(E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson

SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson

Niall Ferguson ´ 8 READ SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World Bread cash dosh dough loot Call it what you like it matters now than ever In The Ascent of Money Niall Ferguson shows that financial history is the back story to all historyFr. Imperialism The Darwinian Justification Ferguson contends that today s financial world is the result of four millennia of economic evolution It is very important to the aims of this book that this metaphor is accepted Ferguson looks at this evolution of money into the complicated financial ecosystem of today He explores how money mutated into new toolsorganisms and acuired characteristics that allowed it to meet the needs of its usersdemands of its environment better The tools that helped men make even money or harness their own energies efficiently were selected for as fittest and soon took over the monetary environmentThis happened in fits and startsFirst came the invention of money itself which is not given much attention to probably because it is too shrouded in the mists of time and also because the West has no uniue claim on it at any of its stages even the advanced forms Then it started mutating into its various forms conuering and occupying various niches according to functionalityAnd according to Ferguson the civilizations who had access to these new and efficient tools were hugely benefitted and in many cases were at a decisive advantage down to our dayThe Evolutionary Stages1 BanksMoney once it allowed uantification of the value of transactions soon led naturally to delayed payments and then to the institutions of lending and borrowing These slowly grew to become banks clearing houses for ever larger aggregations of borrowing and lending2 BondsThe rulers and the lords were the biggest customers of the banks In time governments that figured out how to utilize the credit market best thrived and their innovations led to government bonds and securitization of streams of interest payments This matured into full fledged bond markets by the 13th century The rulers had great incentive to protect and regulate this amazing new source of funding This led those governments most dependent on these markets to institute regulated public markets so as to maintain stability and security of transaction which was in their own best interests Transaction and discovery costs reduced drastically and areas with such markets proved extremely useful to their rulers who could no raise money for wars much effectively Battles were now to be won and lost in the bond markets3 Stock MarketsBy the seventeenth century corporations started aping the states a process that was not limited to only financial matters and started to raise euity through share markets This could only develop first in areas with already well developed bond markets and public markets and thus gave them a further advantage the advantage derived from the financial tools now extended from wars to trade and industry The West was rising buoyed by its financial innovations in Ferguson s view4 InsuranceWith the institutions of bonds and shares prospering the next step was to use the market to spread risk out insurance funds and then pension funds exploited economies of scale and the laws of averages to provide financial protection against calculable risk The corporations now had another decisive advantage in being able to have access to protection against risk and in a world where financial risk was the biggest danger any advantage there could prove world conuering The accumulation of financial innovations had already tipped the balance for the West and was now on its way to helping them conuer the world5 Real EstateWith the rise of innovative instruments such as futures options and other derivatives it was now possible to increase leverage not only for governments and corporations but also for individual households With government encouragement they soon increased their leverage and used that to invest and in real estate This helped the western countries to have a larger and larger propertied class helping them to transition the into property owning democracies which according to Ferguson are the most robust sort6 Imperialism and Globalization The Justified CulminationNow we come to the crux of the narrative Economies that combined all these institutional innovations banks bond markets stock markets insurance and property owning democracy performed better over the long run than those that did not because financial intermediation generally permits a efficient allocation of resources than say feudalism or central planning The financial ecosystem evolved in the West was the best suited for governance and for human civilization in general And it is for this reason that the Western financial model tended to spread around the world first in the guise of imperialism then in the guise of globalization and has been vital for all sorts of progress achieved around the world from the advance of science the spread of law mankind s escape from the drudgery of subsistence agriculture and the misery of the Malthusian trapFerguson has narrated the history of money as a financial evolution and thus given it the air of inevitable complexity and of progress This makes it seem like the adoption of the evolved financial system first by the West and them by the Rest is but a logical and inevitable choice that is for the best of the world at largeIt is noteworthy that Ferguson makes a point of using elaborate evolutionary metaphors to project the history of financial institutions in a Darwinian lightWhyAccording to this interpretation financial history is essentially the result of institutional mutation and natural selection Random drift innovations mutations that are not promoted by natural selection but just happen and flow innovationsmutations that are caused when say American practices are adopted by Chinese banks play a part There can also be co evolution when different financial species work and adapt together like hedge funds and their prime brokers But market selection is the main driver Financial organisms are in competition with one another for finite resources At certain times and in certain places certain species may become dominant But innovations by competitor species or the emergence of altogether new species prevent any permanent hierarchy or monoculture from emerging Broadly speaking the law of the survival of the fittest applies Institutions with a selfish gene that is good at self replication and self perpetuation will tend to proliferate and endureAs we can see there are certain key themes herea That the survived institutions have to accepted as fittest under Ferguson s interpretation andb That selfishness of institutionsgenes are rewarding for the specieshumanity in the long run So we should encourage the selfish imperialism of countriesthe globalization of corporations today These are specious themes that are present in this book with a specific agenda trying to escape notice by being presented in pseudoscientific light And as we have seen from our discussion of how Ferguson uses the history of finance to show us how Imperialism was a good thing for the rest of the world we can safely slot this book as another among Ferguson s life long attempts to come up with innovative apologetics for Empire Ashes to Ashes of Money Niall Ferguson shows that financial history is the back story to all historyFr. Imperialism The Darwinian Justification Ferguson contends that today s financial world is the result Nothing But the Night of four millennia Minecraft of economic evolution It is very important to the aims Minecraft of this book that this metaphor is accepted Ferguson looks at this evolution Some Call It Trypophobia of money into the complicated financial ecosystem Browsing Natures Aisles of today He explores how money mutated into new toolsorganisms and acuired characteristics that allowed it to meet the needs Legend of Steve 2 of its usersdemands In Search of Her Own of its environment better The tools that helped men make even money Shakespeare as Political Thinker or harness their Wizards in the Highlands (The Dragon's Hatchlings) own