How Did We Get Here? A Brief History of Money
After digging myself out from under a pile of books I’ve had on my reading list, I was finally able to start reading one book on the list that I’ve been dying to read.
For Christmas I received a book that was a New York Times Bestseller called “The Ascent of Money,” by Niall Ferguson. I have blogged several times in the last year about this author, so you might recall his name. Ferguson, an economic historian who has studied the history of the world’s financial markets, has quite a fascinating insight into current events.
“The Ascent of Money” is the most recent of Niall Ferguson’s collection of books on the history of money. This book has been described as the “layman’s guide” to unraveling this complex topic. In fact, the book was made into a television documentary series and won an International Emmy Award. Now that I am officially halfway through the book, I want to give you my impression at this point.
Thus far, the book has really humbled me with regard to speculation or investing. History is the clearest lens by which to view the present, particularly with regard to investing. With the history of financial markets in mind, what cycles do you see repeating?
In the book, Ferguson starts out discussing debt (versus equity). He describes how many other countries have sunk below their own “mountains of debt.” The book then goes into the history of equity (versus debt) e.g. stocks and the stock market.
One thing in particular I found interesting in the book, was the story about the man Niall Ferguson calls, the “Napoleon Bonaparte of Finance.” Most people don’t know that the infamous Nathan Rothschild, of the great Rothschild banking family, made his first millions simply by brokering paper. (Even more ironic was that he started out as a gold smuggler in Europe during the early 1800s).
Want to gain an entirely new perspective on current events and investing? I would recommend this book to you.
I’ll send you a final report on the book once I’ve actually finished reading it. Until then, please leave your comments below.
Posted by Corey Curwick on May 12, 2010
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Corey,
You should watch the same programs I do.
go to http://www.charlierose.com and the search Niall Ferguson & you can see the ONLY appearance in 2009….Nov 3….the full hour.
Two-three nights ago(go to “recent guests”) and see the Turkish guy via Milano, Yale & phd Harvard now at Princeton NJ with SEVERAL Inter’nl Finance Consultancy’s…..”Rubio” or close to that spelling. 30 mins & VERY good. Just click on to view.
Niall Ferguson vs Paul Krugman(www.nytimes.com/opinion twice a week) had/still having knock down fight abt who’s right & therefore the KING.
Charlie Rose is repeated abt 5 times/d on Comcast.
NOW…you’ve got to record that every night cuz sometimes it’s not indicated who’s on AND he changes his daily taped interviews depending on current news. Wed PM was again a further re-hashing of the Brit’s Cameron etc and EVERYONE’S opinion. Also the Greek Tragedy has been featured.
I can tell you how to catch those and about 6 others I make room for daily like…..I do it so it’s just like having the radio on in the back ground.
Morning Joe 4 AM-7 AM MSNBC taped on 2 machines and then I start them up simultaneously so they’re playing the same time throughout the house on 5 TV’s while I wandering around among rooms for coffee & emails. The Adverts are 4 mins so every so often I just fast forward each to catch up. There’s a clock on top so I can always even up the sets. The program is international politics & USA news with tons of guests.
That’s only one that I do…..when I wake up abt 6-7 AM. I’m quite good at all these.
More Advice?
It’s 1 AM. past my bedtime. …and YEAH… I know Niall.
Pudge
Hi Corey. I have heard of this gentleman and I head bits and pieces so I need to go catch up. I will also check on the links listed above. There is also and interesting item on Youtube called “the money masters” that may shed light on some of the things being mentioned in the book. Yes I would agree that brokering is the least risky position in investing.
These are certainly scary times we are living in. The digital aspect of money adds a whole new perspective on things and a certain unpredictability to the outcome as compared with history. However, I think it is inevitable that the US dollar is in trouble.
-Al