Paper Promises. Debt, Money, and the New World Order. by Philip Coggan. Longlisted for the Financial Times and Goldman Sachs Business Book of the. Paper Promises is a shining must-read amongst the vast literature Philip Coggan’s thesis is that one can view economic history as a. Paper Promises has ratings and 38 reviews. Abi said: On all Paper Promises () by Phillip Coggan is a masterful study of money and debt. Coggan.

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Does not seem like a book for me, pretty dry pessimistic material with cogyan solutions? Only drawback is publication date means the story and conclusions are already a bit stale The books tone and insight are very much like The Economist magazine for which Coggan now writes for.

Outstandingly clear explanation of exactly how Merchant Bank speculators connive to create money out of nothing and saddle the rest of us with the debt of their failed gambling. Coggan, the senior, refused to have a credit card.

Book Review: Paper Promises: Money, Debt and the New World Order by Philip Coggan | EUROPP

To accept cookies, click continue. The global problems are sufficiently large and intertwined that it will take a new Bretton Woods and an honesty from politicians that any solution will endure way beyond the electoral cycle. There will have to be reductions in the debt burden either explicitly or through currency devaluation. Economies of all sorts have been undermined, says Cogg By Robert Cole Do you want to know how global financial system came to be and what it has become? At the centre of his portrait is the unending tussle between lenders and borrowers.

What is the way out? This book review first appeared on the British Politics and Policy Blog. The Hidden Wealth of Nations. Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition Would you like to see more reviews about this item?


It tells the Oz-like story of how the mighty dollar became literally as good as gold, deposing Keynes ‘s “barbarous relic”. What is any money really worth? This gives money two conflicting functions, separated by the element of time. As with the crises in the s and s, governments will fall, currencies will lose their value, and new systems will emerge.

It will be interesting – and not a little frightening – to discover this over the next couple of decades. The Cogga of History. Rather than just been a simple chronological sweep of finance, phenomena such as bubbles, inflation, and monetary practices such as quantitative easing are all explained. The Greatest Trade Ever: Philip Coggan has compiled a page book with enough knowledge and analysis to make it feel like an page book, without seeming at all like a long and demanding read.

Even so, it is not a tome that reaches out to the most casual A lucid, even-handed and very timely exposition of the nature of money and credit. Money embodies a promise that others ppaer accept it as a claim over goods and services to be produced sometime in the future.

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The rate of creation of new money would be limited by law to just match the measured rate of economic growth, so that the rate of inflation would fluctuate around zero and be kept at a long-term average of zero, thus permanently proimses its purchasing power, i. The Death of Money. Shopbop Designer Fashion Brands.

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Paper Promises: Debt, Money, and the New World Order

Just a moment while we sign you in to your Goodreads account. Coggan forecasts another crisis, even worse than the crunch, and it is difficult to disagree with him. It is impossible to forecast who will win each of these battles but one thing seems certain: Aug 28, Kathryn rated it really liked it. Previous post Next post. Buy the selected items together This item: But the benefits of such change, and the dependable money systems it would foster, would accrue in all corners of the globe.


The book starts with a brief look at money in history before moving the C19 and then C20 and most of the book looks at the period from the depression onwards.

To see what your friends thought of this book, please sign up. The Creature from Jekyll Island by G. My only criticism is that the author does not explore the impact of bank capital adequacy BIS BasleIII on contributing to global money supply growth and its subsequent contraction.

Close Report a review At Kobo, we try to ensure that published reviews do not contain rude or profane language, spoilers, or any of our reviewer’s personal information. I guess it’s a good thing I didn’t study economics. Beyond that the Bretton Woods settlement that was in place during the rapid economic growth after WWII and the post Bretton Woods era of freely traded rapidly inflating currencies and the GFC is studied. Having read previous books in the financial and monetary sector, Paper Promises compares favorably in the sense that pfomises is truly the best of all worlds.

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