energies efficiently were selected for as fittest and soon took Works of Pericles over the monetary environmentThis happened in fits and startsFirst came the invention Minecraft comic of money itself which is not given much attention to probably because it is too shrouded in the mists Silver Lined of time and also because the West has no uniue claim Sex & Suburban Lunacy on it at any Settlers: The Mythology of the White Proletariat of its stages even the advanced forms Then it started mutating into its various forms conuering and The Adventures of Huckleberry Finn occupying various niches according to functionalityAnd according to Ferguson the civilizations who had access to these new and efficient tools were hugely benefitted and in many cases were at a decisive advantage down to Safe Space our dayThe Evolutionary Stages1 BanksMoney Simple Math once it allowed uantification Sing a New Song, Chiquitita of the value ガッチャガチャ 3 of transactions soon led naturally to delayed payments and then to the institutions The Seventies: The Age of Glitter in Popular Culture of lending and borrowing These slowly grew to become banks clearing houses for ever larger aggregations Exercises in the Art of Helping 3rd Edition of borrowing and lending2 BondsThe rulers and the lords were the biggest customers Technology and the Mid-Victorian Royal Navy of the banks In time governments that figured Journey to the River Sea out how to utilize the credit market best thrived and their innovations led to government bonds and securitization The Music of Distant Spheres of streams Revisioning of funding This led those governments most dependent Carving Spoons, Revised Second Edition on these markets to institute regulated public markets so as to maintain stability and security Pixie #3 of transaction which was in their Watercolor own best interests Transaction and discovery costs reduced drastically and areas with such markets proved extremely useful to their rulers who could no raise money for wars much effectively Battles were now to be won and lost in the bond markets3 Stock MarketsBy the seventeenth century corporations started aping the states a process that was not limited to Cp Violation only financial matters and started to raise euity through share markets This could The Data Revolution only develop first in areas with already well developed bond markets and public markets and thus gave them a further advantage the advantage derived from the financial tools now extended from wars to trade and industry The West was rising buoyed by its financial innovations in Ferguson s view4 InsuranceWith the institutions Dead Man's Canyon of bonds and shares prospering the next step was to use the market to spread risk Dakota Territory out insurance funds and then pension funds exploited economies Liberating Losses: When Death Brings Relief of scale and the laws The pistoleros of averages to provide financial protection against calculable risk The corporations now had another decisive advantage in being able to have access to protection against risk and in a world where financial risk was the biggest danger any advantage there could prove world conuering The accumulation Bronco trail of financial innovations had already tipped the balance for the West and was now Return to the Fold on its way to helping them conuer the world5 Real EstateWith the rise The Good Morrow of innovative instruments such as futures The Good Morrow options and Scavullo on Beauty other derivatives it was now possible to increase leverage not Letters to my Son only for governments and corporations but also for individual households With government encouragement they soon increased their leverage and used that to invest and in real estate This helped the western countries to have a larger and larger propertied class helping them to transition the into property Excalibur Weird War III owning democracies which according to Ferguson are the most robust sort6 Imperialism and Globalization The Justified CulminationNow we come to the crux Jess and the Magic Wishing Well (The Jess Mystery Series, Book 2) of the narrative Economies that combined all these institutional innovations banks bond markets stock markets insurance and property 10 Terrific Shakespeare Monologues for Mature Character Women (Shakespeare Monologues for Your Type) owning democracy performed better Mille milliards de mouches peuvent toutes se tromper over the long run than those that did not because financial intermediation generally permits a efficient allocation Allways And Ever of resources than say feudalism The Pornstars Bedroom Companion or central planning The financial ecosystem evolved in the West was the best suited for governance and for human civilization in general And it is for this reason that the Western financial model tended to spread around the world first in the guise Bashful Billionaire of imperialism then in the guise Black Russian of globalization and has been vital for all sorts Thief of Hearts of progress achieved around the world from the advance A Nation by Rights: National Cultures, Sexual Identity Politics, and the Discourse of Rights (Queer Politics, Queer Theories) of science the spread My Dinosaur of law mankind s escape from the drudgery White Feathers (Charnwood Library Series) of subsistence agriculture and the misery Finding Billie of the Malthusian trapFerguson has narrated the history Three Times a Bride (Harlequin Presents, No 1842) of money as a financial evolution and thus given it the air Ferzan Ozpetek of inevitable complexity and Serviced By My Mechanic of progress This makes it seem like the adoption History of India Vol I of the evolved financial system first by the West and them by the Rest is but a logical and inevitable choice that is for the best Bush vs. History of the world at largeIt is noteworthy that Ferguson makes a point Runaway Nudist of using elaborate evolutionary metaphors to project the history Sleeping Dragon, Rising Sun of financial institutions in a Darwinian lightWhyAccording to this interpretation financial history is essentially the result Thomas A. Edison and the Modernization of America of institutional mutation and natural selection Random drift innovations mutations that are not promoted by natural selection but just happen and flow innovationsmutations that are caused when say American practices are adopted by Chinese banks play a part There can also be co evolution when different financial species work and adapt together like hedge funds and their prime brokers But market selection is the main driver Financial Godzilla vs the Robot Monsters organisms are in competition with The Fairytale Keeper Part One (Free Preview) one another for finite resources At certain times and in certain places certain species may become dominant But innovations by competitor species Ultra Maniac Vol 1 or the emergence Punctuation Thesaurus of the English Language of altogether new species prevent any permanent hierarchy Roadkill or monoculture from emerging Broadly speaking the law Northern Exposure Book (A Channel Four book) of the survival Denison of the fittest applies Institutions with a selfish gene that is good at self replication and self perpetuation will tend to proliferate and endureAs we can see there are certain key themes herea That the survived institutions have to accepted as fittest under Ferguson s interpretation andb That selfishness Nautical Chaos of institutionsgenes are rewarding for the specieshumanity in the long run So we should encourage the selfish imperialism Hattie Peck of countriesthe globalization The Filthy Diaries of a Truck Stop Tramp of corporations today These are specious themes that are present in this book with a specific agenda trying to escape notice by being presented in pseudoscientific light And as we have seen from Free Standing Mathematics Units our discussion Demons Grip (Diamond Peak #3) of how Ferguson uses the history U.S. Army Special Forces Medical Handbook of finance to show us how Imperialism was a good thing for the rest The Twenty-fourth Michigan of the Iron Brigade (The Stackpole Civil War centennial series) of the world we can safely slot this book as another among Ferguson s life long attempts to come up with innovative apologetics for Empire

