Paper Promises. Debt, Money, and the New World Order. by Philip Coggan. Longlisted for the Financial Times and Goldman Sachs Business Book of the. Paper Promises is a shining must-read amongst the vast literature Philip Coggan’s thesis is that one can view economic history as a. Paper Promises has ratings and 38 reviews. Abi said: On all Paper Promises () by Phillip Coggan is a masterful study of money and debt. Coggan.
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Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Preview — Paper Promises by Philip Coggan. 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 s and s, governments will fall, currencies will lose their value, and new systems will emerge. Just as Bri For the past forty years western economies have splurged on debt. 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 PromisesEconomist 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.
Hardcoverpages. Published February 7th by PublicAffairs first published December 1st To see what your friends thought of this book, please sign up. To ask other readers questions about Paper Promisesplease sign up. Lists with This Book. Jan 01, Abi Rhodes rated it it was amazing.
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.
John Law suggested to him that the creation of a bank that could issue paper money in lieu of gold and silver was the best way to get France out of debt. In order to keep their gold and silver safe people began to store their valuables in safes at goldsmiths where they would receive a receipt for their deposit.
Instead most currencies are pegged to the US dollar and worth as much as the exchange rate claims it to be. In Paper Money Phillip Coggan charts the journey of money from its promses links with gold to the present day climate of abstract money, exchanged at the press of a button.
This book provides a valuable insight into the field of economics for those of us who have never studied in depth the ins and outs of such a complex system. The reader primises taken step by step through the Depression of the s, the breakdown of Bretton Woods, asset bubbles, the problem with sub-prime mortgages, all the way to the collapse of Lehman Brothers and the vast debts the world is now drowning in.
Jul 27, Adrian rated it it was amazing. Philip Coggan has compiled a page book with enough knowledge and analysis to make it feel like an 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 oaper 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 Philip Coggan has compiled a page book with enough knowledge and analysis to make it feel like an page book, without seeming at all like a long and demanding read.
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 doggan every bit as astute as the works of Barry Eichengreen, but much more readable.
Despite the length of the book, Coggan leaves no stone unturned.
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The collapse of the Gold Standard, Bretton Woods, and the and subsequent sovereign debt crisis are all coggaj appropriately within this volume. Rather than just been a simple chronological sweep of finance, phenomena such as bubbles, inflation, and monetary practices such as quantitative easing are all explained.
One is hardly left wanting for more, as most questions one is left asking after the events of recent years receive explanation. As a book that, among many other things, focuses on the clggan of money, Paper Promises in itself is superb value for money, and an important asset for the investment portfolio of any economics enthusiast.
Lucid explanation, written inof how the western economies got into the mess ofand of how little was done to correct the underlying problems. Coggan forecasts another crisis, even worse than the crunch, and it is difficult to disagree cohgan him. Another book on economics in general and debt in particular.
This one is from an author who also writes for the Economist. In a good way. The story is oaper 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 promisea clarifies debt struggles throughout the ages. Especially is analyzed. The post Another book on economics in general and debt in particular.
The post-Bretton Woods system has broken down, that much is made clear. Interesting are the chapters where the author theorizes on possible solutions. One promisee the most scary, interesting ones, highly rated as possible by the author, is one where the biggest creditor on earth, China, puts its mark on a new system. It would probably be about taking away free capital flows.
Just imagine how this would nearly wipe out an entire industry Sep 21, Neil Johnstone rated it it papef amazing. 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 promise 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 years ago.
Paper Promises: Debt, Money, and the New World Order by Philip Coggan
First book on economics and thought it might be a hard slog 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.
First book on economics and thought it might be a hard slog but turn about a very easy and paperr read. Recommend to everyone and if I could I’d give 6 stars! Aug 22, InvestingByTheBooks. Many of you who read this are probably avid readers of The Economist.
I am always amazed at how many great articles that are written every week and especially how quickly and concisely they are able to comment on complicated and current matters. How wonderful then that a reporter of that magazine Mr Phillip Papper previously, among other things, also at FT, writing the Long view has written a book on one of the most relevant subjects today, debt. Not just that, but cogagn debt in an historic Many of you who read this are probably avid readers of The Economist.
Not just that, but putting debt in an historic context. He calls it the wars between creditors and debtors. The book makes several interesting points, projises them, please think about this: How much did GDP increase from to today, and how much did debt increase? The answer is at the bottom of this page.
Key events for the author are the rise and fall of the gold standard and of Bretton Woods, and finally the current system. His only conclusion, which is the same as many others like Rogoff etc, is that debt levels are too high, and that default in some form is unavoidable.
In the final part of the book, he states that when paper promises breaks, this will result in an economic turmoil, which we just have seen the start of. My views are neither those of a gold bug nor those of Lord Keynes, but rather, the pragmatist.
Reading this book gives several arguments to both sides of the debate but also a lot of critique, which I appreciate. Coggan is in the more bearish camp, payback time is now, so he has a lot of references to well-known bears.
But he is not just bearish based upon the increase in debt, but also on the basis of the weak trends in demographics, unrecognised pension liabilities, ever increasing healthcare costs as well as the risks of long term higher energy prices.
So my only complaint with the book would be that it lacks an honest and sincere discussion on where he and most intellectuals could be wrong. You could then follow up with the other books mentioned above.
Coggan, the senior, refused to have a credit card. He cut the cards in unsolicited offers into pieces and sent them back to the card companies with stern lectures on inflation. This book describes the history of money since the gold standard till the modern days.
Very well segregates different stages of me net development. What I didn’t like was the fact that the reader is expected to know many of the events which took place – background knowledge makes this book simpler to read and understand. Another weak part is a series of predictions that the author attempts to make. Some of them have already got cancelled. Feb 11, Gedankenkatze rated it it was amazing. 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. Nov 27, Breakingviews rated it liked it. By Robert Cole Do 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. At the centre of his portrait is the unending tussle between lenders and borrowers.
Economies of all sorts have been undermined, says Cogg By Robert Cole Do you want to know how global financial system came to be and what it has become? Economies of all sorts have been undermined, says Coggan, because lenders have so frequently come off second best. Coggan also leaves readers in no doubt about his view that the Western world has been better at creating debts than wealth over the last 40 years.