FROM PAUL MASON, ECONOMICS EDITOR OF BBC’S NEWSNIGHT, A GRIPPING AND INCISIVE ACCOUNT OF THE FINANCIAL CRISIS THAT HAS BROUGHT US TO THE BRINK OF DEPRESSION
Mason takes us on a journey from the trading floors of the New York and London stock exchange, to the meeting rooms of HBOS and Lehman Brothers and the minds of senior government officials. Meltdown explores the roots of the US and UK’s financial hubris, documenting the real-world causes and consequences, from the Ford factory, to Wall Street to the City of London.
Gordon Brown hailed the result of deregulation as the ‘golden age’ of banking in the UK. Mason explains how deregulation is at the heart of the collapse of the banking system in September and October 2008 and how it led to expanded subprime mortgage lending, an uncontrollable derivatives market, and the lethal fusion of banking and insurance.
Mason argues that the combination of huge government debts and printing new money – though it alleviated the symptoms of the crisis – has the potential to make the disease afflicting capitalism chronic for a lifetime. He warns that the 2009 recession has the ability to cause further bank collapses, country-level debt defaults, stock market crashes and intensified recession.
Both, a trenchant critique of neo-liberalism and a response to the immense challenge now facing the existing economic system, Meltdown provides a definitive account of the meltdown of September and October 2008 and outlines a new era of hyper regulated capitalism that could emerge from the wreckage.
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