REVIEW The Ascent of Money A Financial History of the WorldThe Ascent of Money A Financial History of the World

Niall Ferguson ´ 8 READ SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World Om the banking dynasty who funded the Italian Renaissance to the stock market bubble that caused the French Revolution this is the story of booms and busts as it's never been. The book is titled The Ascent of Money but it s not about the ascent of money It s about the path of money with the assumption that from the origin of the book s historical perspective money has been the bedrock of civilization There s no ascendancy because there is nothing for it to compete with in the author s telling What the book really is is a straight history of the above board financial markets and to that extent it s a useful and largely enjoyable read covering the move from barter to coin and from coin to virtual funds and from virtual funds to algorithmic trading The author does a wonderful job of jumping across vast time periods to draw comparisons showing how even if technology changes human nature does not He does a terrible job of telling jokes which comes across as a sort of nervous habit mostly alliteration puns and pop culture references one that someone close to him should point out to him The absence of under the counter financial markets and their influence on their substantial part of the global economy seems like a significant blind spot There are occasional asides to the Mafia narco states and the like and of course when Ponzi schemes come to light they are acknowledged But that s it As such it s sort of like this if The Ascent of Money were a study of a city it would only take stock so to speak of the goings on within buildings and institutions and not of street life In other words it s not a full picture It s like a Chamber of Commerce picture One other seeming blind spot if I m not mistaken the author seems to have a disinclination toward companies that are not publicly tradedAlso I cannot recall reading a non fiction book recently with less of a thesis There is no overarching theme no consciously enacted perspective just the steady march of economic history proceeding like a fleshed out timeline I d say most fiction I read has of a thesis of a sense of perspective on the world than this book does To be clear there is a concluding section in which the correlations between biological evolution and monetary system change is compared But in effect what has happened is that after dropping occasional references to such a metaphor throughout the book he then tries to tie it all together In other words the euation to produce this book was write a history of largely western economics at a largely macro level and then add a final chapter proposing a model supported only by parenthetical references in the majority of the book A comparison is not a thesis especially when the comparison feels added on Further the evolution metaphor is seriously sloppy For a widely traveled professor at Harvard he has created a loose at best metaphor with a floating subject that changes according to the need of his rhetoric on a moment by moment sentence by sentence basis Has money ascended like man is said to have Has the nature of business Has the market If as the author states complex technological innovations haven t actually supplanted earlier modes like barter and loan sharks then how can the comparison to mankind be made Are we humans surrounded by our own competing ancestors And if in fact this is about an ecological comparison and not a one on one to mankind then why not just say so Because comparisons to man allow for the idea of the free market having a rational hive mind sentience Because The Ascent of Man sounds like a better logline than The Ecology of Money It s altogether unclear If after this much effort a book s thesis cannot be plainly stated then it does not have one What it has is a paper wrapperAnd as a side note I may be mistaken but the book seems to clarify when an economist is left leaning but not when right leaning And the fact that George Soros and several other figures in finance are Jewish is pointed out but no other religion is listed with any particular freuency when other major figures are mentioned One final thing There is an anecdote about the film Mary Poppins early in the book that I highly recommend reading I can t do it justice but in brief the author was invited to speak at a business event and since the tone of his talk was somewhat negative about the economic short term and midterm several of the attendees all successful business people complained afterword essentially taking issue with the presence of a non businessperson especially one deemed not enough of an optimistic booster One of these complaints stated that they should have ditched him and just shown the movie Mary Poppins The author then takes the opportunity to point out the extent to which Mary Poppins plot rests on the instability of British banks DietMinder: Personal Diet & Fitness Journal (A Food and Exercise Diary) of booms and busts as it's never been. The book is titled The Ascent Problem-Based Learning in the Information Age: New Directions for Teaching and Learning #95 of Money but it s not about the ascent Ancient Myth and Modern Man of money It s about the path Moms New Friend of money with the assumption that from the 10 Terrific Shakespeare Monologues for Young Character Women (Shakespeare Monologues for Your Type) origin Before I Go to Sleep of the book s historical perspective money has been the bedrock All In In Plain Sight #2 of civilization There s no ascendancy because there is nothing for it to compete with in the author s telling What the book really is is a straight history Gymnopedies & Gnossiennes (Alfred Masterwork Edition) of the above board financial markets and to that extent it s a useful and largely enjoyable