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    Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.

    Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.

    Of the millions of men, women, and children transported from Africa to America as slaves, Cudjo was then the only person alive to tell the story of this integral part of the nation's history. Hurston was there to record Cudjo's firsthand account of the raid that led to his capture and bondage fifty years after the Atlantic slave trade was outlawed in the United States.In 1931, Hurston returned to Plateau, the African-centric community three miles from Mobile founded by Cudjo and other former slaves from his ship. Spending more than three months there, she talked in depth with Cudjo about the details of his life. During those weeks, the young writer and the elderly formerly enslaved man ate peaches and watermelon that grew in the backyard and talked about Cudjo's past--memories from his childhood in Africa, the horrors of being captured and held in a barracoon for selection by American slavers, the harrowing experience of the Middle Passage packed with more than 100 other souls aboard the Clotilda, and the years he spent in slavery until the end of the Civil War.Based on those interviews, featuring Cudjo's unique vernacular, and written from Hurston's perspective with the compassion and singular style that have made her one of the preeminent American authors of the twentieth-century, Barracoon masterfully illustrates the tragedy of slavery and of one life forever defined by it. Offering insight into the pernicious legacy that continues to haunt us all, black and white, this poignant and powerful work is an invaluable contribution to our shared history and culture.

    On a February evening in 2012, in a small town in central Florida, seventeen-year-old Trayvon Martin was walking home with candy and a can of juice in hand and talking on the phone with a friend when a fatal encounter with a gun-wielding neighborhood watchman ended his young life. The watchman was briefly detained by the police and released. Trayvon's father, a truck driver named Tracy, tried to get answers from the police but was shut down and ignored. Trayvon's mother, a civil servant for the city of Miami, was paralyzed by the news of her son's death and lost in mourning, unable to leave her room for days. But in a matter of weeks, their son's name would be spoken by President Obama, honored by professional athletes, and passionately discussed all over traditional and social media. And at the head of a growing nationwide campaign for justice were Trayvon's parents, who driven by their intense love for their lost son discovered their voices, gathered allies, and launched a movement that would change the country. Five years after his tragic death, Travyon Martin's name is still evoked every day. He has become a symbol of social justice activism, as has his hauntingly familiar image: the photo of a child still in the process of becoming a young man, wearing a hoodie and gazing silently at the camera. But who was Trayvon Martin, before he became, in death, an icon? And how did one black child s death on a dark, rainy street in a small Florida town become the match that lit a civil rights crusade? Rest in Power, told through the compelling alternating narratives of Sybrina Fulton and Tracy Martin, answers, for the first time, those questions from the most intimate of sources. It s the story of the beautiful and complex child they lost, the cruel unresponsiveness of the police and the hostility of the legal system, and the inspiring journey they took from grief and pain to power, and from tragedy and senselessness to meaning. Advance praise for Rest in Power"Not since Emmitt Till has a parent's love for a murdered child moved the nation to search its soul about racial injustice and inequality. Sybrina Fulton and Tracy Martin's extraordinary witness, indomitable spirit and unwavering demand for change have altered the dynamics of racial justice discourse in this country. This powerful book illuminates the witness, the grief, and the commitment to reform that Trayvon Martin's death has mobilized; it is a story fueled by a demand for justice but rooted in love." -- Bryan Stevenson, author of Just Mercy "As the fifth anniversary of this tragic crime nears, Fulton and Martin share a remarkably candid and deeply affecting in-the-moment chronicle of the explosive aftermath of the murder. Writing in alternate chapters, they share every detail of their shock, grief, and grueling quest for justice. . . . Given the unconscionable shooting deaths of young black men, many by police, that followed Trayvon's, this galvanizing testimony from parents who channeled their sorrow into action offers a deeply humanizing perspective on the crisis propelling a national movement." --Booklist (starred review)

    Jones is buried in London’s Highgate Cemetery, to the left of Karl Marx—a location that Boyce Davies finds fitting given how Jones expanded Marxism-Leninism to incorporate gender and race in her political critique and activism.Claudia Cumberbatch Jones was born in Trinidad. In 1924, she moved to New York, where she lived for the next thirty years. She was active in the Communist Party from her early twenties onward. A talented writer and speaker, she traveled throughout the United States lecturing and organizing. In the early 1950s, she wrote a well-known column, “Half the World,” for the Daily Worker. As the U.S. government intensified its efforts to prosecute communists, Jones was arrested several times. She served nearly a year in a U.S. prison before being deported and given asylum by Great Britain in 1955. There she founded The West Indian Gazette and Afro-Asian Caribbean News and the Caribbean Carnival, an annual London festival that continues today as the Notting Hill Carnival. Boyce Davies examines Jones’s thought and journalism, her political and community organizing, and poetry that the activist wrote while she was imprisoned. Looking at the contents of the FBI file on Jones, Boyce Davies contrasts Jones’s own narration of her life with the federal government’s. Left of Karl Marx establishes Jones as a significant figure within Caribbean intellectual traditions, black U.S. feminism, and the history of communism.

    An eloquent document of the civil rights movement that remains a work of profound social relevance 25 years after it was first published.

    So what went wrong? To answer this complicated question, D. Bradford Hunt traces public housing’s history in Chicago from its New Deal roots through current mayor Richard M. Daley’s Plan for Transformation. In the process, he chronicles the Chicago Housing Authority’s own transformation from the city’s most progressive government agency to its largest slumlord.Challenging explanations that attribute the projects’ decline primarily to racial discrimination and real estate interests, Hunt argues that well-intentioned but misguided policy decisions—ranging from design choices to maintenance contracts—also paved the road to failure. Moreover, administrators who fully understood the potential drawbacks did not try to halt such deeply flawed projects as Cabrini-Green and the Robert Taylor Homes. These massive high-rise complexes housed unprecedented numbers of children but relatively few adults, engendering disorder that pushed out the working class and, consequently, the rents needed to maintain the buildings. The resulting combination of fiscal crisis, managerial incompetence, and social unrest plunged the CHA into a quagmire from which it is still struggling to emerge.Blueprint for Disaster, then, is an urgent reminder of the havoc poorly conceived policy can wreak on our most vulnerable citizens.

