reviews Issue: July 1, 2015

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THREE WOMEN

Dramatic, immersive, and wanting—much like desire itself.

Based on eight years of reporting and thousands of hours of interaction, a journalist chronicles the inner worlds of three women’s erotic desires.

In her dramatic debut about “what longing in America looks like,” Taddeo, who has contributed to Esquire, Elle, and other publications, follows the sex lives of three American women. On the surface, each woman’s story could be a soap opera. There’s Maggie, a teenager engaged in a secret relationship with her high school teacher; Lina, a housewife consumed by a torrid affair with an old flame; and Sloane, a wealthy restaurateur encouraged by her husband to sleep with other people while he watches. Instead of sensationalizing, the author illuminates Maggie’s, Lina’s, and Sloane’s erotic experiences in the context of their human complexities and personal histories, revealing deeper wounds and emotional yearnings. Lina’s infidelity was driven by a decade of her husband’s romantic and sexual refusal despite marriage counseling and Lina's pleading. Sloane’s Fifty Shades of Grey–like lifestyle seems far less exotic when readers learn that she has felt pressured to perform for her husband's pleasure. Taddeo’s coverage is at its most nuanced when she chronicles Maggie’s decision to go to the authorities a few years after her traumatic tryst. Recounting the subsequent trial against Maggie’s abuser, the author honors the triumph of Maggie’s courageous vulnerability as well as the devastating ramifications of her community’s disbelief. Unfortunately, this book on “female desire” conspicuously omits any meaningful discussion of social identities beyond gender and class; only in the epilogue does Taddeo mention race and its impacts on women's experiences with sex and longing. Such oversight brings a palpable white gaze to the narrative. Compounded by the author’s occasionally lackluster prose, the book’s flaws compete with its meaningful contribution to #MeToo–era reporting.

Dramatic, immersive, and wanting—much like desire itself.

Pub Date: July 9, 2019

ISBN: 978-1-4516-4229-2

Page Count: 320

Publisher: Avid Reader Press

Review Posted Online: May 19, 2019

Kirkus Reviews Issue: June 15, 2019

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