Banking, Banking crisis, Clark McGinn, Credit crunch, Economic crash, Economic crisis, Economics, Financial crisis, Luath Press Ltd, Out of Pocket, Out of Pocket How collective amnesia lost the world's wealth again, Recession, South SEa ubble, Tulip crash, World ecomonic plight
Summer again, and as people head to the beach for that well earned vacation they might wonder what to be reading. A block buster perhaps, maybe a morality tale of greed and come-uppance, a worthy solid book on history, a self help manual, a really funny look at people, how to make – and more important keep – a fortune, or would you rather the best choice of modern humorous writing? Why not all? In one book. I would propose you take “Out of Pocket: How Collective Amnesia lost the world its wealth, again” by Clark McGinn. Published by Luath Press Ltd.
OK it came out last year but maybe the marketing was slack, or I wasn’t looking, as it was a surprise to me, finding it lurking in a tent at the Edinburgh Book Festival today. It’s simply a masterpiece on how we all contributed to the recent bust, and how we might, just possibly, manage to avoid doing it again.
McGinn, originally a Philosopher, joined a large clearing bank twenty five years ago and had a front seat on the biggest crash since the South Sea Bubble or that Tulip thing. He continues to advise those who listen, and gives us the reasons why it happened, the economic background and a masterly explanation of how banks work and how they are destroyed by folly, stupidity and greed.
It is simply the best book on economics I have read in a long time and so well (and so funnily) written it really does makes one laugh out loud.
If you haven’t already, go out and read it.
Copyright David Macadam 2011