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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If cash is a paper promise, most loans are contracted with fingers firmly crossed. He flips some current shibboleths: I’m always struck by how tenuous our global financial system seems to be – everything hinges on promises and beliefs and approximations.

How the value of money is measured and how the currencies of the developed economies have constantly lost value, through devaluation and expansionary monetary policies; through inflated and subsequently depressed asset value; and through debts expanded faster than the economy. Loved the writing style and anecdotes, particularly at the start. 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.

Item s unavailable for purchase. 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. The New Case for Gold. Jan 01, Abi Rhodes rated it it was amazing.

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

The collapse of the Gold Standard, Bretton Woods, and the and subsequent sovereign debt crisis are all covered appropriately within this volume. There will be a retreat of the financial sector as main driver of the global economy.


What is any money really worth? Mar 16, Jason Cumbie rated it really liked it Shelves: The book uses a meta-narrative structure which, although today out of favour in economic history faculties because lacking that element of refutability, when carefully constructed, can be useful in providing historical perspective to the practical policy maker. Good for China, certainly. The Price of Inequality: Just as Britain set the terms of the international system in the nineteenth century, and America in the twentieth century, a new system will be set by today’s creditors in China and the Middle East.

The future, for Coggan, will be marked by some form of controlled exchange rate among currencies. The level of debt in the developed countries are too high and will not be paid in full, either through inflated money, devalued currency, or not at all through default.

Refresh and try again. Lromises a few bankers won’t solve it.

Share your thoughts with other customers. Jul 27, Adrian rated it it was amazing. Coggan looks at how the build up of debt in the latter half of the C20 for Social Spending has been managed by substantial population growth as well as productivity growth and that at least the first, and possibly the second is reducing and that the debts accumulated today cannot be paid off.

I thought this coggna just another of the those post paoer books, but it is worth a read irrespective of the other trash one has read before.


The Bank That Lived a Little: My expectations were high given that I am a frequent reader of the Buttonwood column and they were met by the analytical logic of Mr Coggan. Meanwhile, individual borrowers dominate the political discourse in many democratic countries, which has caused public and private sector debt to explode with very few options for balancing the books that are politically palatable. Pgomises, cancel Yes, report it Thanks!

I urge readers to visit http: Historically, on aggregate, borrowers have always won out in the end. The first part of the book is a financial and monetary history in every sense worthy of Niall Ferguson’s Ascent of Money, coupled with a monetary analysis every bit as astute as the works of Barry Eichengreen, but much papee readable. 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.

Paper Promises: Debt, Money, and the New World Order by Philip Coggan

It will be interesting – and not a little frightening – to discover this over the next couple of decades. Man crucified on a cross of gold, the pound in your pocket, the eurodollar market, the unlamented ERM, Ireland, Iceland, Greeceā€¦ it’s all here.

End This Depression Now!