Sabotage
The Hidden Nature of Finance
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Narrated by:
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Jared Zak
About this listen
"I don't like the word 'sabotage'," - a former Goldman Sachs trader admitted. "It's just harsh.... Though, frankly, how else do you make money in this business...I mean, real money."
The fundamental motive for financial innovation is not to make the system work better, but to avoid regulation and oversight. This is not a bug of the financial system, but a built-in feature. The president of the US is not a tax avoider because he is an especially fraudulent financier; he's a tax avoider because he is a wealthy man in a system premised on such deceit. Finance is an industry of sabotage.
This book is a brilliant, intellectual detective story that traces the origins of financial sabotage, starting with the work of a prescient American economist who saw the capacity for banks and businesses to dissemble and profit as early as the 1920s. What was accomplished modestly in the first half of the 20th century became a booming global industry in the 1980s. Financialization took over everything, culminating in instruments so complex and confusing their own creators were being destroyed by them in 2008.
With each financial bust, people expect to hear who the culprit was, and cynically know to not expect much punishment to ever reach them. But the innovation of this book is to show that each individual gaming the system isn't a crook - the whole system is sabotage.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
©2020 Anastasia Nesvetailova and Ronen Palan (P)2020 PublicAffairsListeners also enjoyed...
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An Inch Deep and A Mile Wide
- By Doug Sheridan on 04-26-17
By: William D. Cohan
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Fault Lines
- How Hidden Fractures Still Threaten the World's Economy
- By: Raghuram Rajan
- Narrated by: Richard Davidson
- Length: 12 hrs and 58 mins
- Unabridged
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Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.
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A REAL SNOOZER
- By Frank on 12-02-10
By: Raghuram Rajan
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Fool's Gold
- By: Gillian Tett
- Narrated by: Stephen Hoye
- Length: 10 hrs and 7 mins
- Unabridged
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Gillian Tett brings to life in gripping detail how the Morgan team's bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control. The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world.
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Outstanding narrative about the financial crisis
- By D. Littman on 07-17-09
By: Gillian Tett
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A Brief History of Doom
- Two Hundred Years of Financial Crises (Haney Foundation Series)
- By: Richard Vague
- Narrated by: Kevin Meyer
- Length: 7 hrs and 22 mins
- Unabridged
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Financial crises happen time and again in post-industrial economies - and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable. A Brief History of Doom examines a series of major crises over the past 200 years in the United States, Great Britain, Germany, France, Japan, and China - including the Great Depression and the economic meltdown of 2008.
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Great Continuity
- By Anonymous User on 08-24-22
By: Richard Vague
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The Rise of Carry
- The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
- By: Tim Lee, Jamie Lee, Kevin Coldiron
- Narrated by: Todd Belcher
- Length: 7 hrs and 29 mins
- Unabridged
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The financial shelves are filled with books that explain how popular carry trading has become in recent years. But none has revealed just how significant a role it plays in the global economy - until now. A groundbreaking book sure to leave its mark in the canon of investing literature, The Rise of Carry explains how carry trading has virtually shaped the global economic picture - one of decaying economic growth, recurring crises, wealth disparity, and, in too many places, social and political upheaval.
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Good framework, games out the possibilities
- By Philo on 11-24-21
By: Tim Lee, and others
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The Age of Oversupply
- Overcoming the Greatest Challenge to the Global Economy
- By: Daniel Alpert
- Narrated by: Don Hagen
- Length: 10 hrs and 34 mins
- Unabridged
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The governments and central banks of the developed world have tried every policy tool imaginable, yet our economies remain sluggish, or worse. How did we get here, and how can we emerge from the longest downturn in recent memory? Daniel Alpert, a progressive Wall Street banker and economist, argues that we are living in the age of oversupply.
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Great book but now out of date
- By emory morsberger on 11-30-17
By: Daniel Alpert
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The Shifts and the Shocks
- What We've Learned - and Have Still to Learn - from the Financial Crisis
- By: Martin Wolf
- Narrated by: Sean Pratt
- Length: 14 hrs and 53 mins
- Unabridged
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The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The audiobook identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system.
