EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das


10 thoughts on “EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das

  1. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary

    review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary Read & Download Extreme Money: Masters of the Universe and the Cult of Risk Extreme Money by Satyajit Das is a critical and analytical book about the flaws in the modern financial system The context of the book

  2. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Read & Download Extreme Money: Masters of the Universe and the Cult of Risk

    EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Extreme Money delves into the realm of financial alchemy and reveals the practices of investment bankers that res

  3. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das

    Read & Download Extreme Money: Masters of the Universe and the Cult of Risk review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary I read Das' earlier book Traders Guns and Money It was given to me by the owner of a small trading company who has a somewhat pessimistic view of the stock market I really enjoyed that bookTo me at times when read

  4. says: review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das

    review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das I am anything but economically literate so it is a positive for this book that I could actually understand it However it is a depressing read and I fear no lessons have been learned from the economic disasters of 2008 It is always worth listening to Das the economist who foresaw the financial crisis

  5. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Satyajit Das Ñ 6 Summary

    Read & Download Extreme Money: Masters of the Universe and the Cult of Risk Satyajit Das Ñ 6 Summary EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das this book is really long so i didn't read the whole thing not written by or for academics written by a financial consultant who is critical of over leveraging debt and pessimistic about the financial market's overall ability to withstand such practices he is amusing there are lots of anecdotes there are a lot o

  6. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Read & Download Extreme Money: Masters of the Universe and the Cult of Risk

    EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Satyajit Das Ñ 6 Summary Read & Download Extreme Money: Masters of the Universe and the Cult of Risk Plenty of snark not enough substanceJDN 2456783 PDT 1134A review of Extreme Money by Satyajit DasI had high hopes for this book; I've read uite a few books about the Second Depression now but this one promised to tie it all

  7. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Satyajit Das Ñ 6 Summary

    Satyajit Das Ñ 6 Summary review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das This is an uneven book unevenly written and even unevenly edited that nevertheless succeeds in expressing one well deserved sentiment for contemporary economics and finance contempt The economics professors may have been

  8. says: Read & Download Extreme Money: Masters of the Universe and the Cult of Risk review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary

    Read & Download Extreme Money: Masters of the Universe and the Cult of Risk review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary I agree with the premise of the book; our trust in governments and financiers to manage 'the show' was greatly mi

  9. says: EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das

    EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das This is actually an interesting worthy book – don't let my lowly 3 star rating fool you I actually agree with the author's overall view that over the last few decades our Randian faith in unfettered markets has led to the creation of a outsi

  10. says: Read & Download Extreme Money: Masters of the Universe and the Cult of Risk EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das

    EBOOK DOWNLOAD Extreme Money: Masters of the Universe and the Cult of Risk AUTHOR Satyajit Das Finally finished slogging through this Rather than a linear narrative Das provides a series of examples that fit each stage of the financial crisis in which we are still embroiled The book is heavily peppered with uotes from figures in the world of finance as well as celebrities authors and others I would prefer

Leave a Reply

Your email address will not be published. Required fields are marked *

Read & Download Extreme Money: Masters of the Universe and the Cult of Risk

Summary Extreme Money: Masters of the Universe and the Cult of Risk ñ PDF, eBook or Kindle ePUB review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary E Money does reach an important if worrying conclusion financialisation may be too deep rooted to be torn out As Das puts it characteristically borrowing a line from a movie Inception the hardest virus to kill is an idea Andrew Hill Eclectic Guide to the Excesses of the Crisis Financial Times August 17 2011 Extreme Money named to the longlist for the 2011 FT and Goldman Sachs Business Book of the Year awa. I agree with the premise of the book our trust in governments and financiers to manage the show was greatly misplaced The financial markets are run by people whose level of arrogance greed self indulgence and voodoo mathematics reached unimaginable levels until the wheels fell off He gives many examples to illustrate the madness however the book is larger than it needs to be to get his point across and starts to feel a bit self indulgent He waxes lyrical with uotes from great literature philosophy and history to illustrate the folly of humans which I enjoyed uite a lot but it started to muddy the waters and overshadow the thread of his argument Halve the size of the book and the number of references to unrelated literature and this would have been a much better book for me Don t get me wrong I really like the author and I would highly recommend his interviews there are a few around He has a great mind clear thinking worked in the thick of the financial industry for years is skeptical about the status uo and is an avid bird watcher What could you want in an observer of human folly Oh and he also has Aspergers so he tells it like it is without fear or favour or emotion his statement I highly recommend his interviews than this book

review Þ PDF, eBook or Kindle ePUB Ñ Satyajit DasExtreme Money: Masters of the Universe and the Cult of Risk

