A somber, important warning that’s likely to cause readers to wonder about the safety of their assets, if not fear for the...
Wall Street executive Prins (All the Presidents’ Bankers: The Hidden Alliances that Drive American Power, 2014, etc.) delivers a sharp-edged critique of the hegemony of central banks over the world’s economies.
Central banks, supporting too-big-to-fail banking conglomerates, are skilled practitioners of what the author calls “money conjuring,” wherein “the cost of money is rendered abnormally cheap.” Through the trickle-downish machinery of quantitative easement, the very banks that brought on the financial crisis now remembered as the Great Recession reward themselves. In 2017, she notes, U.S. banks used 99 percent of their earnings to buy their own stocks and pay out dividends to their shareholders even as the easement was, at least in theory, supposed to loosen the purse strings and set more money loose in the broader economy. The closeness of central, government-allied banks with their private counterparts, including revolving-door jobs, has meant that regulators are all too willing to overlook excesses and violations; even in moments of financial turmoil brought on by the banks, the “conjurers” and the speculators are rarely blamed. The intervention of central banks in the marketplace, Prins adds, has mostly had the effect of distorting that marketplace by supporting a banking system that requires serious overhaul in the place of mere infusions of cheap money—and this money rarely finds its way into the hands of ordinary borrowers, and certainly not at the cheap rates the banks enjoy. Given that the central banks and those private counterparts have successfully resisted meaningful reform—witness the Trump administration’s efforts to scrap what little regulation there is—the likelihood of a repeat of 2008 seems high indeed. “It only takes one domino to fall to wipe them all out,” Prins warns in closing. “It will again begin with the banks, cripple the markets, and devastate the global economy.”
A somber, important warning that’s likely to cause readers to wonder about the safety of their assets, if not fear for the near-term future.Pub Date: May 1, 2018
ISBN: 978-1-56858-562-8
Page Count: 384
Publisher: Nation Books
Review Posted Online: March 2, 2018
Kirkus Reviews Issue: March 15, 2018
BOOK REVIEW
BOOK REVIEW
Harris still has plenty to learn, but he provides an informative study of why the millennial generation faces more struggles...
A millennial writer talks about the coming crises his generation will face.
Millennials—defined by the author as those born between 1980 and 2000—have been sold on the idea that if they work hard in school, forfeiting play and creative time for work and sports, and go on to a four-year college, where they continue to work hard, then a solid, well-paying job awaits them once they graduate. But as Harris (b. 1988), an editor at New Inquiry, points out, many in that age group have discovered there is no pot of gold at the end of that particular rainbow. In today’s competitive economy, he writes, “young households trail further behind in wealth than ever before, and while a small number of hotshot finance pros and app developers rake in big bucks…wages have stagnated and unemployment increased for the rest.” Those who manage to attend college are often burdened by high student-loan debts, forcing them to work any job they can to pay the bills. Athletes who attend college on a sports scholarship pay with the physical wear and tear on their bodies and the stress of high-stakes games alongside a full academic schedule. Harris also evaluates how millennials interact with social media (a topic that could warrant an entire book on its own), which creates a never-ending link to nearly everything every day, never giving anyone a chance to unwind. Professional musicians, actors, and other performing artists face strong competition in a world where anyone can upload a video to YouTube, so those with genuine talent have to work that much harder for recognition. After his intense analysis of this consumer-based downward spiral, the author provides several possible remedies that might ease the situation—but only if millennials step forward now and begin the process of change.
Harris still has plenty to learn, but he provides an informative study of why the millennial generation faces more struggles than expected, despite the hard work they’ve invested in moving ahead.Pub Date: Nov. 7, 2017
ISBN: 978-0-316-51086-8
Page Count: 272
Publisher: Little, Brown
Review Posted Online: Aug. 28, 2017
Kirkus Reviews Issue: Sept. 15, 2017
BOOK REVIEW
BOOK REVIEW
A brisk and thought-provoking anatomy of shopping in the 21st century.
A study of the fraught world of retail in the age of Amazon.
The latest from Wharton School professor Kahn (Marketing/Univ. of Pennsylvania; Global Power Brand, 2013, etc.) notes the sweeping chaos and disruption among American retailers. Dozens of such name-brand national businesses have either shut down outlets or shut down completely in recent years. She opens her account of this upheaval by identifying what she sees as seven key forces at work, including massive advertising data-collection; vertical integration in order to control all aspects of a brand; an excessive number of brick-and-mortar stores; a younger, less brand-loyal customer base; retail customers moving to cities, away from sprawling suburbs and shopping centers; and a general shift toward online shopping across multiple platforms. But the main focus here, which the author calls “the gorilla in the room,” is the online retailer Amazon.com, with its “fierce understanding of what customers want.” Amazon fills these wants with a seemingly unbeatable combination of basics, she says, including low prices, fast service, responsive returns, and all-inclusive convenience. The company’s model is a familiar one, she points out—it was used, for instance, by Walmart in the 1990s—but the amount of resources that Amazon has put behind it has caused other retailers, big and small, to scramble to adapt. Kahn studies strategies by successful businesses, such as cosmetics retailer Sephora and eyeglasses store Warby Parker, and she offers readers “the Kahn Retailing Success Matrix,” which looks at variances between different aspects of the retail process. Kahn lays this all out with a brevity and clarity that’s extremely effective. She also makes ample use of simple charts, designed to show the different quadrants of her Success Matrix—“Product Benefits,” overall “Customer Experience,” and the specific abilities to “Increase Pleasure” and “Eliminate Pain Points”—as they flow into and sharpen one another. At times, the tenor of the book seems willfully reductionist, as it likely takes more than faithful adherence to a successful matrix to give a small mom-and-pop bookstore, say, a chance against a corporate juggernaut. That said, modern retailers will find the book’s breakdowns of the essentials of retail helpful for widening their perspective and keeping the bigger picture in view. Particularly insightful are her examinations of “Generation Z,” the “digitally native millennials” whose relationship to traditional advertising and retail is very different from those of customers of the past. The author also treats the changing nature of brick-and-mortar buying-and-selling with pleasing nuance. Indeed, she makes a case for the necessity of a brick-and-mortar renaissance, and the urgency of creating “highly compelling in-store customer experiences” to make that happen. It’s also a canny move for Kahn to get into the nitty-gritty of how a handful of companies have maintained their success, as it provides a welcome counterweight to the book’s tendency toward extensive theorizing.
A brisk and thought-provoking anatomy of shopping in the 21st century.Pub Date: June 12, 2018
ISBN: 978-1-61363-086-0
Page Count: 174
Publisher: Wharton Digital Press
Review Posted Online: June 14, 2018
Review Program: Kirkus Indie
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
