Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding.Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun.How this happened – and why – is the subject of William D. Cohan’s superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street. Bear Stearns serves as the Rosetta Stone to explain how a combination of risky bets, corporate political infighting, lax government regulations and truly bad decision-making wrought havoc on the world financial system.Cohan’s minute-by-minute account of those ten days in March makes for breathless reading, as the bankers at Bear Stearns struggled to contain the cascading series of events that would doom the firm, and as Treasury Secretary Henry Paulson, New York Federal Reserve Bank President Tim Geithner, and Fed Chairman Ben Bernanke began to realize the dire consequences for the world economy should the company go bankrupt. But HOUSE OF CARDS does more than recount the incredible panic of the first stages of the financial meltdown. William D. Cohan beautifully demonstrates why the seemingly invincible Wall Street money machine came crashing down. He chronicles the swashbuckling corporate culture of Bear Stearns, the strangely crucial role competitive bridge played in the company’s fortunes, the brutal internecine battles for power, and the deadly combination of greed and inattention that helps to explain why the company’s leaders ignored the danger lurking in Bear’s huge positions in mortgage-backed securities.The author deftly portrays larger-than-life personalities like Ace Greenberg, Bear Stearns’ miserly, take-no-prisoners chairman whose memos about re-using paper clips were legendary throughout Wall Street; his profane, colorful rival and eventual heir Jimmy Cayne, whose world-champion-level bridge skills were a lever in his corporate rise and became a symbol of the reasons for the firm’s demise; and Jamie Dimon, the blunt-talking CEO of JPMorgan Chase, who won the astonishing endgame of the saga (the Bear Stearns headquarters alone were worth more than JP Morgan paid for the whole company). Cohan’s explanation of seemingly arcane subjects like credit default swaps and fixed- income securities is masterful and crystal clear, but it is the high-end dish and powerful narrative drive that makes HOUSE OF CARDS an irresistible read on a par with classics such as LIAR’S POKER and BARBARIANS AT THE GATE.Written with the novelistic verve and insider knowledge that made THE LAST TYCOONS a bestseller and a prize-winner, HOUSE OF CARDS is a chilling cautionary tale about greed, arrogance, and stupidity in the financial world, and the consequences for all of us.

    Planned to break the deadlock, the series of battles were known as Kaiserschlacht.

    Chamberlain had just returned from Munich, where he had averted the greatest crisis of the century. Under his leadership, Britain and France had conceded the German-speaking fringe of Czechoslovakia to Hitler, after which the Führer was persuaded to sign a joint declaration symbolizing "the desire of our two peoples never to go to war with one another again." The cost had been high, but Chamberlain's eleventh-hour gamble had, the Prime Minister boasted, secured "peace for our time." Less than a year later, Germany invaded Poland and the deadliest conflict in human history began. Appeasement is a groundbreaking history of the disastrous years of indecision, failed diplomacy and parliamentary infighting that enabled Hitler's domination of Europe. Drawing on deep archival research and sources not previously seen by historians, Tim Bouverie has created an unforgettable portrait of the ministers, dukes and debutantes who, through their actions and inaction, shaped their country's policy and determined the fate of Europe. Beginning with the advent of Hitler in 1933, we embark on a fascinating journey from the early days of the Third Reich to the beaches of Dunkirk. Bouverie takes us inside the 10 Downing Street of Chamberlain and Stanley Baldwin and into the backrooms of Parliament--where an unusual coalition of Conservative rebels, including the indomitable Winston Churchill, and opposition MPs were among the few to realize that the only real choice was between "war now or war later." And as German troops enter the demilitarized Rhineland, march into Austria and threaten to invade Czechoslovakia, he takes us into the drawing rooms and dinner clubs of fading imperial Britain, where Hitler enjoyed surprising support among the ruling class and even members of the Royal Family. Both sweeping and intimate, Appeasement is not only an eye-opening history but a timeless lesson on the challenges of standing against authoritarianism--and the calamity that results from failing.

