@ 宝宝TWO An outstanding book that looks back to the financial crisis of An outstanding book that looks back to the financial crisis of Thorough understanding of the essence of money and financial industry from the former president of the Bank of England. Although he didn’t provide an ultimate solution for the stagnation and disequilibrium we are facing today, but his ideas are indeed inspiring. @ 莱布尼糍 分析到位，改革很难，阻力很大。 @ Sher 挺不错的科普读物，除了美国外，对欧洲和中国也有不少涉猎。如果对世界金融/经济史的框架没什么概念，本书是很好的入门读物。对框架有了一定理解后，更多算是随作者捋一遍逻辑。对经济学派的简介没有点透，提出的“不确定性”概念也有神棍嫌疑…可能我作为鼠目寸光的小透明，只能接受正统理论吧
书籍目录
When the world economy is functioning well, capital normally flows from mature to developing economies where profitable opportunities abound, as happened in the late nineteenth century when Europe invested in Latin America. A strange feature of the savings glut was that because emerging economies were saving more than they were investing at home, they were actually exporting capital to advanced economies where investment opportunities were more limited. In effect, advanced economies were borrowing large sums from the less developed world. The natural direction of capital flows was reversed – capital was being pushed "uphill".—— 引自章节：I. The Good, the bad and the u
What is it that makes banks special? The distinguishing feature of a bank is that its assets are mostly long-term, illiquid and risky, whereas its liabilities are short-term, liquid and perceived as safe. Returns on riksy long-term assets are normally higher than the returns which the bank has to offer on its short-term liabilities. So banking is highly profitable. Unfortunately, the notion that a bank can offer safe returns on deposits that can be withdrawn at a moment's notice by using them to finance long-term illiquid risky invesments is, as common sense would suggest, generally false. The transformation of short-term liabilities into long-term assets – borrowing short to lend long – is known as maturity transformation. And the creation of deposits, which are regarded by the depositors…—— 引自章节：3. Innocent Lost: Alchemy and
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