Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves


Andrew Ross Sorkin - 2009
    From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

Losing Our Cool: Uncomfortable Truths about Our Air-Conditioned World (and Finding New Ways to Get Through the Summer)


Stan Cox - 2010
    In America, energy consumed by home air-conditioning, and the resulting greenhouse emissions, have doubled in just over a decade, and energy to cool retail stores has risen by two-thirds. Now the entire affluent world is adopting the technology. As the biggest economic crisis in eighty years rolls across the globe, financial concerns threaten to shove ecological crises into the background. Reporting from some of the world’s hot zones—from Phoenix, Arizona, and Naples, Florida, to southern India—Cox documents the surprising ways in which air-conditioning changes human experience: giving a boost to the global warming that it is designed to help us endure, providing a potent commercial stimulant, making possible an impossible commuter economy, and altering migration patterns (air-conditioning has helped alter the political hue of the United States by enabling a population boom in the red-state Sun Belt).While the book proves that the planet’s atmosphere cannot sustain even our current use of air-conditioning, it also makes a much more positive argument that loosening our attachment to refrigerated air could bring benefits to humans and the planet that go well beyond averting a climate crisis. Though it saves lives in heat waves, air-conditioning may also be altering our bodies’ sensitivity to heat; our rates of infection, allergy, asthma, and obesity; and even our sex drive. Air-conditioning has eroded social bonds and thwarted childhood adventure; it has transformed the ways we eat, sleep, travel, work, buy, relax, vote, and make both love and war. The final chapter surveys the many alternatives to conventional central air-conditioning. By reintroducing some traditional cooling methods, putting newly emerging technologies into practice, and getting beyond industrial definitions of comfort, we can make ourselves comfortable and keep the planet comfortable, too.

I.O.U.: Why Everyone Owes Everyone and No One Can Pay


John Lanchester - 2009
    I.O.U. is the story of how we came to experience such a complete and devastating financial implosion, and how the decisions and actions of a select group of individuals had profound consequences for America, Europe, and the global economy overall. John Lanchester begins with "The ATM Moment," that seemingly magical proliferation of cheap credit that led to an explosion of lending, and then deftly outlines the global and local landscapes of banking and finance. Viewing the crisis through the lens of politics, culture, and contemporary history -- from the invention and widespread misuse of financial instruments to the culpability of subprime mortgages -- Lanchester draws perceptive conclusions on the limitations of financial and governmental regulation, capitalism's deepest flaw, and, most important, on the plain and simple facts of human nature where cash is concerned.Weaving together firsthand research and superbly written reportage, Lanchester delivers a shrewd perspective and a digestible, comprehensive analysis that connects the dots for the expert and casual reader alike. I.O.U. is an eye-opener of a book -- it may well provoke anger, amazement, or rueful disbelief -- and, as the author clearly reveals, we've only just begun to get ourselves back on track.

The Strategy of Conflict


Thomas C. Schelling - 1960
    It proposes enlightening similarities between, for instance, maneuvering in limited war and in a traffic jam; deterring the Russians and one's own children; the modern strategy of terror and the ancient institution of hostages.

The River Runs Black: The Environmental Challenge to China's Future


Elizabeth C. Economy - 2004
    Environmental degradation in China has also contributed to significant public health problems, mass migration, economic loss, and social unrest. In The River Runs Black, Elizabeth C. Economy examines China s growing environmental crisis and its implications for the country s future development.Drawing on historical research, case studies, and interviews with officials, scholars, and activists in China, Economy traces the economic and political roots of China s environmental challenge and the evolution of the leadership's response. She argues that China s current approach to environmental protection mirrors the one embraced for economic development: devolving authority to local officials, opening the door to private actors, and inviting participation from the international community, while retaining only weak central control. The result has been a patchwork of environmental protection in which a few wealthy regions with strong leaders and international ties improve their local environments, while most of the country continues to deteriorate, sometimes suffering irrevocable damage. Economy compares China s response with the experience of other societies and sketches out several possible futures for the country."

The Real Global Warming Disaster: Is the obsession with 'climate change' turning out to be the most costly scientific blunder in history?


Christopher Booker - 2009
    It shows how the UN's Intergovernmental Panel on Climate Change is run by a small group of 'global warming' zealots, who have repeatedly rigged evidence to support their theory. But the politicians, pushed by the media, have so fallen for its propaganda that, short of dramatic change, our Western world now faces an unprecedented disaster.

