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All Those Arrows

Donald MacKenzie: A Major Cause of the Financial Crisis, 25 June 2009

Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe 
by Gillian Tett.
Little, Brown, 338 pp., £18.99, April 2009, 978 1 4087 0164 5
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... spreads (increments over Libor) they offered. Two experienced industry observers, Mark Adelson and David Jacob, suggest that a fatal point was reached when CDOs became almost the only purchasers of the riskier tranches of mortgage-backed securities. Previously, those tranches had either been guaranteed against default by specialist insurers, or bought by canny ...

The Great British Economy Disaster

John Lanchester: A Very Good Election to Lose, 11 March 2010

... but it’s still the case that the costing of the proposals looks shaky. It didn’t help that David Cameron got his Boden knickers in a twist about whether or not the Tories are going to subsidise marriage through the tax system. The sight of the Tories beginning to flounder in this area prompts a dark thought. I’ve argued that economic constraints are ...

After the Fall

John Lanchester: Ten Years after the Crash, 5 July 2018

... the crash that really did take the entire global financial system to the brink, the implosion of Lehman Brothers on 15 September. Because Lehmans was a clearing house and repository for many thousands of financial instruments from around the system, suddenly nobody knew who owed what to whom, who was exposed to what risk, and therefore which institutions ...

When Bitcoin Grows Up

John Lanchester: What is Money?, 21 April 2016

... herself or themselves Satoshi Nakamoto. Note the date: this was shortly after the collapse of Lehman Brothers on 15 September, and the near death of the global financial system. Just as the Civil War was the prompt for the United States to end private money, and the crisis of Kenyan democracy led to the explosive growth of M-Pesa, the global financial ...

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