I.O.U.: Why Everyone Owes Everyone and No One Can Pay
Witty, gritty and wise, a brilliant novelist takes on the world's economic meltdown in a book that will define the crisis.
The wildest story in the world these days is not fiction, it's what's really happening all around us as the world's global economy has gone into freefall. How did we get here? What does it all mean? How could so many smart people be so dumb and believe their own hype? Accessibly, cleverly, and with mordant humour, Lanchester trots the globe in search of the answers to these questions — to Iceland, the scene of catastrophic bank collapse, to Hong Kong, the city of his birth built at the altar of free-market capitalism, to the high-stakes leveraging of Wall Street and to the tragedy of lost homes in small-town America. And in his capable hands, we see and understand what went wrong and why. Lanchester believes that this crisis gives us an opportunity to bring about much-needed change and that a stonger and more compassionate system can emerge from the wreckage. This is the book that people will still be reading a generation from now, as we read Galbraith's brilliant analysis of the Great Depression.
From the Hardcover edition.
What people are saying - Write a review
We haven't found any reviews in the usual places.
ONE THEATM MOMENT
TWO ROCKET SCIENCE
THREE BOOM AND BUST
FOUR ENTER THE GENIUSES
FIVE THE MISTAKE
SIX FUNNY SMELLS
SEVEN THE BILL
Other editions - View all
Alan Greenspan amount assessing assets bailout balance sheet bankers banks beneﬁt bigger biggest billion bond boom borrow Britain British bust capital cash CDOs collateralized debt obligations correlation cost crash credit bubble credit crunch credit default swaps crisis debt decades deﬁnition derivatives economists economy Enron equity fact ﬁeld ﬁgure ﬁnance ﬁnancial ﬁnancial institutions ﬁnancial sector ﬁnancial system ﬁnd ﬁrms ﬁrst funny smells global Greenspan happened home ownership house prices huge Iceland idea income inﬂation interest rates investment investors joneses lenders lending leverage liabilities loans Long-Term Capital Management look Margaret Thatcher mathematical ment Morgan mortgage Nassim Taleb people’s percent policies portfolio proﬁt ratings agencies regulators risk rules securitization sell speciﬁc subprime there’s thing tion Treasury trillion turn United Kingdom Warren Buffett what’s wrong