Paper Promises: Debt, Money, and the New World Order

Paper Promises Debt Money and the New World Order For the past forty years western economies have splurged on debt Now as the reality dawns that many debts cannot be repaid we find ourselves again in crisis But the oncoming defaults have a time wor

  • Title: Paper Promises: Debt, Money, and the New World Order
  • Author: Philip Coggan
  • ISBN: 9781610391269
  • Page: 252
  • Format: Hardcover
  • For the past forty years western economies have splurged on debt Now, as the reality dawns that many debts cannot be repaid, we find ourselves again in crisis But the oncoming defaults have a time worn place in our economic history As with the crises in the 1930s and 1970s, governments will fall, currencies will lose their value, and new systems will emerge Just as BriFor the past forty years western economies have splurged on debt Now, as the reality dawns that many debts cannot be repaid, we find ourselves again in crisis But the oncoming defaults have a time worn place in our economic history As with the crises in the 1930s and 1970s, governments will fall, currencies will lose their value, and new systems will emerge Just as Britain set the terms of the international system in the nineteenth century, and America in the twentieth century, a new system will be set by today s creditors in China and the Middle East In the process, rich will be pitted against poor, young against old, public sector workers against taxpayers and one country against another.In Paper Promises, Economist columnist Philip Coggan helps us to understand the origins of this mess and how it will affect the new global economy by explaining how our attitudes towards debt have changed throughout history, and how they may be about to change again.Winner of the Spear s Best Business Book AwardLonglisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award

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    One thought on “Paper Promises: Debt, Money, and the New World Order

    1. Abi Rhodes

      On all British bank notes from £5 to £50 the words ‘I promise to pay the bearer on demand the sum of’ still appear. In eighteen-century Europe an experiment with paper money was begun by John Law, a Scottish mathematician and gambler, who moved to France toward the end of the reign of Louis XIV. The monarchy of France was, at this time, verging on bankruptcy and, as the successor to the King was still only an infant, the duc d’Orléans held the reins. John Law suggested to him that the c [...]

    2. Adrian

      Philip Coggan has compiled a 400 page book with enough knowledge and analysis to make it feel like an 800 page book, without seeming at all like a long and demanding read.Having read previous books in the financial and monetary sector, Paper Promises compares favorably in the sense that it is truly the best of all worlds.The first part of the book is a financial and monetary history in every sense worthy of Niall Ferguson's Ascent of Money, coupled with a monetary analysis every bit as astute as [...]

    3. Waleed

      Lucid explanation, written in 2011, of how the western economies got into the mess of 2007-8, and of how little was done to correct the underlying problems. Coggan forecasts another crisis, even worse than the 2008 crunch, and it is difficult to disagree with him.

    4. Robert Bor

      Another book on economics in general and debt in particular. This one is from an author who also writes for the Economist. And it shows. In a good way. The story is very readable and well-constructed. It shows how we moved from bartering, metal, the gold standard, Bretton Woods, to the dollar standard. The author describes debt as basically a struggle between creditor and debtor and, if seen this way, how it clarifies debt struggles throughout the ages. Especially 2007-2008 is analyzed. The post [...]

    5. Neil Johnstone

      Truly a fascinating book, about the different stages of the world monetary systems briefly from bartering, gold standard, Breton woods and now floating exchange rates.This books covers loads of financial stories and the credit crunch with reasons why it happened and not just cuz bankers are wankers cuz we all over borrowed and trusted that housing is a says market, even tho fucking Adam smith said that's false growth some 300 years ago. First book on economics and thought it might be a hard slog [...]

    6. Gedankenkatze

      At the ending of historical experiments of unprecedented monetary easing, you must refresh your understanding of monetary system und currency. This is the best for doing so. Real purchasing power of your saving has been reduced by your own central bank for rescuing monetary system. You should not overlook such stealth taxation.

    7. Breakingviews

      By Robert ColeDo you want to know how global financial system came to be and what it has become? Do you want to re-examine what you think you know? Paper Promises, by journalist Philip Coggan, is a good place to look for answers to those questions.Coggan’s concise and lucid book will leave readers deeply doubtful about the system’s reliability and durability. At the centre of his portrait is the unending tussle between lenders and borrowers. Economies of all sorts have been undermined, says [...]

    8. Pete

      Paper Promises (2011) by Phillip Coggan is a masterful study of money and debt. Coggan worked at the Financial Times for 20 years and now writes at The Economist. He has written a number of books on finance that are all highly regarded. The book looks at the history of money and credit and concentrates on the post industrial revolution world where credit and fiat currency rapidly expanded.The book starts with a brief look at money in history before moving the C19 and then C20 and most of the boo [...]

