We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

    The battle for Ap Bia Mountain (Hill 937), was one of the fiercest of the entire Vietnam War.

    Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.       Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.

    His opponents thought his decision unwise at best, and ruinous at worst. But they could not have been more wrong. With The Money Makers, Eric Rauchway tells the absorbing story of how FDR and his advisors pulled the levers of monetary policy to save the domestic economy and propel the United States to unprecedented prosperity and superpower status. Drawing on the ideas of the brilliant British economist John Maynard Keynes, among others, Roosevelt created the conditions for recovery from the Great Depression, deploying economic policy to fight the biggest threat then facing the nation: deflation. Throughout the 1930s, he also had one eye on the increasingly dire situation in Europe. In order to defeat Hitler, Roosevelt turned again to monetary policy, sending dollars abroad to prop up the faltering economies of Britain and, beginning in 1941, the Soviet Union. FDR's fight against economic depression and his fight against fascism were indistinguishable. As Rauchway writes, "Roosevelt wanted to ensure more than business recovery; he wanted to restore American economic and moral strength so the US could defend civilization itself." The economic and military alliance he created proved unbeatable-and also provided the foundation for decades of postwar prosperity. Indeed, Rauchway argues that Roosevelt's greatest legacy was his monetary policy. Even today, the "Roosevelt dollar" remains both the symbol and the catalyst of America's vast economic power.The Money Makers restores the Roosevelt dollar to its central place in our understanding of FDR, the New Deal, and the economic history of twentieth-century America. We forget this history at our own peril. In revealing the roots of our postwar prosperity, Rauchway shows how we can recapture the abundance of that period in our own.

    government's leading China experts reveals the hidden strategy fueling that country's rise – and how Americans have been seduced into helping China overtake us as the world's leading superpower.For more than forty years, the United States has played an indispensable role helping the Chinese government build a booming economy, develop its scientific and military capabilities, and take its place on the world stage, in the belief that China's rise will bring us cooperation, diplomacy, and free trade. But what if the "China Dream" is to replace us, just as America replaced the British Empire, without firing a shot?Based on interviews with Chinese defectors and newly declassified, previously undisclosed national security documents, The Hundred-Year Marathon reveals China's secret strategy to supplant the United States as the world's dominant power, and to do so by 2049, the one-hundredth anniversary of the founding of the People's Republic. Michael Pillsbury, a fluent Mandarin speaker who has served in senior national security positions in the U.S. government since the days of Richard Nixon and Henry Kissinger, draws on his decades of contact with the "hawks" in China's military and intelligence agencies and translates their documents, speeches, and books to show how the teachings of traditional Chinese statecraft underpin their actions. He offers an inside look at how the Chinese really view America and its leaders – as barbarians who will be the architects of their own demise.Pillsbury also explains how the U.S. government has helped – sometimes unwittingly and sometimes deliberately – to make this "China Dream" come true, and he calls for the United States to implement a new, more competitive strategy toward China as it really is, and not as we might wish it to be. The Hundred-Year Marathon is a wake-up call as we face the greatest national security challenge of the twenty-first century.

    In The Generals, Thomas E. Ricks sets out to explain why that is. In part it is the story of a widening gulf between performance and accountability. During the Second World War, scores of American generals were relieved of command simply for not being good enough. Today, as one American colonel said bitterly during the Iraq War, “As matters stand now, a private who loses a rifle suffers far greater consequences than a general who loses a war.”In The Generals we meet great leaders and suspect ones, generals who rose to the occasion and those who failed themselves and their soldiers. Marshall and Eisenhower cast long shadows over this story, as does the less familiar Marine General O. P. Smith, whose fighting retreat from the Chinese onslaught into Korea in the winter of 1950 snatched a kind of victory from the jaws of annihilation.But Korea also showed the first signs of an army leadership culture that neither punished mediocrity nor particularly rewarded daring. In the Vietnam War, the problem grew worse until, finally, American military leadership bottomed out. The My Lai massacre, Ricks shows us, is the emblematic event of this dark chapter of our history. In the wake of Vietnam a battle for the soul of the U.S. Army was waged with impressive success. It became a transformed institution, reinvigorated from the bottom up. But if the body was highly toned, its head still suffered from familiar problems, resulting in tactically savvy but strategically obtuse leadership that would win battles but end wars badly from the first Iraq War of 1990 through to the present.Ricks has made a close study of America’s military leaders for three decades, and in his hands this story resounds with larger meaning: about the transmission of values, about strategic thinking, and about the difference between an organization that learns and one that fails.