Summary Extreme Money: Masters of the Universe and the Cult of Risk ñ PDF, eBook or Kindle ePUB review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary The human race created money and finance then our inventions recreated us In Extreme Money best selling author and global finance expert Satyajit Das tells how this happened and what it means Das reveals the spectacular dangerous money games that are generating increasingly massive bubbles of fake growth prosperity and wealth while endangering the jobs possessions and futures of virtually everyone outside. Extreme Money by Satyajit Das is a critical and analytical book about the flaws in the modern financial system The context of the book is the causes of the global financial crisis of 2008Evolution of money from commodity to promissory note Money evolved from barter system of commodity money to precious metals gold to paper money backed by gold gold standard finally superseded by promissory note backed purely by trust with no intrinsic valuePoliticians economists and bankers gathered in the year 1944 in Bretton Woods New Hampshire to establish the post Second World War international monetary and financial order The economic condition of US in 1944 was better The US produced half of the world s manufactured goods and held than half its reserves 26 billion in gold reserves out of an estimated total of 40 billion globally Britain France other European countries devastated by two world wars needed American money to rebuild their economiesBretton Woods established a system of fixed exchange rates where countries would establish parity of their national currencies in terms of gold pegging All countries would peg their currencies to the US dollar as the principal reserve currency and after convertibility was restored would buy and sell US dollars to keep market exchange rates within plus or minus 1 percent of parity The dollar was as good as gold It was even better as it earned interest The US dollar became the most important currency in the international financial systemThis gold standard would remain in place until 1971 The Bretton Woods system was ultimately undermined by the decline in US power and the insufficient supply of gold to make the present system workable as the use of the dollar as a reserve currency is essential to create the reuired international liuidity to sustain world trade and growth As the dollar was the global reserve and trade currency the United States had to run large trade deficits to meet the world s demand for foreign exchange By the early 1970s the ratio of gold available to dollars deteriorated from 55 percent to 22 percent People started losing faith in the ability of the United States to back currency with gold On August 15 1971 President Richard Nixon closed the gold window making the dollar inconvertible to gold directlyIn February 1973 the global system moved to the era of floating currencies with no link to dollars or gold It was the final transformation of money of current promissory note Now the state through its monopoly over the printing presses controlled money and the economy Money became a matter of pure trust At each step of the transition from commodity to paper to credit money became unreal and detached from the real goods and services that money can be exchanged for Money transformed itself from a mechanism for trade into an object in its own right Extreme Money Satyajit Das Money now is endless capable of infinite multiplication and completely unreal The world is involved in creating manipulating and chasing reflections of real things Finance is the interplay of the real and its endless reflections In the end money would change the real world financialize it Extreme Money Satyajit Das From modest origins as a mechanism of exchange and store of value money has evolved into something much Infinitely malleable it is the reflection of the world but also a shaper of worlds Individual lives and business activities are increasingly molded by money Banks and financiers have become dominant forces in the world The interplay of the real world and its endless monetary reflection now drives economies and cities News about money is everywhere and deeply embedded in popular culture Extreme Money Satyajit DasExtreme money Extreme EcstasyIn the later half of the twentieth century the flow of easy money and increasing financialization of the system in the US became a way to create wealth increase economic activity and stimulate growth Money from being a mechanism of exchange or store of value changed into something important in its own right It ceased to be a claim on real things becoming instead a way to create wealth through manipulation and speculation Money is pure trust and faith Money itself can have value gold It can have no intrinsic value paper Money can be easily debased It can corrupt and in turn be corrupted Extreme Money Satyajit DasThe housing prices in the United States had increased dramatically since 2000 It was driven by a combination of low interest rates and promotionover promotion of homeownership by the US government Banks and mortgage brokers lend to new homebuyers overenthusiastically using adjustable rate mortgage ARM Loans were available to anybody even to NINJAs no income no jobs or assetsFinancial engineering overtook real engineeringIn order to generate higher shareholder value it reuires either