Product Cover Image

Extreme Money: Masters of the Universe and the Cult of Risk, CourseSmart eTextbook

By Satyajit Das

Published by FT Press

Published Date: Aug 4, 2011

More Product Info

Description

Once used to value and exchange ordinary goods, money has become the main way to make money. To make a billion dollars, it is no longer necessary to actually make anything. The master narrative of the world is now economic and financial as much as social, cultural, or political. Ordinary people borrow money to buy houses, cars, and things. They save for their children's education, holiday, or retirement. Financiers invest the savings in markets to make more money. The money is invested in private equity funds that borrow heavily to buy companies, cut staff and costs, strip them of assets, and then re-sell them at vast profits to other investors. Hedge funds try to make money placing complex bets on minuscule price movements or on an event taking or not taking place. Extreme money is money made endless, capable of infinite multiplication, completely unreal. It changed everything: individual life, business, and even countries. At the heart of this new economy, voodoo banking increases bankers' profits. False gods and fake prophets. The Masters of the Universe and their cult of risk dominated economies and lives. The human race created money and the finance economy; somewhere thereafter, it recreated us, and not always for the better. Mankind mistook money, a lubricant of society and the economy, for an end in itself. Finance became eviscerated reality—the monetary shadow of real things. Extreme money is that story. It is also essentially the story of the modern world.

Table of Contents

Prologue: Hubris     1

Part I: Faith    

Chapter 1: Mirror of the Times     21

Chapter 2: Money Changes Everything     38

Chapter 3: Business of Business     52

Chapter 4: Money for Sale     65

Chapter 5: Yellow Brick Road     78

Chapter 6: Money Honey     89

Part II: Fundamentalism

Chapter 7: Los Cee-Ca-Go Boys     101

Chapter 8: False Gods, Fake Prophecies     116

Part III: Alchemy

Chapter 9: Learning to Love Debt     133

Chapter 10: Private Vices     153

Chapter 11: Dice with Debt     168

Chapter 12: The Doomsday Debt Machine     188

Chapter 13: Risk Supermarkets     208

Chapter 14: Financial Arms Race     226

Chapter 15: Woodstock for Hedge Funds     239

Chapter 16: Minsky Machines     253

Part IV: Oligarchy

Chapter 17: War Games     264

Chapter 18: Shell Games     279

Chapter 19: Cult of Risk     294

Chapter 20: Masters of the Universe     307

Chapter 21: Financial Nihilism     321

Part V: Cracks

Chapter 22: Financial Gravity     337

Chapter 23: Unusually Uncertain     348

Epilogue: Nemesis     367

Notes     384

Select Bibliography     420

Index     429

 

Purchase Info ?

With CourseSmart eTextbooks and eResources, you save up to 60% off the price of new print textbooks, and can switch between studying online or offline to suit your needs.

Once you have purchased your eTextbooks and added them to your CourseSmart bookshelf, you can access them anytime, anywhere.

Buy Access

Extreme Money: Masters of the Universe and the Cult of Risk, CourseSmart eTextbook
Format: Safari Book

$14.99 | ISBN-13: 978-0-13-282227-5