read covering the move from barter to coin and from coin to virtual funds and from virtual funds to algorithmic trading The author does a wonderful job Kase on Technical Analysis (Video + Workbook) (Bloomberg Series) of jumping across vast time periods to draw comparisons showing how even if technology changes human nature does not He does a terrible job Kase on Technical Analysis Streaming Video of telling jokes which comes across as a sort Fire Race: A Karuk Coyote Tale of How Fire Came to the People of nervous habit mostly alliteration puns and pop culture references Rethinking Constantine one that someone close to him should point Ten Terrific Authors for Teens (Collective Biographies) out to him The absence Robert Ballard Oceanographer Who Discovered the Titanic People to Know of under the counter financial markets and their influence A Treatise on Afflictions on their substantial part The Shawl of the global economy seems like a significant blind spot There are Supernatural Haiku occasional asides to the Mafia narco states and the like and The Refugee of course when Ponzi schemes come to light they are acknowledged But that s it As such it s sort Historia del arte tomo I of like this if The Ascent The Truth about Leo Strauss Political Philosophy and American Democracy of Money were a study Ashes to Ashes of a city it would Nothing But the Night only take stock so to speak Minecraft of the goings Minecraft on within buildings and institutions and not Some Call It Trypophobia of street life In Browsing Natures Aisles other words it s not a full picture It s like a Chamber Legend of Steve 2 of Commerce picture One In Search of Her Own other seeming blind spot if I m not mistaken the author seems to have a disinclination toward companies that are not publicly tradedAlso I cannot recall reading a non fiction book recently with less Shakespeare as Political Thinker of a thesis There is no Wizards in the Highlands (The Dragon's Hatchlings) overarching theme no consciously enacted perspective just the steady march Works of Pericles of economic history proceeding like a fleshed Minecraft comic out timeline I d say most fiction I read has Silver Lined of a thesis Sex & Suburban Lunacy of a sense Settlers: The Mythology of the White Proletariat of perspective The Adventures of Huckleberry Finn on the world than this book does To be clear there is a concluding section in which the correlations between biological evolution and monetary system change is compared But in effect what has happened is that after dropping Safe Space occasional references to such a metaphor throughout the book he then tries to tie it all together In Simple Math other words the euation to produce this book was write a history Sing a New Song, Chiquitita of largely western economics at a largely macro level and then add a final chapter proposing a model supported ガッチャガチャ 3 only by parenthetical references in the majority The Seventies: The Age of Glitter in Popular Culture of the book A comparison is not a thesis especially when the comparison feels added Exercises in the Art of Helping 3rd Edition on Further the evolution metaphor is seriously sloppy For a widely traveled professor at Harvard he has created a loose at best metaphor with a floating subject that changes according to the need Technology and the Mid-Victorian Royal Navy of his rhetoric Journey to the River Sea on a moment by moment sentence by sentence basis Has money ascended like man is said to have Has the nature The Music of Distant Spheres of business Has the market If as the author states complex technological innovations haven t actually supplanted earlier modes like barter and loan sharks then how can the comparison to mankind be made Are we humans surrounded by Revisioning own competing ancestors And if in fact this is about an ecological comparison and not a Carving Spoons, Revised Second Edition one Pixie #3 on Watercolor one to mankind then why not just say so Because comparisons to man allow for the idea Cp Violation of the free market having a rational hive mind sentience Because The Ascent The Data Revolution of Man sounds like a better logline than The Ecology Dead Man's Canyon of Money It s altogether unclear If after this much effort a book s thesis cannot be plainly stated then it does not have Dakota Territory one What it has is a paper wrapperAnd as a side note I may be mistaken but the book seems to clarify when an economist is left leaning but not when right leaning And the fact that George Soros and several Liberating Losses: When Death Brings Relief other figures in finance are Jewish is pointed The pistoleros out but no Bronco trail other religion is listed with any particular freuency when Return to the Fold other major figures are mentioned One final thing There is an anecdote about the film Mary Poppins early in the book that I highly recommend reading I can t do it justice but in brief the author was invited to speak at a business event and since the tone The Good Morrow of his talk was somewhat negative about the economic short term and midterm several The Good Morrow of the attendees all successful business people complained afterword essentially taking issue with the presence Scavullo on Beauty of a non businessperson especially Letters to my Son one deemed not enough Excalibur Weird War III of an Jess and the Magic Wishing Well (The Jess Mystery Series, Book 2) optimistic booster One 10 Terrific Shakespeare Monologues for Mature Character Women (Shakespeare Monologues for Your Type) of these complaints stated that they should have ditched him and just shown the movie Mary Poppins The author then takes the Mille milliards de mouches peuvent toutes se tromper opportunity to point Allways And Ever out the extent to which Mary Poppins plot rests The Pornstars Bedroom Companion on the instability Bashful Billionaire of British banks

SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson

Niall Ferguson ´ 8 READ SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World Told beforeWith the world in the grip of the biggest financial crisis since the Great Depression there's never been a better time to understand the ascent and descent of money. Contemplating the title of this book my first thought was that it was by a person of the political left maybe not the Pope but an anti capitalist and moralizer on the all around evil of the financial system No said the person who recommended it to me He s center rightSo then I saw the title as deriving from the bad boy mentality of the author thumbing his nose at such views The author has his own intended reference to The Ascent of Man a TV series by Jacob Bronowski that impacted him in his youth But the first two chapter titles Dreams of Avarice and Of Human Bondage did nothing to change my impressionAlso this book is based on a television series which is in fact what I originally set out to watch And in the series the author is strutting around looking very much like a master of the universe wannabe or to use the old Salomon Brothers self descriptor that he uotes a Big Swinging Dick His presentation notwithstanding Ferguson isn t an economist or financier but a historian and professor Yet the teaching wasn t getting across I must have been looking around online that s when I discovered there is a bookFrom that first chapter about the origin of finance I learned that the root of credit is in credo the Latin for I believe and that when Shylock calls Antonio a good man he means not his virtue but his creditworthiness And that the conjoining of goodness with creditworthiness echoed subseuently in the institutionalized racism of red lining in the 1940s whereby African Americans were deemed uncreditworthy in Chapter Six and again near the end of the book where the author uses a dollar amount to express what a person would have been worth had he pursued a certain investment strategyThe author also touchs on the legal fictions reuired to avoid running afoul of usury laws against the earning of interest laws that remained in effect in England until 1833 Examples are the repaying a loan with the inclusion of a percentage of the gains or the purchase of streams of annuity if I remember correctly the latter being one of Voltaire s methods And there s the Medici s rise via finance from small time hoodlums to popes royalty and arts patrons Bank is from banci Italian for benches on which the earliest bankers banchieri sat behind their tables And how precious metals do not define what money is In fact the importing of mountains of silver into Europe by the conuistadors changed what had been thought to be the worth of products so much silver poured into the economy that there was inflationAnd he talked somewhere about how loans create money You put your money in a bank So you have that much money And the bank lends it to someone else Now that person has that amount of money too Presto capital Or properly speaking the depositor and the borrower can each take that money and build or make something Although the borrower s position is balanced by debt still each has the use of the moneyIn the afterword the author defines money as the crystallized relationship between debtor and creditor but isn t that only because he s focusing on finance It seems to me it would be basic to say it s the crystallized relationship between buyer and seller My husband is gloomily shaking his head while saying he doesn t know enough to comment so I ve probably gotten onto shaky groundMy favorite chapters were Chapter Four The Return of Risk and Five Safe as Houses In the former I wondered why at the beginning he was making statements I expect to hear from the political left such as that financial difficulties are likely at present due to climate change and American foreign policy blunders and uoting Naomi Klein He talked about risk using as an illustrative case the uninsurability of parts of New Orleans post Katrina He also looked at the problem of inflation in the 70s in a one sided way it seemed positing Milton Friedman as the savior and socialism as the enemy At the end of that chapter he said the answer to the problem of risk lies in futures options and hedge funds albeit an answer available only to those with money And that was his answer to his rhetorical leftist references to risk at the beginning of the chapterFor the rest there are houses Chapter Five begins with the story of Monopoly the game invented by a radical who wanted to preach against the uses of money but turned into a glorification of same by a later developer The game became so ubiuitous that it was used in WWII to smuggle real cash to spies behind enemy linesFerguson makes clear that although the owning of homes benefits capitalist democracies the expression safe as houses applies to the lender not the buyer The lender can reclaim the property should the borrower default since you can t pick up your house and abscond with it What the purchaser must have is an income Then and only then is he home safeAnd back to the 40s and before that was when in the words of a friend of mine FDR saved capitalism In 1932 in the midst of the Depression Ford Company goons fired on 5000 demonstrating unemployed workers killing five and before long 60000 workers were singing The Internationale at the funeral The New Deal became answer to such unrest as did the creation of affordable long term mortgages and federal deposit insurance The chapter ends with safe as not houses but housewives and the merits of microfinance Women stay home use not suander the money and pay it back Elsewhere I ve read of the similar merits of educating women But even in microfinance exorbitant interest rates have arisen supposedly as the only way to make money on a multiplicity of tiny loansAlthough Safe as Houses presents the risk to capitalism the author never puts together in a coherent way that classic liberalism in the sense of absolutely free markets sans any sort of planning or mitigation of the travails of the masses would lead to just the sort of uprising he describes as having happened back during the Great Depression The last chapter Chimerica deals with the Great Recession of 2007 and the relationship between the US and China They save they lend us lots of money awash in all that money subprime loans were made to people with no jobs no assets and no prospects for which he fingers W Take that you conservative accusers Apparently no one knew that defaults on subprime mortgages would shake the international economy and affect people half a world awayThe author talks about the era of globalization that preceded WWI characterized by imperialism and gunboat diplomacy of which one low point must be the forced creation of an opium market in China for the merchandise produced in India under British auspices In light of that our present status as the drug market for the developing world doesn t seem so wrong Turn and turn about is only fair Ferguson uotes some of the financial elite of the Victorian era that prior era of globalization as saying war would be a disaster but most of them were saying it couldn t happen the world was just too interconnected Of course he s comparing that to our own globalized times Then Britain was paired with Germany as the US is with China now But his picture neglects to touch on the pervasive belief that Europe needed war to cleanse or purify itself that I ve picked up from other sources Markets have short memories Workers in the financial sphere have careers of around 25 years English speaking westerners feel so secure They are lacking in imagination and they are complacent The author closes with a review of economic thinkers such as Nassim Nicholas Taleb Fooled by Randomness and The Black Swan and Daniel Kahneman He s looking here at the hard wired irrationality that calls into uestion all economic forecasting without the benefit of hindsight that isNiall Ferguson s TV series as it was shown in England is available on YouTube There was also a four session NPR showing but we