    Dower's brilliant examination of Japan in the immediate, shattering aftermath of World War II.Drawing on a vast range of Japanese sources and illustrated with dozens of astonishing documentary photographs, Embracing Defeat is the fullest and most important history of the more than six years of American occupation, which affected every level of Japanese society, often in ways neither side could anticipate. Dower, whom Stephen E. Ambrose has called "America's foremost historian of the Second World War in the Pacific," gives us the rich and turbulent interplay between West and East, the victor and the vanquished, in a way never before attempted, from top-level manipulations concerning the fate of Emperor Hirohito to the hopes and fears of men and women in every walk of life. Already regarded as the benchmark in its field, Embracing Defeat is a work of colossal scholarship and history of the very first order.

    Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world.Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.

    Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. FDR pumped up the price of silver to help jump start the U.S. economy during the Great Depression, but this move weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II. Bunker Hunt went on a silver-buying spree during the 1970s to protect himself against inflation and triggered a financial crisis that left him bankrupt.Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the twenty-first century.

    In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.Inspired by How an Economy Grows and Why It Doesn’t—a previously published book by the Schiffs’ father Irwin, a widely published economist and activist—How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why it Crashes.

    An unstable mixture of wizards, obsessives, melancholics, bores, musicians and warriors, they saw off—through luck, guile and sheer mulishness—any number of rivals, until finally packing up in 1918. From their principal lairs along the Danube they ruled most of Central Europe and Germany and interfered everywhere—indeed the history of Europe hardly makes sense without the House of Hapsburg.Danubia, Simon Winder's hilarious new book, plunges the reader into a maelstrom of alchemy, royalty, skeletons, jewels, bear-moats, unfortunate marriages and a guinea-pig village. Full of music, piracy, religion and fighting, it is the history of a strange dynasty, and the people they ruled, who spoke many different languages, lived in a vast range of landscapes, believed in rival gods and often showed a marked ingratitude towards their oddball ruler in Vienna. Readers who discovered Simon Winder's storytelling genius and infectious curiosity in Germania will be delighted by the eccentric and fascinating tale of the Habsburgs and their world.

    Farrar, Straus and Giroux, 2009.

    A Chingford housewife endures the tribulations of rationing; a retired schoolteacher observes during a royal visit how well-fed the Queen looks; a pernickety civil servant in Bristol is oblivious to anyone's troubles but his own. An array of working-class witnesses describe how life in post-war Britain is, with little regard for liberal niceties or the feelings of their 'betters'. Many of these voices will stay with the reader in future volumes, jostling alongside well-known figures like John Arlott (here making his first radio broadcast, still in police uniform), Glenda Jackson (taking the 11+) and Doris Lessing (newly arrived from Africa, struck by the levelling poverty of postwar Britain. David Kynaston weaves a sophisticated narrative of how the victorious 1945 Labour government shaped the political, economic and social landscape for the next three decades.Deeply researched, often amusing and always intensely entertaining and readable, the first volume of David Kynaston's ambitious history offers an entirely fresh perspective on Britain during those six momentous years.

    In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.

    Yet this formidable dominion never inspired the awe of its predecessor. Voltaire distilled the disdain of generations when he quipped it was neither holy, Roman, nor an empire. Yet as Peter Wilson shows, the Holy Roman Empire tells a millennial story of Europe better than the histories of individual nation-states. And its legacy can be seen today in debates over the nature of the European Union.Heart of Europe traces the Empire from its origins within Charlemagne’s kingdom in 800 to its demise in 1806. By the mid-tenth century its core rested in the German kingdom, and ultimately its territory stretched from France and Denmark to Italy and Poland. Yet the Empire remained stubbornly abstract, with no fixed capital and no common language or culture. The source of its continuity and legitimacy was the ideal of a unified Christian civilization, but this did not prevent emperors from clashing with the pope over supremacy―the nadir being the sack of Rome in 1527 that killed 147 Vatican soldiers.Though the title of Holy Roman Emperor retained prestige, rising states such as Austria and Prussia wielded power in a way the Empire could not. While it gradually lost the flexibility to cope with political, economic, and social changes, the Empire was far from being in crisis until the onslaught of the French revolutionary wars, when a crushing defeat by Napoleon at Austerlitz compelled Francis II to dissolve his realm.

