A narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 – and paradoxically led to the birth of modern finance.
Author: Thomas Levenson
Publisher: Head of Zeus Ltd
'A gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun ... Superb, fascinating and totally timely' SIMON SEBAG MONTEFIORE. The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold. And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope and others lost heavily. Tom Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich.
Thomas Levenson’s Money for Nothing tells the unbelievable story of the South Sea Bubble with all the exuberance, folly, and the catastrophe of an event whose impact can still be felt today.
Author: Thomas Levenson
Publisher: Random House
Category: Business & Economics
The sweeping story of how the greatest minds of the Scientific Revolution applied their new ideas to people, money, and markets—and along the way, invented modern finance. LONGLISTED FOR THE FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD • “An astounding episode from the early days of financial markets that to this day continues to intrigue and perplex historians . . . narrative history at its best, lively and fresh with new insights.”—Liaquat Ahamed, Pulitzer Prize–winning author of Lords of Finance Money for Nothing chronicles the moment when the needs of war, discoveries of natural philosophy, and ambitions of investors collided. It's about how the Scientific Revolution intertwined with finance to set England—and the world—off in an entirely new direction. At the dawn of the eighteenth century, England was running out of money due to a prolonged war with France. Parliament tried raising additional funds by selling debt to its citizens, taking in money now with the promise of interest later. It was the first permanent national debt, but still they needed more. They turned to the stock market—a relatively new invention itself—where Isaac Newton's new mathematics of change over time, which he applied to the motions of the planets and the natural world, were fast being applied to the world of money. What kind of future returns could a person expect on an investment today? The Scientific Revolution could help. In the hub of London's stock market—Exchange Alley—the South Sea Company hatched a scheme to turn pieces of the national debt into shares of company stock, and over the spring of 1720 the plan worked brilliantly. Stock prices doubled, doubled again, and then doubled once more, getting everyone in London from tradespeople to the Prince of Wales involved in money mania that consumed the people, press, and pocketbooks of the empire. Unlike science, though, with its tightly controlled experiments, the financial revolution was subject to trial and error on a grand scale, with dramatic, sometimes devastating, consequences for people's lives. With England at war and in need of funds and "stock-jobbers" looking for any opportunity to get in on the action, this new world of finance had the potential to save the nation—but only if it didn't bankrupt it first.
Absolutely. And we should. So argue financial regulation expert Robert Hockett and bestselling philosopher Aaron James in this eye-opening, irreverent, and inspiring exploration of what the dollar really is.
Author: Robert Hockett
Publisher: Melville House
Category: Business & Economics
A major work of financial theory and practice with immediate relevance to the rebuilding of the economy, and restoring the promise of equality When the government decides to spend money, it simply creates the necessary funds for itself--as if out of thin air. That's how we pay for interstate highways, post offices, wars, social services, and economic stimulus packages. If it's that easy to make money . . . can't we all get more of it? Absolutely. And we should. So argue financial regulation expert Robert Hockett and bestselling philosopher Aaron James in this eye-opening, irreverent, and inspiring exploration of what the dollar really is. And better still, they show how we can build an economy that works for everybody without unwanted taxes and added regulations. In the process, we learn how disingenuous the political rhetoric surrounding inflation can be, how the demonized concept of the deficit is really just another way of tallying our collective national wealth, and how a strong central bank could free us from the abuses of private banking. With broad historical background and ambitious yet practical institutional proposals, Hockett and James offer a new vision of public finance--people's banking for a people's economy. Armed with this new outlook, we can even stop worrying debt and learn to love a strong, accountable, and transparent Federal Reserve as a cornerstone of our democracy.
A P.G. Wodehouse novel The peaceful slumber of the Worcester village of Rudge-in-the-Vale is about to be rudely disrupted.
Author: P.G. Wodehouse
Publisher: Random House
A P.G. Wodehouse novel The peaceful slumber of the Worcester village of Rudge-in-the-Vale is about to be rudely disrupted. First there's a bitter feud between peppery Colonel Wyvern and the Squire of Rudge Hall, rich but miserly Lester Carmody. Second, that arch-villain Chimp Twist has opened a health farm - and he and Soapy and Dolly Molloy are planning a fake burglary so Lester can diddle his insurance company. After the knockout drops are served, things get a little complicated. But will Lester's nephew John win over his true love, Colonel Wyvern's daughter Pat, and restore tranquillity to the idyll? It's a close-run thing...
