Are we barreling toward another massive global financial catastrophe? How can so many bubbles form all at once? Why are so many disconnected markets now capable of collapsing in unison? In this remarkably listenable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers.
Authers reveals how the first truly global super bubble was inflated - and might now be inflating again. He illuminates the multiple roots of repeated financial crises: a massive shift in investing power from individuals to big institutions; the migration of key decisions from banks to capital markets; the wholesale financialization of many asset classes; and fundamental failures of both theory and policy.
The Fearful Rise of Markets presents a truly global view, avoiding oversimplifications and ideology as it outlines how we got here and where we stand. Even more valuable, it offers realistic solutions - for decision-makers who want to prevent disaster and investors who want to survive it. Topics include:
The herd grows ever larger - and more dangerous
How institutional investing, indexing, and efficient markets theory promote herding
Cheap money and irrational exuberance
Super fuel for super bubbles
Too big to fail: the whole story of moral hazard
Banks, hedge funds, and beyond
Danger signs of the next bubble
Forex, equity, credit, and commodity markets move once more in alignment
“Authers has the curriculum vitae and the confidence to go where no other author has thus far been. His goal…is to make understandable why financial markets failed, how investors should protect themselves and what national authorities should do to correct some of the problems. His mission is happily met.” (Financial Times)
“This new book is a must-read for every investor....I'd urge anyone with any interest in investing to read it as soon as possible. It may well stop you losing your shirt in the next meltdown!” (Cliff D’Arcy, The Motley Fool)
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