The Great Crash of 2008 by Ross Garnaut
I saw this in my son Paul's bookshelf in 2014 and decided I should read it at some stage. So I instructed my son David to get me a copy for Fathers Day 2015. What is the point of having children if you can't order them around! Thanks Dave!
Finished reading it in early December 2015 after it bubbled to the top of the pile. Blurb reads as follows:
Ross Garnaut, respected economist and author of the Garnaut Climate Change Review, takes us through the recent boom and the global imbalances that led to the bust. He presents a whole-world view of reasons for the downturn, from good, old-fashioned greed and rampant speculation, to the imbalances in global capital flows. Crucially, he sets out how we might seek order in the wreckage in a world forever changed. What are the geo-economic and geo-strategic implications of such a wide-ranging crash, and how do we restore development in this changed world?
And that is a very good summary. It is a most erudite exposition of the shadow banking system and its issuing of ever more toxic financial packages. Garnaut explores the leadup to this, building on decisions and assumptions made over the previous 10-20 years. Written in 2009 in the immediate aftermath of the crash, he finishes with his own thoughts on 'where to from here'. It would be interesting to see how much of this has come about 6 years later. Another book Ross?
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