Money from Nothing explores the dynamics surrounding South Africa's national project of financial inclusion—dubbed "banking the unbanked"—which aimed to extend credit to black South Africans as a critical aspect of broad-based economic ...
Author: Deborah James
Publisher: Stanford University Press
Category: Social Science
Money from Nothing explores the dynamics surrounding South Africa's national project of financial inclusion—dubbed "banking the unbanked"—which aimed to extend credit to black South Africans as a critical aspect of broad-based economic enfranchisement. Through rich and captivating accounts, Deborah James reveals the varied ways in which middle- and working-class South Africans' access to credit is intimately bound up with identity, status-making, and aspirations of upward mobility. She draws out the deeply precarious nature of both the aspirations and the economic relations of debt which sustain her subjects, revealing the shadowy side of indebtedness and its potential to produce new forms of oppression and disenfranchisement in place of older ones. Money from Nothing uniquely captures the lived experience of indebtedness for those many millions who attempt to improve their positions (or merely sustain existing livelihoods) in emerging economies.
Money for Nothing is a witty, wise, and often outrageously funny account of high expectations and easy money.
Author: Edward Ugel
Publisher: Harper Collins
Category: Biography & Autobiography
For the better part of a decade, Edward Ugel spent his time closing deals with lottery winners, making a lucrative and legitimate—if sometimes not-so-nice—living by taking advantage of their weaknesses . . . weaknesses that, as a gambler himself, he knew all too well. In Money for Nothing, he explores the captivating world of lottery winners and shows us how lotteries and gambling have become deeply inscribed in every aspect of American life, shaping our image of success and good fortune. Money for Nothing is a witty, wise, and often outrageously funny account of high expectations and easy money.
In the most recent economic collapse, almost all attention has focused on the greed, recklessness, or incompetence of CEOs rather than the negligence of boards, who ought to be held equally, if not more, accountable because the CEOs ...
Author: John Gillespie
Publisher: Simon and Schuster
Category: Business & Economics
A Bank of America director questioned the CEO's $76 million pay package in a year when the bank was laying off 12,600 workers and found herself dropped from the board without notice a few months later. According to their employment agreements -- approved by boards -- 96 percent of large company CEOs have guarantees that do not allow them to be fired "for cause" for unsatisfactory performance, which means they can walk away with huge payouts, and 49 percent cannot be fired even for breaking the law by failing in their fiduciary duties to shareholders. The General Motors board gave CEO Rick Wagoner a 64 percent pay raise -- to $15.7 million -- in 2007, when the company lost $38.7 billion. The company went bankrupt two years later at a cost of $52 billion to shareholders and another $13.4 billion to all taxpayers. If you own stock -- and 57 million U.S. households do -- every cent of these outrages comes out of your pocket, thanks to boards of directors who are supposed to represent your interests. Every customer, employee, and taxpayer is also being hurt and American business is being imperiled. In the most recent economic collapse, almost all attention has focused on the greed, recklessness, or incompetence of CEOs rather than the negligence of boards, who ought to be held equally, if not more, accountable because the CEOs theoretically work for them. But the world of boards has become an entrenched insiders' club -- virtually free of accountability or personal liability. Too often, corporate boards act as enabling lapdogs rather than trustworthy watchdogs, costing us trillions. Money for Nothing exposes the glaring flaws in this dysfunctional system, including directors who are selected by the CEOs they are meant to hold accountable; compensation consultants who legitimize outrageous pay; accountants and attorneys who see no evil; legal vote buying; rampant conflicts of interest; and much more. Using their extensive original reporting and interviews with high-level insiders, John Gillespie and David Zweig -- both Harvard MBAs with thirty-plus years of Fortune 100 experience at investment banks and media companies -- expose what happened, or failed to happen, in the boardrooms of companies such as Lehman Brothers, General Motors, Bear Stearns, and Countrywide and how it has resulted in so much financial devastation. They reveal how the byzantine yet indestructible web of power and money has brought on collapse after collapse, with fig-leaf reforms that feebly anticipate last year's scandal, but never next year's. Money for Nothing shows how the game is played, and how you can help to demand real change in a badly broken system.
