alastairherd's review against another edition
challenging
informative
reflective
slow-paced
4.5
A very interesting, and illuminating, guide through the history and effects of interest.
Chancellor makes strong points for the damage that is caused by artificially low interest rates and details economists who predicted exactly the outcome that we are experiencing. It's reassuring to find out that the majority of economists are sane, even if the ones that work for central banks are not!
Given the recent sharp rise in interest rates, it does make me wonder what is going to happen to the fun house now that the cash has dried up... It would be much more fun if this was a work of fiction instead.
Chancellor makes strong points for the damage that is caused by artificially low interest rates and details economists who predicted exactly the outcome that we are experiencing. It's reassuring to find out that the majority of economists are sane, even if the ones that work for central banks are not!
Given the recent sharp rise in interest rates, it does make me wonder what is going to happen to the fun house now that the cash has dried up... It would be much more fun if this was a work of fiction instead.
theciz's review against another edition
challenging
informative
medium-paced
3.25
This book is great and very interesting… in the first half. Once we get to present times, things start getting a little skewed and political (plus repetitive). I really started having some suspicions after a particularly weird aside about the Truman Show, which was getting into some weird conspiratorial territory - and sure enough, the author is a Brexiter (who are not exactly known for their economic literacy). Sigh.
Now, in the interests of having an open mind, I did finish it, but it wasn’t really worth it. Chancellor repeats over and over that the reasons given by mainstream economists and central bankers for the post-2008 knock on growth are too simplistic, are not the whole picture, etc. - only to then bookend this at every turn with "actually there is one simple cause, interest rates are too low".
It’s a weird book that I can only recommend half of, but I suppose those interested in the topic of interest rates can judge for themselves. There’s a non-relevant tangent about China’s post-2000 economy that’s very interesting, if off topic. If you’re just interested in the history of money, which despite the blurb is what only 35% of this book is about, I suggest Money by Jacob Goldstein, which covers the same ground in a more focussed way.
Now, in the interests of having an open mind, I did finish it, but it wasn’t really worth it. Chancellor repeats over and over that the reasons given by mainstream economists and central bankers for the post-2008 knock on growth are too simplistic, are not the whole picture, etc. - only to then bookend this at every turn with "actually there is one simple cause, interest rates are too low".
It’s a weird book that I can only recommend half of, but I suppose those interested in the topic of interest rates can judge for themselves. There’s a non-relevant tangent about China’s post-2000 economy that’s very interesting, if off topic. If you’re just interested in the history of money, which despite the blurb is what only 35% of this book is about, I suggest Money by Jacob Goldstein, which covers the same ground in a more focussed way.
qwerty88's review against another edition
challenging
dark
informative
reflective
slow-paced
4.0
a contrarian view to the fiscal policy of the last 40 years. important to understand this as interest rates rise.
nathanschumer's review against another edition
I read about a chapter of this, and it was clear this guy is just a crank who thought the fed rates were too low, and thus, that was the reason for the economic collapse.
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