Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

A lively, original, and challenging history of stock market speculation from the 17th century to present day. Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed—and not changed—over the last five hundred years? In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to “stockjobbing” in London's Exchange Alley, to the infamous South Sea Bubble of 1720, which prompted Sir Isaac Newton to comment, “I can calculate the motion of heavenly bodies, but not the madness of people.” Here are brokers underwriting risks that included highway robbery and the “assurance of female chastity”; credit notes and lottery tickets circulating as money; wise and unwise investors from Alexander Pope and Benjamin Disraeli to Ivan Boesky and Hillary Rodham Clinton. From the Gilded Age to the Roaring Twenties, from the nineteenth century railway mania to the crash of 1929, from junk bonds and the Japanese bubble economy to the day-traders of the Information Era, Devil Take the Hindmost tells a fascinating story of human dreams and folly through the ages.

Explores debt as a central historical component of religion, literature, and societal structure, while examining the idea of humanity's debt to the natural world.

A compelling narrative on what went wrong with our financial system—and who’s to blame. From an award-winning journalist who has been covering the industry for more than a decade, The Devil’s Derivatives charts the untold story of modern financial innovation—how investment banks invented new financial products, how investors across the world were wooed into buying them, how regulators were seduced by the political rewards of easy credit, and how speculators made a killing from the near-meltdown of the financial system. Author Nicholas Dunbar demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the financial innovators. Fundamental to this saga is how “the people who hated to lose” were persuaded to accept risk by “the people who loved to win.” Why did people come to trust and respect arcane financial tools? Who were the bankers competing to assemble the basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum—ending in collapse, bailouts, and a public outcry against the giants of finance? Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.

“A personal how-to guide for investigative journalists, a twisted tale of a scam of huge proportions, and a really good read” (Bethany McLean, author of The Smartest Guys in the Room), this spellbinding true story follows a pair of award-winning CNN investigative journalists as they track down the mysterious psychic at the center of an international scam that stole tens of millions of dollars from the elderly and emotionally vulnerable. While investigating financial crimes for CNN Money, Blake Ellis and Melanie Hicken were intrigued by reports that elderly Americans were giving away thousands of dollars to mail-in schemes. With a little digging, they soon discovered a shocking true story. Victims received personalized letters from a woman who, claiming amazing psychic powers, convinced them to send money in return for riches, good health, and good fortune. The predatory scam had been going on unabated for decades, raking in more than $200 million in the United States and Canada alone—with investigators from all over the world unable to stop it. And at the center of it all—an elusive French psychic named Maria Duval. Based on the five-part series that originally appeared on CNN’s website in 2016 and was seen by more than three million people, A Deal with the Devil picks up where the series left off as Ellis and Hicken reveal more bizarre characters, follow new leads, close in on Maria Duval, and connect the dots in an edge-of-your-seat journey across the US to England and France. A Deal with the Devil is a fascinating, thrilling search for the truth that will suck you “deep into the heart of a labyrinthine investigation that raises bigger questions about greed, manipulation, and the desperate hunger to believe” (Megan Abbott, author of You Will Know Me).

Your Survival Guide to the Hades of Wall Street The Devil's Financial Dictionary skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks too big to fail. And it distills the complexities, absurdities, and pomposities of Wall Street into plain truths and aphorisms anyone can understand. An indispensable survival guide to the hostile wilderness of today's financial markets, The Devil's Financial Dictionary delivers practical insights with a scorpion's sting. It cuts through the fads and fakery of Wall Street and clears a safe path for investors between euphoria and despair. Staying out of financial purgatory has never been this fun.

On the tenth anniversary of the date that UN peacekeepers landed in Rwanda, Random House Canada is proud to publish the unforgettable first-hand account of the genocide by the man who led the UN mission. Digging deep into shattering memories, General Dallaire has written a powerful story of betrayal, naïveté, racism and international politics. His message is simple and undeniable: “Never again.” When Lt-Gen. Roméo Dallaire received the call to serve as force commander of the UN intervention in Rwanda in 1993, he thought he was heading off on a modest and straightforward peacekeeping mission. Thirteen months later he flew home from Africa, broken, disillusioned and suicidal, having witnessed the slaughter of 800,000 Rwandans in only a hundred days. In Shake Hands with the Devil, he takes the reader with him on a return voyage into the hell of Rwanda, vividly recreating the events the international community turned its back on. This book is an unsparing eyewitness account of the failure by humanity to stop the genocide, despite timely warnings. Woven through the story of this disastrous mission is Dallaire’s own journey from confident Cold Warrior, to devastated UN commander, to retired general engaged in a painful struggle to find a measure of peace, reconciliation and hope. This book is General Dallaire’s personal account of his conversion from a man certain of his worth and secure in his assumptions to a man conscious of his own weaknesses and failures and critical of the institutions he’d relied on. It might not sit easily with standard ideas of military leadership, but understanding what happened to General Dallaire and his mission to Rwanda is crucial to understanding the moral minefields our peacekeepers are forced to negotiate when we ask them to step into the world’s dirty wars. Excerpt from Shake Hands with the Devil My story is not a strictly military account nor a clinical, academic study of the breakdown of Rwanda. It is not a simplistic indictment of the many failures of the UN as a force for peace in the world. It is not a story of heroes and villains, although such a work could easily be written. This book is a cri de coeur for the slaughtered thousands, a tribute to the souls hacked apart by machetes because of their supposed difference from those who sought to hang on to power. . . . This book is the account of a few humans who were entrusted with the role of helping others taste the fruits of peace. Instead, we watched as the devil took control of paradise on earth and fed on the blood of the people we were supposed to protect.