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  • Published: 23 August 2011
  • ISBN: 9781742533926
  • Imprint: Penguin eBooks
  • Format: EBook
  • Pages: 496
Categories:

Extreme Money: the Masters of the Universe and the cult of risk




Australia's most prescient and accessible financial commentator tells the story of money, and how it has changed forever.

The bestselling author of Traders, Guns & Money on how money and finance enslaved the world.

Once, we built things – useful things. Now, we construct immense financial structures from thin air and lies. We have crafted a colossal worldwide financial machine that makes a few individuals staggeringly wealthy and sacrifices everyone else at its altar of risk.

Bestselling author Satyajit Das draws on over thirty years of personal experience at the heart of modern global finance to narrate this story. Das reveals the spectacular, dangerous money games that have generated increasingly massive bubbles of fake growth, ponzi prosperity, sophistication and wealth – while endangering the jobs, possessions and futures of virtually everyone outside the financial industry.

You'll learn how everything from home mortgages to climate change has become financialized, as vast fortunes are generated by individuals who build nothing of lasting value. Das shows how 'extreme money' has become ever more unreal; how 'voodoo banking' continues to generate massive phony profits even now; and how a new generation of 'Masters of the Universe' has come to dominate the world.

Epic in its scope, EXTREME MONEY reveals how we have all become slaves to our own illusory, unsustainable creation: global finance. '...virtually in a category of its own – part history, part book of financial quotations, 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 consequences of financialisation ('the conversion of everything into monetary form', in Das's phrase), but few have done it with a wider or more entertaining range of references...[Extreme 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 (17 August 2011)

'…a powerful book…highly readable and informative…Anyone who decodes the ratings of the three major agencies so amusingly – CCC means 'Russian roulette with five bullets in the chamber' and D means 'scrape your brains off the wall and place in a plastic bag'- demands to be read.' Lindsay Tanner, former Australian Minister of Finance in The Monthly

'A true insider's devastating analysis of the financial alchemy of the last thirty years and its destructive consequences.' Nouriel Roubini, Professor of Economics at NYC Stern School of Business and Chairman of Roubini Global EconomicsExtreme Money was selected as one of Bloomberg's Best Business Books of 2011.

  • Published: 23 August 2011
  • ISBN: 9781742533926
  • Imprint: Penguin eBooks
  • Format: EBook
  • Pages: 496
Categories:

About the author

Satyajit Das

Satyajit Das is a globally respected former banker and consultant with over forty years’ experience in financial markets. In 2014, Bloomberg nominated him as one of the fifty most influential financial thinkers in the world.

Das presciently anticipated, as early as 2006, the Global Financial Crisis. Subsequently, he accurately described the evolution of the post-crisis world – sluggish growth, disinflation, the increasing ineffectiveness of policy measures and retrenchment from globalisation. He identified the increasing political and social dimensions of the crisis, especially the growing democracy deficit and the end of trust. In 2016, in the context of the SARS and Ebola epidemics, he drew attention to the risk of disease and the lack of preparedness to deal with a global health crisis.

In his writings and public talks, he highlighted the linkages between the economic challenges and environmental, resource, and socio-political constraints, such as inequality and inter-generational tensions. The extend-and-pretend model, he argued, had reached the end of its utility, and rising complacency combined with the reluctance to make difficult choices made a serious future crisis inevitable.

Das is the author of two international bestsellers, Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives (2006) and Extreme Money: The Masters of the Universe and the Cult of Risk (2011). He was featured in Charles Ferguson’s 2010 Oscar-winning documentary Inside Job, the 2012 PBS Frontline series Money, Power & Wall Street, the 2009 BBC TV documentary Tricks with Risk, and the 2015 German film Who’s Saving Whom?

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