were lucky to end up with the six sessions that matched up with the six chapters The book goes into detail sometimes confusing as when terms are defined on the show but not in the book The book tends to contain jargon not readily understandable to the uninitiated sometimes unintentional but sometimes just maybe intended to mystify For example he says countries with financial intermediation do better than those with other systems such as feudalism or central planning The latter is a code expression for communism Is the former a code for capitalismThe book suffers from the severing of finance and commerce as they are intertwined and interrelated and as commerce as well as finance started off being in a bad lightThis book purports to be per the subtitle a financial history of the world but if so only in the sense of the special events and highlights that illustrate the rise in historical succession of banks government bonds markets for securities the stock market insurance and pensions derivatives and finally the political encouragement of home ownershipIt is a history in the sense of a 1926 book I had from my mother and uncle as a child in the 50s The First Days of Man that had chapters with such titles as How Mother Nature Made the Earth Ready for Man The Fish that Got Stuck in the Mud and The Ape that Walked Like a Man One can fit some pieces into the puzzle but won t find a comprehensive picture that provides massive new insightsTaking Niall Ferguson at his own word here s his view of money Far from being a monster that must be put back in its place as the German president recently complained financial markets are like the mirror of mankind revealing every hour of ever working day the way we value ourselves and the resources of the world around usIt is not the fault of the market if it reflects our blemishes as clearly as our beauty The Ascent of Money was published in 2008 a year into the Great RecessionPostscript Are there no other paintings of the exchange of money This book uses on its cover the very same one that is on the cover of The Mind and the MarketUpdate for October 13 I noticed this article reprinted in my local paper that seems to reflect the author s concept of goodness as creditworthiness Only the Brave of the biggest financial crisis since the Great Depression there's never been a better time to understand the ascent and descent No Stopping for Lions of money. Contemplating the title Law and Enforcement in Ptolemaic Egypt of this book my first thought was that it was by a person How To Become Relaxed of the political left maybe not the Pope but an anti capitalist and moralizer Beyond the Burning Times on the all around evil The Mystery Of Sleep of the financial system No said the person who recommended it to me He s center rightSo then I saw the title as deriving from the bad boy mentality Cimmerian of the author thumbing his nose at such views The author has his Behold the Man own intended reference to The Ascent Feminist Judgments of Man a TV series by Jacob Bronowski that impacted him in his youth But the first two chapter titles Dreams Precolumbian Flora and Fauna: Continuity of Plant and Animal Themes in Mesoamerican Art of Avarice and Of Human Bondage did nothing to change my impressionAlso this book is based AS/A-level Pure Mathematics Exam Revision Notes on a television series which is in fact what I The Company Secretarys Handbook originally set Religion & Popular Culture out to watch And in the series the author is strutting around looking very much like a master Naked Crow of the universe wannabe Zionism or to use the The Twins at St Clare's old Salomon Brothers self descriptor that he uotes a Big Swinging Dick His presentation notwithstanding Ferguson isn t an economist The O'Sullivan Twins or financier but a historian and professor Yet the teaching wasn t getting across I must have been looking around Cisco Self-Study online that s when I discovered there is a bookFrom that first chapter about the Summer Term at St. Clare's origin Fifth Formers of St Clare's of finance I learned that the root Letters and Journals of James, Eighth Earl of Elgin of credit is in credo the Latin for I believe and that when Shylock calls Antonio a good man he means not his virtue but his creditworthiness And that the conjoining The Joy of Believing of goodness with creditworthiness echoed subseuently in the institutionalized racism English for Psychology in Higher Education Studies of red lining in the 1940s whereby African Americans were deemed uncreditworthy in Chapter Six and again near the end Jane Austen on Love of the book where the author uses a dollar amount to express what a person would have been worth had he pursued a certain investment strategyThe author also touchs Moonstones (Book 2 of The Unravellers Series) on the legal fictions reuired to avoid running afoul Digital Yesterdays of usury laws against the earning Symphony No 2 Dover Miniature Scores of interest laws that remained in effect in England until 1833 Examples are the repaying a loan with the inclusion Origins of the State: The Anthropology of Political Evolution of a percentage Traders World Digest Issue #17 of the gains African Safari with Ted and Raymond or the purchase Confessions of a Slut Puppy of streams 14 Little Red Riding Hood of annuity if I remember correctly the latter being Start From Success one The Forbidden Tale of Voltaire s methods And there s the Medici s rise via finance from small time hoodlums to popes royalty and arts patrons Bank is from banci Italian for benches The Duchess of Padua of mountains Personal Jesus Engaging Culture of silver into Europe by the conuistadors changed what had been thought to be the worth How to Fight Islamist Terror from the Missionary Position of products so much silver poured into the economy that there was inflationAnd he talked somewhere about how loans create money You put your money in a bank So you have that much money And the bank lends it to someone else Now that person has that amount The Regulation of International Trade of money too Presto capital Or properly speaking the depositor and the borrower can each take that money and build Entanglement (The Johnny Denovo Mysteries) or make something Although the borrower s position is balanced by debt still each has the use Heroes, Villains and Fiends of the moneyIn the afterword the author defines money as the crystallized relationship between debtor and creditor but isn t that ラブひな #14 only because he s focusing Let Sleeping Gods Lie on finance It seems to me it would be basic to say it s the crystallized relationship between buyer and seller My husband is gloomily shaking his head while saying he doesn t know enough to comment so I ve probably gotten The Naked Streets onto shaky groundMy favorite chapters were Chapter Four The Return Robo Dong Deluxe of Risk and Five Safe as Houses In the former I wondered why at the beginning he was making statements I expect to hear from the political left such as that financial difficulties are likely at present due to climate change and American foreign policy blunders and uoting Naomi Klein He talked about risk using as an illustrative case the uninsurability Bird Kiss Volume 5 (Bird Kiss) of parts Bird Kiss Volume 3 of New Orleans post Katrina He also looked at the problem Sweety Volume 2 of inflation in the 70s in a Sokora Refugees Volume 1 Sokora Refugees one sided way it seemed positing Milton Friedman as the savior and socialism as the enemy At the end Representing Superdoll of that chapter he said the answer to the problem Random House Japanese English English Japanese Dictionary of risk lies in futures From Russia With Love options and hedge funds albeit an answer available Social Structures of Accumulation: The Political Economy of Growth and Crisis only to those with money And that was his answer to his rhetorical leftist references to risk at the beginning Slaves to Desire of the chapterFor the rest there are houses Chapter Five begins with the story Braveheart: The Life of William Wallace of Monopoly the game invented by a radical who wanted to preach against the uses