Is there something they've been hiding from us?

Understand the world's biggest crash in 80 years and take control of your life.

Far from "blowing over in a year or two", the 2008 bank collapse grinds on. A crisis at least four decades in the making.... yet governments still pretend recovery is just months away.

Check all the views & interpretations in one slim, easy-to-read paperback.

Book review 1 / Radio interview 1


Quotes from the book:

"China's naval strategy clearly implies a challenge to US hegemony" Niall Ferguson: 'Chimerica' is Headed for Divorce

"-- there is simply nowhere that new financing for commercial real estate will come from, and the entire banking system will crash once the $1 trillion+ hole over the next 4 years becomes apparent --" Tyler Durden: The Trillion Dollar Time Bomb

"Could it be that people on antidepressants are literally less able to filter out unfair deals?" Bullet Shih: The US Financial Bubble on Drugs

Read what Collateral Damage's authors think went wrong. See why they disagree.

Get all the angles in one collection.

27 authors & articles on the new global depression:

Paul Amery: The Great Credit Rating Scandal -- The big credit-rating agencies have a dangerous conflict of interests
Jacques Attali: Financial Reform, Pretended and Postponed -- The political will to reform finance is missing
David Boyle: The New Economics - A Bigger Picture -- We need to rethink money and how we organise society

Ebipere Clark: Credit Default Swaps - A Primer -- An explanation of how credit vehicles work
Molly Conisbee: Food Insecurity for All -- Globalised trade & finance endangers food supplies
Satyajit Das: Credit Default Swaps - Surreal Realities of a Weapon of Mass Destruction -- Traders did not understand what they were trading

Patrice Decafmeyer: Blind Faith -- The banking-regulation rules of Basel II were not followed by many bankers involved
Tyler Durden: The Trillion Dollar Time Bomb -- An even bigger bubble, in commercial real estate in the US, is still waiting to burst
Marc-Henry Ellegaard: Back to Fundamentals -- Risk controls were in place but were not used properly

Pepe Escobar: No Collateral, Just Damage -- US foreign policy is the key to the financial crisis
Niall Ferguson: 'Chimerica' is Headed for Divorce -- The link between China's surplus and US debt is the source of the problem
Jaime Ferrer: The Impact of the Credit Crunch on Industrial Value Chains -- How non-financial businesses will be affected by the downturn

Judith Finn: Sallie Mae - Private Loans & Federal Urges -- How American federally-supported lending helped pile up stocks of bad loans
Douglas French: Productive Debt Versus Unproductive Debt -- Consumption-related borrowing choked off investment
Mark Griffith: Why is the Euro So Fragile? -- Large currency blocs like euroland and the US dollar zone reduce some risks but increase others

Stefan Karlsson: Two Swedish Models -- Sweden's social-welfare/free-trade mix is not the economic success foreign admirers think it is
Sir Andrew Large: Regulating Finance, with or without Central Banks -- With reduced central-bank powers, regulation has to be thought through carefully
Skinner Layne: Credit Crunches and the Currency Regime -- Soft money and excessive currency issue is the underlying cause

Moti Levi: Risks, Decisions, and Market Failures -- Traders ignored system-wide risk when buying and selling supposedly risk-proofed securities
Paul Ormerod: Buying into Risk -- Financiers grew complacent about the maths behind finance theory - they overlooked the 'fat tail' problem
Dean Petkanas: Gone in 60 Milliseconds or Less -- High-speed trading software has totally distorted financial markets, and the danger is growing

Richard Portes: Global Imbalances -- Long-standing deficits and surpluses in international trade fuel credit bubbles
Moritz Schularick: (with Niall Ferguson) The Great Wallop -- Chinese and American interests are going to uncouple nastily soon
Bullet Shih: The US Financial Bubble on Drugs -- Widespread use of anti-depressants by share-owning Americans weakened their sense of risk

Joseph Stiglitz: Wall Street's Toxic Message -- The US is hypocritically avoiding its own bitter medicine, the harsh measures the IMF impose on other debtor countries
Ruth Sunderland: Lehman Sisters - The Sound of Silence -- Male lack of caution did it - countries like Iceland are putting more women in charge of finance
Erwin Tuil: China's Coming Crisis -- China has internal strains of its own almost no-one in the West has noticed yet

Collateral Damage:

Someone you know
wants to know too

"Silly me left the package open and my husband spotted it in the evening.
He grabbed it immediately and he was absolutely thrilled."

Economic debate online:
marginalrevolution.com / timworstall.com  / crookedtimber.org / delong.typepad.com / econlog.econlib.org / knowledgeproblem.com / a secret currency for London