Daily Archives: August 15, 2012

BOOK REVIEW: “The Ascent of Money: A Financial History of the World” by Niall Ferguson (2008)

Last week marked the fifth anniversersay of the credit crisis. We seem to have had nothing but bad new and banking scandals since 2007. Yesterday we had another one with Standard Chartered agreeing to pay $340m to New York regulators to settle claims that it hid transactions with Iran. The bank was accused of laundering up to $250bn and was under threat of having its US banking licence revoked.

This excellent and very readable book by Niall Ferguson will give you some of the background to why money has become so important in our economy. Curiously, he began work on in in 2006 predicting that a banking crisis was about to occur.

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