    9. Nick

      A lucid, even-handed and very timely exposition of the nature of money and credit. Coggan conveys the daunting scale of the debt problem the West has sunk into without sounding hysterical or despairing. The way he contextualises the problem by showing how it is both similar to, and different from previous crises is enlightening - this is one of those books that weaves together scraps of knowledge you already have into a coherent whole.Even so, it is not a tome that reaches out to the most casual [...]

    10. Arto Suryodipuro

      Money--paper money--functions as a medium of exchange and a store of value. It is the latter that book is all about. How the value of money is measured and how the currencies of the developed economies have constantly lost value, through devaluation and expansionary monetary policies; through inflated and subsequently depressed asset value; and through debts expanded faster than the economy.The book is bleak about the future of the current global financial architecture. The author predicts--hope [...]

    11. Dwayne

      "paper Promises: Debt, Money, and the New World Order" by Philip Coggan is concise and well organized work that brings context to the debt problems that developed nations currently suffer. The book commences with a discussion of what it means to be money, e.g. its functions and how currency in the form of coins came to be. Afterward, Coggan writes about the history of money. The reader learns about the prominence of the gold, the first (failed) attempts at paper money, the abandonment of gold, t [...]

    12. Carlos

      While this book certainly comes across as quite pessimistic, I found it to be perfectly balanced and intriguing in its predictions. Coggan takes the reader through the evolution of economic policy since the mid-18th century through the 2007-08 recession and its aftermath. Along the way he points out how our understanding of the nature of money, debts and their moral implications have drastically changed. He also shows how after major crisis, especially since the early 20th century, the dominatin [...]

    13. Anandh Sundar

      Exceedingly well written book(like most other Economist books, it manages to convey its points in plain english without dumbing down), and very insightful. One can read the book as an introductory primer AND as an advanced reference, depending on their inclination to think and analyze. I thought this is just another of the those post subprime books, but it is worth a read irrespective of the other trash one has read before. But then, that is only expected from an Economist book. Plenty of litera [...]

    14. Neil Kingston

      Written in the crisp, clear, concise style that we would expect from somebody that also writes for The Economist. The book is at once informative and detailed, without being patronising, or requiring the reader to be overly knowledgeable on its subject matter in advance. it describes clearly the uses and value of money and how this has changed throughout the past few hundred years. Thus the first half of the book reads as an informative history. he second half of the book takes the wisdom from h [...]

    15. Madhur Rao

      Excellent book!!! Helps you understand the current financial crisis through the lens of Debtors and Creditors. China is the biggest creditor while the US is the biggest debtor (contrary to what existed pre 1950s). Governments in all countries always try and protect the interests of debtors and not creditors. Excess debt will probably lead to three things 1) inflation, 2) stagnation 3) default. Any currency devaluations is in effect an indirect way of default. The US currency has depreciated by 9 [...]

    16. Vanessa

      Very readable, and recommended to anyone looking for an intelligent entry-level look at the subject matter. Sidenote: I'm always struck by how tenuous our global financial system seems to be - everything hinges on promises and beliefs and approximations. Change one digit in a computer system and it seems like it could all come apart, especially when we're talking about uncountable billions or trillions of dollars. I guess it's a good thing I didn't study economics.

    17. Dave

      A very readable history of debt and money.This book made a lot of sense. He explained problems related to the amount of debt, the demographic implications on debt repayment and even how energy has impacted economic change. Overall, not very encouraging in that he believes we still are not through the current economic crises and have some tough times ahead."a new system will be set by today's creditors in China and the Middle East"

    18. Ivan Lee kok hao

      Being new to the world of finance and economics, this book has been very revealing to me. I have come to understand the economic system it is today and the challenges ahead for the global economy. Recommended highly.

    19. Michael Joseph Brown

      This is an insightful book. Many Americans may be wary of its argument, but it is a convincing one nonetheless. In addition, the author is lucid and provides a great deal of background information that may be necessary for the novice.

    20. Karol

      A really in-depth and good look at the history of debt and international monetary/banking systems. While his ultimate predictions for the future aren't revolutionary, they do provide some insight into the changing nature of the financial balance of power worldwide.

    21. Tony

      Good stuff. He explains the differences between money as a store of value and money as an instrument of exchange very well, as he does the conflicting interests of savers and spenders, creditors and debtors. His conclusion is sobering: storm clouds ahead for the heavily indebted western nation.

    22. Dele Cooke

      Brilliant. Brilliant. Did I mention, this book is brilliant.Outstandingly clear explanation of exactly how Merchant Bank speculators connive to create money out of nothing and saddle the rest of us with the debt of their failed gambling.

    23. Petter Sund

      Full five stars! My expectations were high given that I am a frequent readerof the Buttonwood column and they were met by the analytical logic of Mr Coggan. These are interesting times, let's see how they play out.

    24. Corien

      "Read" via free trial at Blinkist.Does not seem like a book for me, pretty dry pessimistic material with no solutions?

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