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Readers reviews of Money Greed and Risk

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This book has almost an exclusively American focus to the extent that the bias becomes a little annoying. Apparently nothing of financial value was developed outside of the US which may come as a surprise to the London Financial Markets.

 

This is a history of American finance. The central theme is that the cycle of innovation, excess, and regulation repeats. He concludes that regulation is always behind innovation. He shows how innovation recovers from excess and becomes an accepted and profitable trading strategy. This is quite interesting in an historical context and the book provides a good reference background to events such as the Savings and Loan crisis, the bailout of Long Term Capital Management and other interesting historical episodes at the turn of the nineteenth century.

 

He believe that finance is mostly about liquidity. The easier it is to convert one kind of asset into another kind of asset the faster commercial activity becomes. He sees the development of financial crises as an inevitable consequence of innovation driving towards increasing liquidity.

I was looking for some new understandings of risk. I did not find them, but I did find some interesting background reference material.

 

 

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