Science and the Soul of money but turned into a glorification Arctic Summer of same by a later developer The game became so ubiuitous that it was used in WWII to smuggle real cash to spies behind enemy linesFerguson makes clear that although the Empire and the Ends of Politics owning Building America of homes benefits capitalist democracies the expression safe as houses applies to the lender not the buyer The lender can reclaim the property should the borrower default since you can t pick up your house and abscond with it What the purchaser must have is an income Then and Social Media Guide for Ministry only then is he home safeAnd back to the 40s and before that was when in the words Traders World Digest Issue #1 of a friend Mechthild of Magdeburg and Her Book: Gender and the Making of Textual Authority (The Middle Ages Series) of mine FDR saved capitalism In 1932 in the midst An Unexpected Gift of the Depression Ford Company goons fired Lady Long-legs on 5000 demonstrating unemployed workers killing five and before long 60000 workers were singing The Internationale at the funeral The New Deal became answer to such unrest as did the creation Gabriel Yareds The English Patient of affordable long term mortgages and federal deposit insurance The chapter ends with safe as not houses but housewives and the merits Ancient Greece Global Warming | The Benefits of a Classical Education or Learn from the Past to Live in the Present of microfinance Women stay home use not suander the money and pay it back Elsewhere I ve read 2003 Hardin Way of the similar merits BBW And The Blind Date of educating women But even in microfinance exorbitant interest rates have arisen supposedly as the Italian for Opera Lovers only way to make money Sweet Moon Dreams (Moon) on a multiplicity Plato and Xenophon of tiny loansAlthough Safe as Houses presents the risk to capitalism the author never puts together in a coherent way that classic liberalism in the sense The History of Central America of absolutely free markets sans any sort Zionism of planning VIVA Travel Guides Ecuador or mitigation The Americas in the Age of Revolution: 1750-1850 of the travails Anthem: An American Road Story of the masses would lead to just the sort Apollo 11 of uprising he describes as having happened back during the Great Depression The last chapter Chimerica deals with the Great Recession The Embarrassing Truth About Heartburn AND How To Cure It of 2007 and the relationship between the US and China They save they lend us lots Undercover Nudist of money awash in all that money subprime loans were made to people with no jobs no assets and no prospects for which he fingers W Take that you conservative accusers Apparently no VIVA Travel Guides Nicaragua one knew that defaults Statements on subprime mortgages would shake the international economy and affect people half a world awayThe author talks about the era The Transformers: Spotlight (The Transformers) of globalization that preceded WWI characterized by imperialism and gunboat diplomacy Siddhartha. Eine indische Dichtung of which Bessie Coleman one low point must be the forced creation VIVA Travel Guides Argentina of an Medication Safety opium market in China for the merchandise produced in India under British auspices In light Burning of that Betchworth within Living Memory our present status as the drug market for the developing world doesn t seem so wrong Turn and turn about is DNA and the Death Penalty only fair Ferguson uotes some Nightingale Lodge of the financial elite Black Holes of the Victorian era that prior era Winter Babies Wear Layers of globalization as saying war would be a disaster but most The Second Creation of them were saying it couldn t happen the world was just too interconnected Of course he s comparing that to Atrament Speaks (The Noor Trilogy #1) our Gods Diverse People own globalized times Then Britain was paired with Germany as the US is with China now But his picture neglects to touch Splendid Isolation: The Curious History of South American Mammals on the pervasive belief that Europe needed war to cleanse The Work of a Lodge of the Theosophical Society or purify itself that I ve picked up from The Light of Love other sources Markets have short memories Workers in the financial sphere have careers An Act of Surrender of around 25 years English speaking westerners feel so secure They are lacking in imagination and they are complacent The author closes with a review The Middle Man of economic thinkers such as Nassim Nicholas Taleb Fooled by Randomness and The Black Swan and Daniel Kahneman He s looking here at the hard wired irrationality that calls into uestion all economic forecasting without the benefit The iChurch Method of hindsight that isNiall Ferguson s TV series as it was shown in England is available My Life Burning in the Moonlight on YouTube There was also a four session NPR showing but we were lucky to end up with the six sessions that matched up with the six chapters The book goes into detail sometimes confusing as when terms are defined Chère voisine on the show but not in the book The book tends to contain jargon not readily understandable to the uninitiated sometimes unintentional but sometimes just maybe intended to mystify For example he says countries with financial intermediation do better than those with The Complete Boxer other systems such as feudalism My Special Angel or central planning The latter is a code expression for communism Is the former a code for capitalismThe book suffers from the severing Hearing the Voice of People with Dementia of finance and commerce as they are intertwined and interrelated and as commerce as well as finance started The Belsen Trials 1945-48 off being in a bad lightThis book purports to be per the subtitle a financial history The Cornish Knot of the world but if so Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? only in the sense VIVA Travel Guides Buenos Aires, Argentina of the special events and highlights that illustrate the rise in historical succession Raccoons: A Natural History of banks government bonds markets for securities the stock market insurance and pensions derivatives and finally the political encouragement Iron Man of home Little Red Riding Hood ownershipIt is a history in the sense Biological UFOs Evidence for Extraterrestrial Extremophiles Life in Space of a 1926 book I had from my mother and uncle as a child in the 50s The First Days Beyond the Flames of Man that had chapters with such titles as How Mother Nature Made the Earth Ready for Man The Fish that Got Stuck in the Mud and The Ape that Walked Like a Man One can fit some pieces into the puzzle but won t find a comprehensive picture that provides massive new insightsTaking Niall Ferguson at his Amy Fitzpatrick own word here s his view The Three Billy Goats Gruff of money Far from being a monster that must be put back in its place as the German president recently complained financial markets are like the mirror Women of mankind revealing every hour Horace of ever working day the way we value Understanding Radiation ourselves and the resources PORTFOLIO biannual magazine of contemporary photography Issue 51 of the world around usIt is not the fault Symbiont (Classic Science Fiction) of the market if it reflects Poetics our blemishes as clearly as Musica Britannica our beauty The Ascent Masters Pet Girl of Money was published in 2008 a year into the Great RecessionPostscript Are there no Stories of the Sioux other paintings The Triangle Strike and Fire: American Stories Series, Volume I (American Stories Series , No 1, Vol 1) of the exchange Bobe Mayse: A Tale of Washington Square of money This book uses She Feels like a Brand New Man Tonight on its cover the very same Stalking Shadows (Diamond Peak #2) one that is Social Media Marketing and SEO Strategy For Hospitality Industry on the cover What Are Hyenas Laughing At Anyway? of The Mind and the MarketUpdate for October 13 I noticed this article reprinted in my local paper that seems to reflect the author s concept The Maker Of Universes (World of Tiers, #1) of goodness as creditworthiness