The Oil Kings: How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East


Andrew Scott Cooper - 2011
    . . European nations at risk of defaulting on their loans . . . A possible global financial crisis. It happened before, in the 1970s . Oil Kings is the story of how oil came to dominate U.S. domestic and international affairs. As Richard Nixon fought off Watergate inquiries in 1973, the U.S. economy reacted to an oil shortage initiated by Arab nations in retaliation for American support of Israel in the Arab- Israeli war. The price of oil skyrocketed, causing serious inflation. One man the U.S. could rely on in the Middle East was the Shah of Iran, a loyal ally whose grand ambitions had made him a leading customer for American weapons. Iran sold the U.S. oil; the U.S. sold Iran missiles and fighter jets. But the Shah’s economy depended almost entirely on oil, and the U.S. economy could not tolerate annual double-digit increases in the price of this essential commodity. European economies were hit even harder by the soaring oil prices, and several NATO allies were at risk of default on their debt. In 1976, with the U.S. economy in peril, President Gerald Ford, locked in a tight election race, decided he had to find a country that would sell oil to the U.S. more cheaply and break the OPEC monopoly, which the Shah refused to do. On the advice of Treasury Secretary William Simon and against the advice of Secretary of State Henry Kissinger, Ford made a deal to sell advanced weaponry to the Saudis in exchange for a modest price hike on oil. Ford lost the election, but the deal had lasting consequences. The Shah’s economy was destabilized, and disaffected elements in Iran mobilized to overthrow him. The U.S. had embarked on a long relationship with the autocratic Saudi kingdom that continues to this day. Andrew Scott Cooper draws on newly declassified documents and interviews with some key figures of the time to show how Nixon, Ford, Kissinger, the CIA, and the State and Treasury departments—as well as the Shah and the Saudi royal family— maneuvered to control events in the Middle East. He details the secret U.S.-Saudi plan to circumvent OPEC that destabilized the Shah. He reveals how close the U.S. came to sending troops into the Persian Gulf to break the Arab oil embargo. The Oil Kings provides solid evidence that U.S. officials ignored warning signs of a potential hostage crisis in Iran. It discloses that U.S. officials offered to sell nuclear power and nuclear fuel to the Shah. And it shows how the Ford Administration barely averted a European debt crisis that could have triggered a financial catastrophe in the U.S. Brilliantly reported and filled with astonishing details about some of the key figures of the time, The Oil Kings is the history of an era that we thought we knew, an era whose momentous reverberations still influence events at home and abroad today.

Sleeping with the Devil: How Washington Sold Our Soul for Saudi Crude


Robert B. Baer - 2003
    Is this the fulcrum we want the global economy to balance on?”In his explosive New York Times bestseller, See No Evil, former CIA operative Robert Baer exposed how Washington politics drastically compromised the CIA’s efforts to fight global terrorism. Now in his powerful new book, Sleeping with the Devil, Baer turns his attention to Saudi Arabia, revealing how our government’s cynical relationship with our Middle Eastern ally and America’ s dependence on Saudi oil make us increasingly vulnerable to economic disaster and put us at risk for further acts of terrorism.For decades, the United States and Saudi Arabia have been locked in a “harmony of interests.” America counted on the Saudis for cheap oil, political stability in the Middle East, and lucrative business relationships for the United States, while providing a voracious market for the kingdom’ s vast oil reserves. With money and oil flowing freely between Washington and Riyadh, the United States has felt secure in its relationship with the Saudis and the ruling Al Sa’ud family. But the rot at the core of our “friendship” with the Saudis was dramatically revealed when it became apparent that fifteen of the nineteen September 11 hijackers proved to be Saudi citizens.In Sleeping with the Devil, Baer documents with chilling clarity how our addiction to cheap oil and Saudi petrodollars caused us to turn a blind eye to the Al Sa’ud’s culture of bribery, its abysmal human rights record, and its financial support of fundamentalist Islamic groups that have been directly linked to international acts of terror, including those against the United States. Drawing on his experience as a field operative who was on the ground in the Middle East for much of his twenty years with the agency, as well as the large network of sources he has cultivated in the region and in the U.S. intelligence community, Baer vividly portrays our decades-old relationship with the increasingly dysfunctional and corrupt Al Sa’ud family, the fierce anti-Western sentiment that is sweeping the kingdom, and the desperate link between the two. In hopes of saving its own neck, the royal family has been shoveling money as fast as it can to mosque schools that preach hatred of America and to militant fundamentalist groups—an end game just waiting to play out.Baer not only reveals the outrageous excesses of a Saudi royal family completely out of touch with the people of its kingdom, he also takes readers on a highly personal search for the deeper roots of modern terrorism, a journey that returns time again and again to Saudi Arabia: to the Wahhabis, the powerful Islamic sect that rules the Saudi street; to the Taliban and al Qaeda, both of which Saudi Arabia helped to underwrite; and to the Muslim Brotherhood, one of the most active and effective terrorist groups in existence, which the Al Sa’ud have sheltered and funded. The money and arms that we send to Saudi Arabia are, in effect, being used to cut our own throat, Baer writes, but America might have only itself to blame. So long as we continue to encourage the highly volatile Saudi state to bank our oil under its sand—and so long as we continue to grab at the Al Sa’ud’s money—we are laying the groundwork for a potential global economic catastrophe.From the Hardcover edition.