    Le Chambon-sur-Lignon is a small village of scattered houses high in the mountains of the Ardèche. Surrounded by pastures and thick forests of oak and pine, the plateau Vivarais lies in one of the most remote and inaccessible parts of Eastern France, cut off for long stretches of the winter by snow. During the Second World War, the inhabitants of the area saved thousands wanted by the Gestapo: resisters, freemasons, communists, downed Allied airmen and above all Jews. Many of these were children and babies, whose parents had been deported to the death camps in Poland. After the war, Le Chambon became the only village to be listed in its entirety in Yad Vashem's Dictionary of the Just.Just why and how Le Chambon and its outlying parishes came to save so many people has never been fully told. Acclaimed biographer and historian Caroline Moorehead brings to life a story of outstanding courage and determination, and of what could be done when even a small group of people came together to oppose German rule. It is an extraordinary tale of silence and complicity. In a country infamous throughout the four years of occupation for the number of denunciations to the Gestapo of Jews, resisters and escaping prisoners of war, not one single inhabitant of Le Chambon ever broke silence. The story of Le Chambon is one of a village, bound together by a code of honour, born of centuries of religious oppression. And, though it took a conspiracy of silence by the entire population, it happened because of a small number of heroic individuals, many of them women, for whom saving those hunted by the Nazis became more important than their own lives.

    With the German economy in ruins and street battles raging between rival political parties, the Weimar Republic is on its last legs. In the halls of the Reichstag, party leaders scramble for power and influence as the elderly president, Paul von Hindenburg, presides over a democracy pushed to the breaking point. Chancellors Franz von Papen and Kurt von Schleicher spin a web of intrigue, vainly hoping to harness the growing popularity of Adolf Hitler’s Nazi Party while reining in its most extreme elements. These politicians struggle for control of a turbulent city where backroom deals and frightening public rallies alike threaten the country’s fragile democracy, with terrifying consequences for both Germany and the rest of the world.In The Last Winter of the Weimar Republic, Barth and Friedrichs have drawn on a wide array of primary sources to produce a colorful, multi-layered portrait of a period that was by no means predestined to plunge into the abyss, and which now seems disturbingly familiar.

    Drawing on unexplored archives and personal testimonies gathered from across Russia and Georgia, this is the first full-scale biography of the Soviet dictator in twenty years.Service describes in unprecedented detail the first half of Stalin's life--his childhood in Georgia as the son of a violent, drunkard father and a devoted mother; his education and religious training; and his political activity as a young revolutionary. No mere messenger for Lenin, Stalin was a prominent activist long before the Russian Revolution. Equally compelling is the depiction of Stalin as Soviet leader. Service recasts the image of Stalin as unimpeded despot; his control was not limitless. And his conviction that enemies surrounded him was not entirely unfounded.Stalin was not just a vengeful dictator but also a man fascinated by ideas and a voracious reader of Marxist doctrine and Russian and Georgian literature as well as an internationalist committed to seeing Russia assume a powerful role on the world stage. In examining the multidimensional legacy of Stalin, Service helps explain why later would-be reformers--such as Khrushchev and Gorbachev--found the Stalinist legacy surprisingly hard to dislodge.Rather than diminishing the horrors of Stalinism, this is an account all the more disturbing for presenting a believable human portrait. Service's lifetime engagement with Soviet Russia has resulted in the most comprehensive and compelling portrayal of Stalin to date.