10 thoughts on “(E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson

  1. says: (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson Imperialism The Darwinian Justification Ferguson contends that today’s financial world is the result of four millennia of economic evolution It is very important to the aims of this book that this metaphor is accepted Ferguson looks at this evolution of money into the complicated financial ecosystem of today He explores how money mutated into new toolsorganisms and acuired characteristics that allowed it to m

  2. says: SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson

    REVIEW The Ascent of Money A Financial History of the World SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson Niall Ferguson ´ 8 READ Yay for empire Another book from the vaguely centrist right you know them those economists and Greek translators and philosophers from the University of Chicago who assisted Pinochet in his fascist coup won Nobel Prizes misconstrued Plato to fit their world view I'm looking at you Leo Strauss and finally today when they are primarily involved in teaching a new generation to do the same thingsWell Ferguson perhaps isn't

  3. says: REVIEW The Ascent of Money A Financial History of the World (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson Niall Ferguson ´ 8 READ

    REVIEW The Ascent of Money A Financial History of the World (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson Financial institutions are not evil that's Niall Ferguson's main point For some this is already a hard sell I am n

  4. says: (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson The book is titled The Ascent of Money but it's not about the ascent of money It's about the path of money with the assumption that from the or

  5. says: SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson Life has a habit of proving me wrong Recently I wrote a review of The Drunkard's Walk How Randomness Rules Our Lives and said something like y

  6. says: REVIEW The Ascent of Money A Financial History of the World Niall Ferguson ´ 8 READ SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson

    Niall Ferguson ´ 8 READ SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World This is a very informative and convincing book about the history and the need for money I say that despite the fact that I disagree with the a

  7. says: (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson REVIEW The Ascent of Money A Financial History of the World

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World Ferguson is known as an economic historian yet his last few books were almost purely historical with only brief passages on the economic aspects of historical events Here Ferguson returns to telling about well not so much economics as the evolution of finance First money then banks then bonds then euities deri

  8. says: REVIEW The Ascent of Money A Financial History of the World (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson Niall Ferguson ´ 8 READ

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson Contemplating the title of this book my first thought was that it was by a person of the political left maybe not the Pope but an anti capitalist and moralizer on the all around evil of the financial system No said the person who recommended it to me; He's center rightSo then I saw the title as deriving from the bad boy mentality of the author thumbing his nose at such views The author has his own intended reference to The Ascent

  9. says: (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson REVIEW The Ascent of Money A Financial History of the World

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson The budget should be balanced the Treasury should be refilled public debt should be reduced the arrogance of officialdom should be tempered and controlled and the assistance to foreign lands should be curtailed lest Rome become bankru

  10. says: REVIEW The Ascent of Money A Financial History of the World SUMMARY ´ eBook, ePUB or Kindle PDF ´ Niall Ferguson Niall Ferguson ´ 8 READ

    (E–pub) The Ascent of Money A Financial History of the World by Niall Ferguson 40 stars I am a big fan of Niall Ferguson and this book certainly added to my appreciation for both his skill as a writer and his knowledge of history especially financial history After spending the early portion

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  • Paperback
  • 441
  • The Ascent of Money A Financial History of the World
  • Niall Ferguson
  • English
  • 07 March 2020
  • 9780141035482