This book is a humorous look at some of the outrageous events that are allow inside the Federal Government and the very serious results that can occur when small problems go uncorrected.
Author: Matt Allen
Category: Biography & Autobiography
Are you a retired or current Federal Employee? Do you perhaps have a relative or friend that is employed by the Government? Have you ever seen a man assemble a toy train on the floor around his desk in your office or have you ever been paid to watch soap operas on TV in a motel room at two-o'clock in the afternoon? Well Matt Allen has! During the first four years of his twenty-eight year career as a civil servant, he was amazed with the events he witnessed. This book is a humorous look at some of the outrageous events that are allow inside the Federal Government and the very serious results that can occur when small problems go uncorrected.
Tells the history of the music video, delving into its origins, function, stars, motifs, genres, conventions, and masterpieces.
Author: Saul Austerlitz
Publisher: Continuum International Publishing Group
Tells the history of the music video, delving into its origins, function, stars, motifs, genres, conventions, and masterpieces. The author sees the music video as a fascinating oddity, capable of packing great wit, emotion, and insight into its brief span." - publisher.
C. M. Albright is a pseudonym for a senior figure working in the City. He has been a trader in the financial markets for twenty-five years, living and working all around the world.
Author: C. M. Albright
What do you do once you have it all? The four friends from Trenchart Colville are set to become Masters of the Universe – but for how long? Miles is easing into the rarefied world of fund management, while Fergal enjoys every form of debauchery Hong Kong has to offer. Meanwhile, Al is consorting with European aristocracy, and Imogen is coming to terms with her desire for a life outside banking. But the events of September 11 throws their comfortable lives into turmoil – and the friends must decide where their true loyalties lie. As the world economy plunges into crisis, the sharks are circling... Who will thrive in the meltdown that follows? The second instalment in the Shadow Banking trilogy, for fans of The Wolf of Wall Street and Billions, Money for Nothing is an insider’s tale of what it’s really like to have it all – and what you do when it all comes crashing down. C. M. Albright is a pseudonym for a senior figure working in the City. He has been a trader in the financial markets for twenty-five years, living and working all around the world. He has had a ringside seat during a period of unparalleled economic and political turmoil and is perfectly placed to give an insider’s perspective on this glamorous, dangerous and yet enduringly mysterious world. He divides his time between homes in London and the Cotswolds.
Author: Pelham Grenville WodehousePublish On: 1976
The peaceful slumber of the Worcester village of Rudge-in-the-Vale is about to be rudely disrupted.
Author: Pelham Grenville Wodehouse
Publisher: Barrie & Jenkins
Category: Fiction in English
The peaceful slumber of the Worcester village of Rudge-in-the-Vale is about to be rudely disrupted. There's a bitter feud between Colonel Wyvern and the Squire of Rudge Hall. Chimp Twist has opened a health farm and, along with his friends, is planning a fake burglary so Lester can diddle his insurance company.
One of America's best-loved authors returns with a delightfully chilling new stand-alone in the vein of his bestsellers The Ax and The Hook.
Author: Donald E. Westlake
Publisher: Hachette UK
One of America's best-loved authors returns with a delightfully chilling new stand-alone in the vein of his bestsellers The Ax and The Hook. Josh Redmont was 27 when the first check arrived, and he had absolutely no idea what it was for. Issued by "United States Agent" through an unnamed bank with an indeterminate address in D.C., someone seemed to think Josh was owed $1,000. One month later, another check arrived, and then another, and another...and Josh cashed them all. Month after month, year after year, never a peep from the IRS, never an explanation for all this seemingly found money; the checks even followed Josh from one address to another as he moved through life. Now, after a full seven years, we find him on his way to meet the wife and kids for a summer vacation. Puzzled by the approach of a smiling stranger, Josh's stomach seizes with dread when the unwanted greeting begins with, "I am from United States Agent." Dumbstruck, Josh attempts to feign ignorance until he hears the words, "You are now active."