Extreme money is money made endless, capable of infinite multiplication, completely unreal. It changed everything, individual life, business, even countries. At the heart of this new economy, voodoo banking increases bankers' profits. The Masters of the Universe and their cult of risk dominate economies and lives. The human race created money and the finance economy. Somewhere thereafter, it recreated us and not always for the better. Mankind mistook money, a lubricant of society and the economy, for an end in itself. Finance became eviscerated reality - the monetary shadow of real things. Extreme Money is that story. It is also essentially the story of the modern world.
About the Author
Satyajit Das is an internationally respected expert in finance with over thirty years' experience. He has worked for the 'sell side' (Citicorp Investment Bank and Merrill Lynch), the 'buy side' (as Treasurer of the TNT Group), and as a consultant advising banks, investors, corporations, and central banks worldwide. Das is the author of many highly regarded standard reference books on derivatives and risk management. In 2006, he published the international bestseller Traders, Guns & Money, an account of the world of derivatives trading. In Traders, Guns & Money and a series of speeches delivered at the time, 'The Coming Credit Crash', he provided a highly prescient insight into the structure and risk of the world financial system exposing the problems that subsequently became apparent. Das was recently featured in Charles Ferguson's 2010 Academy Award-winning documentary Inside Job and the 2009 BBC documentary Tricks with Risk.
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Reviews
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The first thing to learn about this book is that it is VERY thick (447 pages), and I read it cover to cover within a few weeks - that's how interesting it is, and if you have read the review on other edition of this book on this website - this is NOT a book about fishing. I got most of my books from Fishpond, but this place really got to get it up a notch in screening reviews.
The book is written by an investment banker with (it seems) experience in negotiating insolvencies and bad debts. It repeats itself sometimes (which is inevitable as most of the chapters can be read as separate extracts), and draw the "data" sometimes from popular pop culture like movies and songs.
On a few of the chapters it tries to delve into the depth of the structure of the CDO (up to CDO squared by 3), and it is getting quite complex for a while. Most of the book can be read casually without much thought though - and it is a very interesting read. My only personal complain is that I received an offer for a free copy of this book from Intelligent Investor website days after I completed reading it.
The book's main theme is how the "explosion" of debt purchased on debt in the past 30 years created this unsupervised shadow banking system that trades up to 10 years of world combined annual GDP - creating this unreal illussion which the author aptly described as room full of mirrors (if you have seen the effect that 2 mirrors created when they are put opposite of each other, you'll know what he means) - Money is a promissory note created as temporary holder of value to actual goods and services - when "extreme money" is introducted in form of debts and derivatives, it creates a promise on promise; money becomes a video game number in a bank's computer detached from the real world.
It is a very long book and I can't write descriptive enough review to explain what it contains. Buy it and read it, you won't regret it.
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