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
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection...
A Dumpster diver–turned-CEO details her rise to success and her business philosophy.
In this memoir/business book, Amoruso, CEO of the Internet clothing store Nasty Gal, offers advice to young women entrepreneurs who seek an alternative path to fame and fortune. Beginning with a lengthy discussion of her suburban childhood and rebellious teen years, the author describes her experiences living hand to mouth, hitchhiking, shoplifting and dropping out of school. Her life turned around when, bored at work one night, she decided to sell a few pieces of vintage clothing on eBay. Fast-forward seven years, and Amoruso was running a $100 million company with 350 employees. While her success is admirable, most of her advice is based on her own limited experiences and includes such hackneyed lines as, “When you accept yourself, it’s surprising how much other people will accept you, too.” At more than 200 pages, the book is overlong, and much of what the author discusses could be summarized in a few tweets. In fact, much of it probably has been: One of the most interesting sections in the book is her description of how she uses social media. Amoruso has a spiritual side, as well, and she describes her belief in “chaos magic” and “sigils,” a kind of wishful-thinking exercise involving abstract words. The book also includes sidebars featuring guest “girlbosses” (bloggers, Internet entrepreneurs) who share equally clichéd suggestions for business success. Some of the guidance Amoruso offers for interviews (don’t dress like you’re going to a nightclub), getting fired (don’t call anyone names) and finding your fashion style (be careful which trends you follow) will be helpful to her readers, including the sage advice, “You’re not special.”
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection or insight.Pub Date: May 6, 2014
ISBN: 978-0-399-16927-4
Page Count: 256
Publisher: Portfolio
Review Posted Online: June 22, 2014
Kirkus Reviews Issue: July 15, 2014
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