    Many have speculated about what might have happened or what must have happened, but no reporter has been able to get the full story -- until now.In The Wizard of Lies, Diana B. Henriques of The New York Times -- who has led the paper’s coverage of the Madoff scandal since the day the story broke -- has written the definitive book on the man and his scheme, drawing on unprecedented access and more than one hundred interviews with people at all levels and on all sides of the crime, including Madoff’s first interviews for publication since his arrest. Henriques also provides vivid details from the various lawsuits, government investigations, and court filings that will explode the myths that have come to surround the story.A true-life financial thriller, The Wizard of Lies contrasts Madoff's remarkable rise on Wall Street, where he became one of the country’s most trusted and respected traders, with dramatic scenes from his accelerating slide toward self-destruction. It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff’s downfall -- the suicides, business failures, fractured families, shuttered charities -- and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street.

    Author Max Miller spent many weeks at sea gathering material for his book, and presents his observations in an easy-to read fashion. Carrier! is intended to provide civilians with a glimpse into what life aboard these massive ships was like during World War 2.*New 2019 edition includes footnotes and images.

    In the past two decades, deaths of despair from suicide, drug overdose, and alcoholism have risen dramatically, and now claim hundreds of thousands of American lives each year--and they're still rising. Anne Case and Angus Deaton, known for first sounding the alarm about deaths of despair, explain the overwhelming surge in these deaths and shed light on the social and economic forces that are making life harder for the working class. They demonstrate why, for those who used to prosper in America, capitalism is no longer delivering.Deaths of Despair and the Future of Capitalism paints a troubling portrait of the American dream in decline. For the white working class, today's America has become a land of broken families and few prospects. As the college educated become healthier and wealthier, adults without a degree are literally dying from pain and despair. In this critically important book, Case and Deaton tie the crisis to the weakening position of labor, the growing power of corporations, and, above all, to a rapacious health-care sector that redistributes working-class wages into the pockets of the wealthy. Capitalism, which over two centuries lifted countless people out of poverty, is now destroying the lives of blue-collar America.This book charts a way forward, providing solutions that can rein in capitalism's excesses and make it work for everyone.

    The Dow Jones nearly doubled between 1962 and 1966, the recurring recessions of the Eisenhower years ended, and America saw a run of economic growth that ranks among the biggest in its history. Today, the Left would have voters believe that the 1960s boom happened despite, or even because of, high taxes. In fact, America enjoyed this era of prosperity because John F. Kennedy, the great hero of liberals today, embraced the very conservative ideas of supply-side economics. To the horror of fellow liberals, he initiated tax cuts that launched America's economy into years of growth--and that later inspired Ronald Reagan to imitate them. In a blow-by-blow narrative of the tax battles within the Kennedy administration, the authors reveal how JFK assembled Keynesian advisors, only to reject their plans for loose money and big spending. Instead, Kennedy embraced ideas advanced by the non-Keynesians on his team of rivals and drew upon his own deep reading of history to opt for tax cuts and a recommitment to the gold standard. Here we meet a fascinating cast of Kennedy Administration characters, especially Treasure Secretary Douglas Dillon, the token Republican in JFK's cabinet. Dillon's opponents, such as liberal economists Paul Samuelson, Robert Solow, and James Tobin, strove to stifle the push to bring down the high tax rates--including an astonishing 91% top rate on the wealthiest earners-- that were damaging the economy. Once JFK became convinced of the power of tax cuts, he held his ground against the Keynesians. And as Kennedy made his case for the tax cut, the economy took off. After the assassination, Lyndon Johnson finally signed the tax-cut law in February 1964. The subsequent economic boom delivered the greatest prosperity the nation had ever seen. This is an eye-opening look at one of the most important yet least understood episodes in American economic history. It shatters the argument that the Republicans who believe that cutting tax rates can result in more growth and more tax revenue have moved to the extreme right. Instead, it is the Democrats who have moved so far left as to have to disown John F. Kennedy's most successful policies.