increasing earnings or reducing the amount of capital used by the business through productivity enhancement or decreasing the cost of that capital Improving business improvements are risky and very slow akin to watching grass grow Financial changes or financial engineering are easier uicker Financial engineering overtook real engineering with trading speculation and manipulationThe banks underwrote the loan keeping it on the balance sheet for a short time before converting the loans into securities to be sold to investors through securitization Banks even outsourced the origination of the loans to brokers incentivized by large incentives as securitization reduced the direct risk of defaults It resulted into unprecedented growth in lendingIn the early 1980s Americans saved 12 percent of their income and household debt was 63 percent of GDP the country s annual production By 2006 Americans savings rate was negative as they spent than they earned and household debt as a percentage of GDP soared above 130 percent a doubling in 25 years Between 1989 and 2007 credit card debt uadrupled from 238 billion to 937 billion To fund consumption Americans borrowed than 3 trillion against their home euity the difference between the value of their homes and the mortgage outstanding The Debt fueled consumption financed by low interest regime became the normThe ability of governments and central banks to fine tune the economy through a mix of budgetary and monetary policy as well as regulation became accepted faithLeverage is lovely in low interest regimeThe United States is the biggest economy in the world Export led countries China Japan South Korea Taiwan export their goods to US and earn dollars in the process These dollars were then invested in treasury bonds as well as financial securities With so much money chasing US financial securities the issuers of these securities could in turn offer low rates of interest on them The low interest rate scenario despite US government running into a high budget deficit also allowed people to borrow money at low rates and buy homesLow US interest rates also drove American pension funds and investors to seek out riskier investments This led to unprecedented growth of junk bonds securitized debt private euity and hedge funds which promised the higher returns needed to finance retirement income The lending standard deteriorated sharply Homeowners treated their properties as an automatic teller machine from which they extracted cash Individuals borrowed to buy houses cars gadgets or take holidays Companies borrowed to invest in each other Companies borrowed to pay dividends or repurchase their own stock Spending that normally would have taken place over a period of years was sueezed into a short period because of the availability of cheap borrowing Business over invested in production capacity assuming exaggerated growth would continue indefinitelyAll this resulted into unprecedented increase in the price of assets to create the illusion of wealth transforming individual lives businesses cities and entire countriesBursting of the bubbleAll debt borrows from tomorrow to pay for today To be sustainable future income must be sufficient to pay the interest and repay the loan But much of the borrowing in the new economy was now unproductive financing consumption or larger houses that did not produce income Earnings from investments were freuently insufficient to meet interest and principal paymentsBy 2006 when the interest rate was raised house prices began to fall the EMI s on loans increased substantially borrowers stopped making payments on these mortgages and large number of borrowers defaulted By 2008 the unstable system of money and unsustainable levels of debt in US resulted into global financial crisis impacting the entire global economyAs the financial crisis hit it became clear that the power of money to transform economies business and lives had been greatly over estimated The amount of money available was also far less than thought It had just been the same money that had flowed around ever faster In the age of capital financial assets and real wealth were confused Money was a claim on real things to be used or enjoyed Increasing financial wealth dividing real things into a larger number of pieces did not create wealth Trading things and boosting prices does not change a loaf of bread or its nourishment value The world maximized something without understanding what it represented Extreme Money Satyajit Das No man touched the seed or lusted for the growth Men ate what they had not raised had no connection with the bread Owners no longer worked on the farms They farmed on paper and they forgot the land the smell the feel of it and remembered only that they owned it remembered only what they gained and lost by it In The Grapes of Wrath John SteinbeckExtreme Money by Satyajit Das is an insightful book about the flaws in the modern financial system that resulted into global financial crisis of 2008 The book has been written with lots of pun towards modern financial system It s a good book to understand the implications of excessive leverage and excessive financial innovation in the system The series of three books by Vivek Kaul ie Easy Money is written in much simpler explanatory easy to understand language and the context of the series is similar to Extreme Money by Satyajit Das