Lights Out: A Cyberattack, A Nation Unprepared, Surviving the Aftermath


Ted Koppel - 2015
    Tens of millions of people over several states are affected. For those without access to a generator, there is no running water, no sewage, no refrigeration or light. Food and medical supplies are dwindling. Devices we rely on have gone dark. Banks no longer function, looting is widespread, and law and order are being tested as never before.  It isn’t just a scenario. A well-designed attack on just one of the nation’s three electric power grids could cripple much of our infrastructure—and in the age of cyberwarfare, a laptop has become the only necessary weapon. Several nations hostile to the United States could launch such an assault at any time. In fact, as a former chief scientist of the NSA reveals, China and Russia have already penetrated the grid. And a cybersecurity advisor to President Obama believes that independent actors—from “hacktivists” to terrorists—have the capability as well. “It’s not a question of if,” says Centcom Commander General Lloyd Austin, “it’s a question of when.”  And yet, as Koppel makes clear, the federal government, while well prepared for natural disasters, has no plan for the aftermath of an attack on the power grid.  The current Secretary of Homeland Security suggests keeping a battery-powered radio.In the absence of a government plan, some individuals and communities have taken matters into their own hands. Among the nation’s estimated three million “preppers,” we meet one whose doomsday retreat includes a newly excavated three-acre lake, stocked with fish, and a Wyoming homesteader so self-sufficient that he crafted the thousands of adobe bricks in his house by hand. We also see the unrivaled disaster preparedness of the Mormon church, with its enormous storehouses, high-tech dairies, orchards, and proprietary trucking company – the fruits of a long tradition of anticipating the worst. But how, Koppel asks, will ordinary civilians survive?With urgency and authority, one of our most renowned journalists examines a threat unique to our time and evaluates potential ways to prepare for a catastrophe that is all but inevitable.

How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need


Bill Gates - 2021
    Gates says, "we can work on a local, national, and global level to build the technologies, businesses, and industries to avoid the worst impacts of climate change." His interest in climate change is a natural outgrowth of the efforts by his foundation to reduce poverty and disease. Climate change, according to Gates, will have the biggest impact on the people who have done the least to cause it. As a technologist, he has seen first-hand how innovation can change the world. By investing in research, inventing new technologies, and by deploying them quickly at large scale, Gates believes climate change can be addressed in meaningful ways. According to Gates, "to prevent the worst effects of climate change, we have to get to net-zero emissions of greenhouse gases. This problem is urgent, and the debate is complex, but I believe we can come together to invent new carbon-zero technologies, deploy the ones we have, and ultimately avoid a climate catastrophe."

Adaptive Markets: Financial Evolution at the Speed of Thought


Andrew W. Lo - 2017
    This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

Nothing Is True and Everything Is Possible: The Surreal Heart of the New Russia


Peter Pomerantsev - 2014
    It is a world erupting with new money and new power, changing so fast it breaks all sense of reality, home to a form of dictatorship-far subtler than twentieth-century strains-that is rapidly rising to challenge the West.When British producer Peter Pomerantsev plunges into the booming Russian TV industry, he gains access to every nook and corrupt cranny of the country. He is brought to smoky rooms for meetings with propaganda gurus running the nerve-center of the Russian media machine, and visits Siberian mafia-towns and the salons of the international super-rich in London and the US. As the Putin regime becomes more aggressive, Pomerantsev finds himself drawn further into the system.Dazzling yet piercingly insightful, Nothing Is True and Everything Is Possible is an unforgettable voyage into a country spinning from decadence into madness.

AI Superpowers: China, Silicon Valley, and the New World Order


Kai-Fu Lee - 2018
    Kai-Fu Lee—one of the world’s most respected experts on AI and China—reveals that China has suddenly caught up to the US at an astonishingly rapid and unexpected pace.In AI Superpowers, Kai-Fu Lee argues powerfully that because of these unprecedented developments in AI, dramatic changes will be happening much sooner than many of us expected. Indeed, as the US-Sino AI competition begins to heat up, Lee urges the US and China to both accept and to embrace the great responsibilities that come with significant technological power.Most experts already say that AI will have a devastating impact on blue-collar jobs. But Lee predicts that Chinese and American AI will have a strong impact on white-collar jobs as well. Is universal basic income the solution? In Lee’s opinion, probably not.  But he provides a clear description of which jobs will be affected and how soon, which jobs can be enhanced with AI, and most importantly, how we can provide solutions to some of the most profound changes in human history that are coming soon.

The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor


David S. Landes - 1998
    Landes's acclaimed, best-selling exploration of one of the most contentious and hotly debated questions of our time: Why do some nations achieve economic success while others remain mired in poverty? The answer, as Landes definitively illustrates, is a complex interplay of cultural mores and historical circumstance. Rich with anecdotal evidence, piercing analysis, and a truly astonishing range of erudition, The Wealth and Poverty of Nations is a "picture of enormous sweep and brilliant insight" (Kenneth Arrow) as well as one of the most audaciously ambitious works of history in decades.For the paperback edition, Landes has written a new epilogue, in which he takes account of Asian financial crisises and the international tension between overconfidence and reality.

The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel


Stephen Leeb - 2006
    Economist Stephen Leeb shows how surging oil prices will contribute to a huge economic collapse by soaring to over $100 a barrel - and tells how you can avoid the pitfalls of the upcoming crisis.