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Good on Europe's problems, fair global update
- By Philo on 01-08-15
By: Martin Wolf
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The Instant Economist
- Everything You Need to Know About How the Economy Works
- By: Timothy Taylor
- Narrated by: Don Hagen
- Length: 9 hrs and 35 mins
- Unabridged
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Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists - when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor here tackles all the key questions and hot topics of both microeconomics and macroeconomics, so you can understand and discuss economics on a personal, national, and global level.
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Timothy Taylor is the best
- By Jake on 02-15-15
By: Timothy Taylor
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How the Other Half Banks
- Exclusion, Exploitation, and the Threat to Democracy
- By: Mehrsa Baradaran
- Narrated by: Priya Ayyar
- Length: 9 hrs and 36 mins
- Unabridged
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
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After the Music Stopped
- The Financial Crisis, the Response, and the Work Ahead
- By: Alan S. Blinder
- Narrated by: Graham Vick
- Length: 15 hrs and 50 mins
- Unabridged
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Alan S. Blinder - esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspan - is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it.
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Irresponsible, corrupt, and confused book
- By Thomas on 12-22-14
By: Alan S. Blinder
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A Capitalism for the People
- Recapturing the Lost Genius of American Prosperity
- By: Luigi Zingales
- Narrated by: Jonathan Davis
- Length: 11 hrs and 20 mins
- Unabridged
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Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment - paired with rampant nepotism and cronyism - on a country’s economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better.
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Enjoyable but a tad predictable.
- By Kevin on 12-24-12
By: Luigi Zingales
What listeners say about Sabotage
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Philo
- 01-28-20
A few fresh insights on gaming the system
In a system of supposedly efficient markets and pervasive competition, how do firms finagle big streams of excess profits? This book hits on some vital points and I'm having flashes of insight and nodding, right away. This is the unusual experience of thinking yeah, that says it, I have thought bits of this, less articulately, and it seems pretty obvious once said, meaning the ideas are well-developed and clear and intuitively strong.
Why are super-profitable firms in finance not ground down to bankruptcy and obsolescence? There are myriad maneuvers but this book teases out the common patterns underneath, labeled "sabotage." Oh, and the economist being revived here is Thorstein Veblen, the school is the old institutional economics. (Off-topic: coincidentally, there is a fantastic exposition of new institutional economics in the recently released "Institutions, Institutional Change and Economic Performance" by Douglass C. North, I just now reviewed. Each of these books is brimming over with insight and quite listenable.)
In the first couple sentences, reading a list of acronyms, the narrator unfortunately fumbled a couple times, as in calling CDO "collateralized default obligation." I rolled my eyes and thought, is the book bad or the narrator? Thankfully neither is true -- the book is pretty good and the narrator is competent. I did not hear such errors recurring. Meanwhile, we get a tour of recent financial misbehavior, by some very well-placed players.
Why 3 stars? I changed this to 3 from 5 because, alongside the fresh takes on things, are some tried and true (and droningly familiar) ones. After a fresh take in the opening, it gets less original. It turns into a series of not-so-novel stories in the vein of criticisms of capitalism from Louis Brandeis, on down to Elizabeth Warren. These critics of the last century or so were/are bright people who understand a lot of nuts and bolts and important stuff, but in some nagging sense, IMO, "just don't get it." That is, we try things. Creative destruction happens. A more heavy-handed traffic cop cannot fix all issues, and past a point will bring staleness. Free folks can bet their own money freely on sketchy projects and the result is self-correcting: they lose their investment. The tone here becomes righteous and petulant, and after the books one idea is spilled (in the first 20 minutes) the usual financially elite suspects get the usual drubbing. The description for example of "junk bonds" and Michael Milken is so hard-edged and catty, and the grudging admissions of his innovations' possible virtues so nonexistent, that I feel the hot breath of a finger-wagging school-marm down my neck. It is all a little too anxious to simplistically yell "evil!" Good and bad guys! And the counter-arguments are not duly fleshed out. As is so common in our politics nowadays. Sadly. I suggest for a balanced view of modern finance one listen to the first half of "The End of Alchemy," a much more nuanced view. Even better fleshed out and multi-sided on the whole matter of finance-linked disruption is a recent release, "How Money Became Dangerous."
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