"I have yet to see any problem, however complicated, which, when looked at in the right way did not become still more complicated."I was badly floored by this book, but it wasn't all that bad. Not only does it read like a college-print textbook, but there is a sad depravity in the flourish of speech. Its the compilation of well-endowed facts with naught but the rhythmic contingency of Microsoft Sam to trudge it along. To say it plainly, I found it difficult to stay interested.
However, Ahamed is a stringent gatherer of information. Recurrent throughout history, cantrips of the most unexpected type must inherently always exist. From Senator Pittman's statuesque fountain impressions in the buff in France, to Roosevelt's uncanny disregard for scientific valuations of the dollar into gold, iconic moments of our well distinguished forebrethren exist.
Ahamed is currently the director of Aspen Insurance Holding Limited. He has had the chance to enjoy the position of heading the World Bank's investment division, as well as having been the CEO of Fischer Francis Trees & Watts, Inc., a subsidiary of BNP Paribas specializing in institutional single and multi-currency fixed-income investment portfolios. Liaquat Ahamed is a board member of the Rohatyn Group, and a member of the Board of Trustees at the Brookings Institution.
During the historical vantage point of, roughly, World War I through World War II, the reader primarily enjoys these main economic leaders of the industry: Montagu Norman, of the Bank of England; Emile Moreau, of the Banque de France; Hjalmar Schacht, of the Reichsbank; and Benjamin Strong, of the Federal Reserve Bank of New York.
The thematic conclusion of Lords of Finance: The Bankers Who Broke the World(2009), based from evidences detailed in this newly publicized hardcover, sheds a sobering light on our razor-sharp, highly inventive predecessors. Not one of them had a freakin' clue what they were doing. Not a one, except for Maynard Keynes. Norman advocated out of favoritism. Moreau saved every nickel he had, then invested it all in the same stock. Schacht was thrown out of office for being too aggressive by Hitler. And Strong's good health fled the scene. Contendably, Strong may have known what to do amidst these financial crises, we'll just never know what that would have meant.
Can you get away with writing a book on mankind's devastating failures while glorifying Maynard Keynes? Yes you can. It could be on neurosurgery. We may think we need information of this caliber like a hole in the head, but this time we're not talking brain surgery. Ok, scratch that book. Keynes was still the pioneer of modern day economics as we know today, and everyone should at least know how to balance a checkbook.
As to whether the full scale of these extraneous facts correlates closely with what actually happened back then, only the people who were there can know. There is roughly one hundred pages of fine-print bibliographic notations with an index reference. Can I possibly hope to know the accuracy of that content instantly, or even after a few days of thorough investigation? Unfortunately, no. Did I do a rehash on where the research was done? Of course! The banks of notoriety mentioned, now historical monuments, hold private letters kept within their own vaults and provided Ahamed with direct access. Also, specialized private libraries catered to the same need of reference for Mr. Ahamed, an invitation to the Mediterranean to further continue research. Not bad for a day's work.
Despite the perpetual drive of four of the world's finest, the sands of time have swallowed their personal impact on the face of our economy whole. Their efforts, well-played and documented, occurred as if no decision they made ever mattered, with strong credit of the reason being given to the ugly face of warfare. Between World War I, The Great Depression and World War II, it was impossible to completely stabilize the world economy. Not only were previous techniques far less developed, but communication was limited and international trade was substantially restricted.
Every cloud really does have a silver lining, though. During one large-scale banking shutdown, FDR broadcasted on live radio, directing the nation to reinvest all their 'hidden', stockpiled funds. The next morning, great congregations of investors, full of renewed faith in the economic system, formed outside banks across the nation with funds to deposit, revitalizing the collapsing economy. Financial crisis can strike anywhere, anytime, and the world goes on. We don't actually need money to live, we just use it that way. 'Its just good business.'
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