    To contain secrets, American and Soviet leaders created plutopias--communities of nuclear families living in highly-subsidized, limited-access atomic cities. Fully employed and medically monitored, the residents of Richland and Ozersk enjoyed all the pleasures of consumer society, while nearby, migrants, prisoners, and soldiers were banned from plutopia--they lived in temporary "staging grounds" and often performed the most dangerous work at the plant. Brown shows that the plants' segregation of permanent and temporary workers and of nuclear and non-nuclear zones created a bubble of immunity, where dumps and accidents were glossed over and plant managers freely embezzled and polluted. In four decades, the Hanford plant near Richland and the Maiak plant near Ozersk each issued at least 200 million curies of radioactive isotopes into the surrounding environment--equaling four Chernobyls--laying waste to hundreds of square miles and contaminating rivers, fields, forests, and food supplies. Because of the decades of secrecy, downwind and downriver neighbors of the plutonium plants had difficulty proving what they suspected, that the rash of illnesses, cancers, and birth defects in their communities were caused by the plants' radioactive emissions. Plutopia was successful because in its zoned-off isolation it appeared to deliver the promises of the American dream and Soviet communism; in reality, it concealed disasters that remain highly unstable and threatening today.An untold and profoundly important piece of Cold War history, Plutopia invites readers to consider the nuclear footprint left by the arms race and the enormous price of paying for it.

    The book also details how the lives of millions of Americans were turned upside down, leaving them only hope for the future.

    Indeed, Washingtons army suffered defeat after defeat in the first few years of the war, fighting bravely but mainly trading space for time. However, the Americans did have a trump, in a reservoir of tough, self-reliant frontier fighters, who were brave beyond compare, and entirely willing to contest the Kings men with unconventional tactics.In this book, renowned author, and former U.S. Army Colonel, Robert Tonsetic describes and analyzes numerous examples of special operations conducted during the Revolutionary War. While the British might seize the coastlines, the interior still belonged to the Americans should the Empire venture inward. Most of the operations were conducted by American irregulars and volunteers, carefully selected, with specialized skills, and led by leaders with native intelligence. While General Washington endeavored to confront the Empire on conventional terms—for pure pride’s sake at the founding of the Republic--he meantime relied on his small units to keep the enemy off balance. The fledgling Continental Navy and Marines soon adopted a similar strategy. Realizing that the small American fleet was no match for the powerful British navy in major sea battles, the new Navy and its Marines focused on disrupting British commercial shipping in the Atlantic and Caribbean, and launching raids against British on-shore installations first in the Bahamas and then on the British coastline itself.As the war continued, Washington increasingly relied on special operations forces in the northeast as well as in the Carolinas, and ad hoc frontiersmen to defy British sovereignty inland. When the British and their Indian allies began to wage war on American settlements west of the Appalachians, Washington had to again rely on partisan and militias to conduct long-range strikes and raids targeting enemy forts and outposts. Throughout the war, what we today call SpecOps were an integral part of American strategy, and many of the lessons learned and tactics used at the time are still studied by modern day Special Operations forces. As this book establishes, the improvisation inherent in the American spirit proved itself well during the Revolution, continuing to stand as an example for our future martial endeavors.

    The first was that we were still alive. . . ."In 1967, death was the constant companion of the Marines of Hotel Company, 2/5, as they patrolled the paddy dikes, mud, and mountains of the Arizona Territory southwest of Da Nang. But John Culbertson and most of the rest of Hotel Company were the same lean, fighting Marines who had survived the carnage of Operation Tuscaloosa. Hotel's grunts walked over the enemy, not around him. In graphic terms, John Culbertson describes the daily, dangerous life of a soldier fighting in a country where the enemy was frequently indistinguishable from the allies, fought tenaciously, and thought nothing of using civilians as a shield. Though he was one of the top marksmen in 1st Marine Division Sniper School in Da Nang in March 1967--a class of just eighteen, chosen from the division's twenty thousand Marines--Culbertson knew that against the VC and the NVA, good training and experience could carry you just so far. But his company's mission was to find and engage the enemy, whatever the price. This riveting, bloody first-person account offers a stark testimony to the stuff U.S. Marines are made of.

    Through the eyes of key people--Jacob Lew, White House director of the Office of Management and Budget; Douglas Elmendorf, director of the Congressional Budget Office; Blackstone founder and former Commerce Secretary Pete Peterson; and more--Wessel gives readers an inside look at the making of our unsustainable budget.