Overview

The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade.That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the ""easy money"" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future.

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9781633881587

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Reviews

Praise for Extreme Money A true insider's devastating analysis of the financial alchemy of the last 30 years and its destructive consequences. With his intimate first-hand knowledge, Das takes a knife to global finance and financiers to reveal its inner workings without fear or favor. Nouriel Roubini, Professor of Economics at the NYU Stern School of Business Fascinating explaining not only the high-minded theory behind the business and its various products but the sometimes sordid reality of the industry. Financial Times Das describes the causes of the financial crisis with the insight and understanding of a financial wizard, the candor and objectivity of an impartial observer, and a wry sense of humor that reveals the folly in it all. Brooksley Born, Former Chairperson of the U.S. Commodity Futures Trading Commission (CFTC) This is the best book yet to come out of the financial crisis. Das is a graceful, witty writer, with an unusually broad range of reference. He is also a long-time master of the arcana of the netherworlds of finance and nicely balances historical sweep with illuminating detail. Extreme Money is lively, scathing, and wise. Charles Morris, author of The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash Like Hunter S. Thompson s Fear and Loathing in Las Vegas, Extreme Money launches you into a fascinating and disturbing alternative view of reality. But now greed predominates, the distorted world of finance is completely global, and the people making crazy decisions can ruin us all. This is an informative, entertaining, and deeply scary account of Hades s new realm. Read it while you can. Simon Johnson, Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School of Management and author of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown You know when Lewis Caroll, Max Weber, Alan Greenspan, and Sigmund Freud all appear on the same early page that you are about to read an intellectual tour de force. Das is an authoritative and colorful critic of modern markets, and here he weaves financial history and popular culture into an entertaining and blistering social critique of how so many people have come to chase endless financial reflections of the real economy. Extreme Money speaks truth to power. Frank Partnoy, George E. Barrett Professor of Law and Finance at the University of San Diego and author of F.I.A.S.C.O, Infectious Greed, and The Match King Praise for Traders, Guns & Money: A distinctly timely book ... Traders, Guns& Money tries to reach out to the mathematically challenged to explain how the world of derivatives really works. Gillian Tett, Financial Times

Loved it! Written with passion and insight, and laden with facts, the book provides a clear explanation of the economic, social, and political issues that lie ahead, and the difficulty in solving them. Essential reading for the investor who wants to be informed and ahead of the curve. Jon Markman, Forbes columnist and president and publisher of Markman Capital Insight Growth or, rather, the lack of it is a key issue of our times. The Age of Stagnation provides a penetrating analysis of how a combination of the aftereffects of the Great Recession and deep-seated structural factors now cast a long shadow over the future. Highly accessible and written with wit and style, this provocative and important book deserves to be widely read. Nouriel Roubini, professor, New York University s Stern School of Business, and chairman, Roubini Global Economics The Age of Stagnation is an elegant and informative discussion of the economic and social factors that have led us to the new normal a state of low growth, soaring debt, and rising political tensions.Even if you disagree with the author s dystopian vision of the future of the global economy, this important book challenges the false narrative in the media and in political circles regarding the causes of the Global Financial Crisis of 2008. Christopher Whalen, head of research, Kroll Bond Rating Agency, and author of Inflated: How Money and Debt Built the American Dream In The Age of Stagnation, Satyajit Das exposes in masterful clarity the extent to which the global economy careens toward catastrophe while its leaders exude a mix of denial and impotence. The current environment of zero-cost money, concentrated bank power, and anemic productive growth has coalesced not by accident or economic cycle but by willful choice. Developed countries are laden with more than 100 percent debt-to-GDP ratios and inadequate savings levels, while developing countries are being crushed by greater debt, currency wars, internal and external inequality, and unfettered speculative finance. Das warns, with passion and illuminating evidence, that without significant change, the only possible future holds dire consequences for all but an elite few. His tone is as urgent as the problem. All central bankers, politicians, and citizens should heed his words. Nomi Prins, author of All the Presidents Bankers Satyajit Das was among the first to foresee the 2008 market crash, and he has been one of the sharpest analysts of the current confusions of the European project. Now, in The Age of Stagnation, he focuses on the diminishing prospects of the global economy. His writing is always vivid and clear, but he delivers a hard message that deserves a wide audience. Charles R. Morris, author, The Trillion Dollar Meltdown

Loved it! Written with passion and insight, and laden with facts, the book provides a clear explanation of the economic, social, and political issues that lie ahead, and the difficulty in solving them. Essential reading for the investor who wants to be informed and ahead of the curve. --Jon Markman, Forbes columnist and president and publisher of Markman Capital Insight Growth or, rather, the lack of it is a key issue of our times. The Age of Stagnation provides a penetrating analysis of how a combination of the aftereffects of the Great Recession and deep-seated structural factors now cast a long shadow over the future. Highly accessible and written with wit and style, this provocative and important book deserves to be widely read. --Nouriel Roubini, professor, New York University's Stern School of Business, and chairman, Roubini Global Economics The Age of Stagnation is an elegant and informative discussion of the economic and social factors that have led us to the 'new normal'--a state of low growth, soaring debt, and rising political tensions. Even if you disagree with the author's dystopian vision of the future of the global economy, this important book challenges the false narrative in the media and in political circles regarding the causes of the Global Financial Crisis of 2008. --Christopher Whalen, head of research, Kroll Bond Rating Agency, and author of Inflated: How Money and Debt Built the American Dream In The Age of Stagnation, Satyajit Das exposes in masterful clarity the extent to which the global economy careens toward catastrophe while its leaders exude a mix of denial and impotence. The current environment of zero-cost money, concentrated bank power, and anemic productive growth has coalesced not by accident or economic cycle but by willful choice. Developed countries are laden with more than 100 percent debt-to-GDP ratios and inadequate savings levels, while developing countries are being crushed by greater debt, currency wars, internal and external inequality, and unfettered speculative finance. Das warns, with passion and illuminating evidence, that without significant change, the only possible future holds dire consequences for all but an elite few. His tone is as urgent as the problem. All central bankers, politicians, and citizens should heed his words. --Nomi Prins, author of All the Presidents' Bankers Satyajit Das was among the first to foresee the 2008 market crash, and he has been one of the sharpest analysts of the current confusions of the European project. Now, in The Age of Stagnation, he focuses on the diminishing prospects of the global economy. His writing is always vivid and clear, but he delivers a hard message that deserves a wide audience. --Charles R. Morris, author, The Trillion Dollar Meltdown

Author Information

Satyajit Das is an internationally respected expert in finance, with over 35 years' experience. In 2014, Bloomberg nominated him as one of the fifty most influential financial thinkers in the world. He has worked for CitiGroup, Merrill Lynch, and the TNT Group and acted as a consultant advising banks, investors, corporations, and central banks throughout the world. He is the author of Extreme Money: The Masters of the Universe and the Cult of Risk and Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives. Featured in Charles Ferguson's 2010 Oscar Award-winning documentary Inside Job and the 2012 PBS Frontline series Money, Power & Wall Street, Das contributes to the Financial Times and the Wall Street Journal's Marketwatch among other publications.

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