Satyajit Das Ñ 6 Summary

Summary Extreme Money: Masters of the Universe and the Cult of Risk ñ PDF, eBook or Kindle ePUB review Þ PDF, eBook or Kindle ePUB Ñ Satyajit Das Satyajit Das Ñ 6 Summary Financevirtually in a category of its own part history part book of financial uotations part cautionary tale part textbook It contains some of the clearest charts about risk transfer you will find anywhere Others have laid out the dire conseuences of financialisation the conversion of everything into monetary form in Das's phrase but few have done it with a wider or entertaining range of referencesExtrem. Plenty of snark not enough substanceJDN 2456783 PDT 1134A review of Extreme Money by Satyajit DasI had high hopes for this book I ve read uite a few books about the Second Depression now but this one promised to tie it all together into a coherent narrative about what is wrong with modern capitalism But the narrative it delivers is an unconvincing one filled with cynicism and pessimism about how this is just the way things are and we will have to accept our fate Das has a weird dissonance in his understanding of the relation between the real and financial economies one moment he ll say that the financial economy is all made up and means nothing and the next he ll say that because the financial economy failed we must all accept slower growth and reduced standard of living in the real economy He says several times that we must live within our means apparently not grasping that we have the power to create money out of thin air if we so desire it A lack of money should never be a problem A lack of oil or a lack of steel or a lack of trees or a lack of laborers or a lack of physicists those could be problems But a lack of money is something the government can change with the strike of a pen If they fail to do so it is not because there is some irredeemable flaw in capitalism it is because our legislators are ignorant I guess it s not entirely his fault hardly anyone actually understands the true relationship between the real and financial economies but if you d like to be someone who does I strongly suggest reading up on Modern Monetary Theory starting here Das loves being snarky and he s uite good at it Some of his lines are hilarious like self regulation which bears the same relation to regulation as self importance does to importance and his comparison of the SEC and DOJ to the Robin Williams sketch about Stop Or I ll should stop again But he lets the snark get the better of him unwilling to take just about anything seriously preferring to make fun of all possible views eually so that he can avoid ever being caught agreeing with someone who might be wrong He makes fun of Keynesians and Austrians alike He even mocks Nassim Nicholas Taleb whose views as far as I can tell are indistinguishable from his own both seem to think that the world is hopeless and completely unpredictable and we should all give up and die The fact that financial markets are fat tailed isn t a reason to give up on modeling financial markets it s a reason to model them with fat tailed distributions for goodness sake Not all animals are elephants so we may as well give up on biology altogether Das makes odd literary and film references some relevant but most not He even references Transformers to say something about our creations rising up to destroy us even though that s not at all what Transformers was about and he d have had a much better and literary example with ahem Frankenstein Some of his explanations of how derivatives work are not bad though his diagrams are not as helpful as he thinks they are and there are better places to look if you want to understand derivatives Even worse he makes some really weird and embarrassing errors His explanation of systemic versus diversifiable risk is utterly wrong and coming from a man who spent years working in financial markets it suddenly becomes apparent why our financial system might not be working He buys into the whole Monetarist or should I borrow from Krugman and say sado monetarist notion that printing money is inherently inflationary regardless of what s going on in demand he actually speaks of debasing the currency as though that were a real problem for modern fiat systems Worst of all he offers us no solutions The entire book is an interminable rant about how horrible things are and then at the end he gives us no policy suggestions and hardly even any hope that any of this could be repaired He takes the view that Krugman warned us about the notion that we are all to blame and the system is fundamentally broken and everything is hopeless No we are not all to blame In fact the blame can be set suarely on a surprisingly small number of shoulders or did I need to remind you that HSBC laundered money for terrorists The system is not fundamentally broken it is suffering from what Keynes called magneto trouble today we d say alternator It won t start it won t run everything is clearly wrong Oh wait replace that one part and everything is fine That one part is our banking system We need to fundamentally reform our banking system But the rest of the real economy Actually that s all fine The computers still run the laborers still work the physicists still think the bridges still stand The United States is in real terms the richest country in the history of the world it s high time our monetary system reflected that

  • Kindle Edition
  • 481
  • Extreme Money: Masters of the Universe and the Cult of Risk
  • Satyajit Das
  • English
  • 01 June 2020
  • null