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IOU: Why Everyone Owes Everyone and No One Can Pay.
By John Lanchester. Simon & Schuster
Published in Britain by Allen Lane as “Whoops! Why Everyone Owes Everyone and No One Can Pay”
The Economist 18/3 2010
Buy from Amazon.com, Amazon.co.uk
Mr Lanchester’s short book will not add much to the knowledge of your average hedge-fund manager and central banker.
Anyone who has slalomed through the avalanche of specialist tomes on the crisis will recognise many of his sources. But for the neophyte reader, Mr Lanchester demonstrates both an impressive grasp of the detail and, more importantly, the ability to convey it in a down-to-earth and witty style.
http://www.economist.com/culture/displaystory.cfm?story_id=15716869
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About Richard A. Posner, A Failure of Capitalism: The Crisis of '08 and the Descent into Depression
Were a lot of people reckless and stupid? Of course! But that cannot explain why the whole system crashed, since a lot of people are always reckless and stupid.
The problem, fundamentally, is that markets cannot, and rationally should not, anticipate their own collapse
Jonathan Rauch, NYT, May 14, 2009
It comes as something of a surprise that Posner, a doyen of the market-oriented law-and-economics movement, should deliver a roundhouse punch to the proposition that markets are self-correcting. It might also seem odd that a federal appellate judge (and University of Chicago law lecturer) would be among the first out of the gate with a comprehensive book on the financial crisis — if, that is, the judge were any other judge. But Posner is the late Daniel Patrick Moynihan’s successor as the country’s most omnivorous and independent-minded public intellectual. By now, his dozens of books just about fill their own wing in the Library of Congress.
In “Catastrophe: Risk and Response” (2004), he took up the problem of low-probability, high-impact events.
Posner, A Failure of Capitalism at Amazon