The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future, [NOOK Book]

Overview

Are we barreling toward another massive global financial catastrophe?

How can so many bubbles form all at once? Why are so many “disconnected” markets now capable of collapsing in unison? In this remarkably readable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers.

Authers reveals how the first truly global super bubble was inflated—and might now be inflating again. ...

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The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future,

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Overview

Are we barreling toward another massive global financial catastrophe?

How can so many bubbles form all at once? Why are so many “disconnected” markets now capable of collapsing in unison? In this remarkably readable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers.

Authers reveals how the first truly global super bubble was inflated—and might now be inflating again. He illuminates the multiple roots of repeated financial crises: a massive shift in investing power from individuals to big institutions; the migration of key decisions from banks to capital markets; the wholesale financialization of many asset classes; and fundamental failures of both theory and policy.

The Fearful Rise of Markets presents a truly global view, avoiding oversimplifications and ideology as it outlines how we got here and where we stand. Even more valuable, it offers realistic solutions—for decision-makers who want to prevent disaster and investors who want to survive it.

  • The herd grows ever larger—and more dangerous
    How institutional investing, indexing, and efficient markets theory promote herding
  • Cheap money and irrational exuberance
    Super fuel for super bubbles
  • Too big to fail: the whole story of moral hazard
    Banks, hedge funds, and beyond
  • Danger signs of the next bubble
    Forex, equity, credit, and commodity markets move once more in alignment
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Product Details

  • ISBN-13: 9780131388147
  • Publisher: Pearson Education
  • Publication date: 4/22/2010
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • File size: 2 MB

Meet the Author

John Authers, investment editor for the Financial Times, serves as its main commentator on international markets. In this role, he has become one of the world’s most influential financial journalists, with bylined columns on display pages of Financial Times five days a week. He will soon take over as the head of the Financial Times’ flagship Lex column.

Authers speaks worldwide and appears frequently on major U.S. and global media, including the BBC, CNN, MSNBC, NPR, and PBS. He was recently honored by the State Street Institutional Press Awards as the UK’s Investment Journalist of the Year for his coverage of the collapse of confidence in investment theory.

His book, The Victim’s Fortune, coauthored with Richard Wolffe, earned him the prestigious Best of Knight-Bagehot Award.

Authers lives and works in New York with his wife Sara Silver, also a financial journalist, and their three children.

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Table of Contents

Acknowledments ix

About the Author xii

Foreword xiii

Timeline xvi

Chapter 1: The Fearful Rise of Markets 1

Part I: The Rise

Chapter 2: Investment Becomes an Industry 9

Chapter 3: Indexes and Efficient Markets 16

Chapter 4: Money Markets Supplant Banks 25

Chapter 5: From Gold Standard to Oil Standard 32

Chapter 6: Emerging Markets 40

Chapter 7 Junk Bonds 48

Chapter 8: The Carry Trade 55

Chapter 9: Foreign Exchange 62

Chapter 10: Irrational Exuberance 69

Chapter 11: Banks Too Big to Fail 76

Chapter 12: Hedge Funds 83

Chapter 13: Dot Coms and Cheap Money 90

Chapter 14: BRICs 97

Chapter 15: Commodities 104

Chapter 16: Credit 112

Part II: The Fall

Chapter 17: Ending the Great Moderation 120

Chapter 18: Quant Funds 127

Chapter 19: Trust 133

Chapter 20: Bank Runs 139

Chapter 21: Bastille Day: Reflexive Markets 145

Chapter 22: Lessons from Lehman 152

Chapter 23: Politics and Institutions 158

Chapter 24: The Paradox of Diversification 163

Part III: The Fearful Rise

Chapter 25: Decoupling 171

Chapter 26: Banks Bounce 179

Chapter 27: A New Bubble? 186

Conclusion: 2010 and After 194

Notes 202

Bibliography 215

Index 222

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