    In Money, Jacob Goldstein shows how money is a useful fiction that has shaped societies for thousands of years, from the rise of coins in ancient Greece to the first stock market in Amsterdam to the emergence of shadow banking in the 21st century.At the heart of the story are the fringe thinkers and world leaders who reimagined money. Kublai Khan, the Mongol emperor, created paper money backed by nothing, centuries before it appeared in the west. John Law, a professional gambler and convicted murderer, brought modern money to France (and destroyed the country's economy). The cypherpunks, a group of radical libertarian computer programmers, paved the way for bitcoin.One thing they all realized: what counts as money (and what doesn't) is the result of choices we make, and those choices have a profound effect on who gets more stuff and who gets less, who gets to take risks when times are good, and who gets screwed when things go bad.Lively, accessible, and full of interesting details (like the 43-pound copper coins that 17th-century Swedes carried strapped to their backs), Money is the story of the choices that gave us money as we know it today. The co-host of the popular NPR podcast Planet Money provides a well-researched, entertaining, somewhat irreverent look at how money is a made-up thing that has evolved over time to suit humanity's changing needs.

    Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a ‘Global Minotaur’ was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so the ‘rest of the world’ began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the ‘engine’ that pulled the world economy from the early 1980s to 2008.Today’s crisis in Europe, the heated debates about austerity versus further fiscal stimuli in the US, the clash between China’s authorities and the Obama administration on exchange rates are the inevitable symptoms of the weakening Minotaur; of a global ‘system’ which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis lays out the options available to us for reintroducing a modicum of reason into a highly irrational global economic order.An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.

    Bill Broeksmit had helped build the 150-year-old financial institution into a global colossus, and his sudden death was a mystery, made more so by the bank’s efforts to deter investigation. Broeksmit, it turned out, was a man who knew too much.In Dark Towers, award-winning journalist David Enrich reveals the truth about Deutsche Bank and its epic path of devastation. Tracing the bank’s history back to its propping up of a default-prone American developer in the 1880s, helping the Nazis build Auschwitz, and wooing Eastern Bloc authoritarians, he shows how in the 1990s, via a succession of hard-charging executives, Deutsche made a fateful decision to pursue Wall Street riches, often at the expense of ethics and the law.Soon, the bank was manipulating markets, violating international sanctions to aid terrorist regimes, scamming investors, defrauding regulators, and laundering money for Russian oligarchs. Ever desperate for an American foothold, Deutsche also started doing business with a self-promoting real estate magnate nearly every other bank in the world deemed too dangerous to touch: Donald Trump. Over the next twenty years, Deutsche executives loaned billions to Trump, the Kushner family, and an array of scandal-tarred clients, including convicted sex offender Jeffrey Epstein.Dark Towers is the never-before-told saga of how Deutsche Bank became the global face of financial recklessness and criminality—the corporate equivalent of a weapon of mass destruction. It is also the story of a man who was consumed by fear of what he’d seen at the bank—and his son’s obsessive search for the secrets he kept.

    But the most important, consequential, and widening gap in American society is between the upper middle class and everyone else.Reeves defines the upper middle class as those whose incomes are in the top 20 percent of American society. Income is not the only way to measure a society, but in a market economy it is crucial because access to money generally determines who gets the best quality education, housing, health care, and other necessary goods and services.As Reeves shows, the growing separation between the upper middle class and everyone else can be seen in family structure, neighborhoods, attitudes, and lifestyle. Those at the top of the income ladder are becoming more effective at passing on their status to their children, reducing overall social mobility. The result is not just an economic divide but a fracturing of American society along class lines. Upper-middle-class children become upper-middle-class adults.These trends matter because the separation and perpetuation of the upper middle class corrode prospects for more progressive approaches to policy. Various forms of “opportunity hoarding” among the upper middle class make it harder for others to rise up to the top rung. Examples include zoning laws and schooling, occupational licensing, college application procedures, and the allocation of internships. Upper-middle-class opportunity hoarding, Reeves argues, results in a less competitive economy as well as a less open society.Inequality is inevitable and can even be good, within limits. But Reeves argues that society can take effective action to reduce opportunity hoarding and thus promote broader opportunity. This fascinating book shows how American society has become the very class-defined society that earlier Americans rebelled against—and what can be done to restore a more equitable society.

    The Black Panthers are most often remembered for their revolutionary rhetoric and militant action. Here Alondra Nelson deftly recovers an indispensable but lesser-known aspect of the organization’s broader struggle for social justice: health care. The Black Panther Party’s health activism—its network of free health clinics, its campaign to raise awareness about genetic disease, and its challenges to medical discrimination—was an expression of its founding political philosophy and also a recognition that poor blacks were both underserved by mainstream medicine and overexposed to its harms.Drawing on extensive historical research as well as interviews with former members of the Black Panther Party, Nelson argues that the Party’s focus on health care was both practical and ideological. Building on a long tradition of medical self-sufficiency among African Americans, the Panthers’ People’s Free Medical Clinics administered basic preventive care, tested for lead poisoning and hypertension, and helped with housing, employment, and social services. In 1971, the party launched a campaign to address sickle-cell anemia. In addition to establishing screening programs and educational outreach efforts, it exposed the racial biases of the medical system that had largely ignored sickle-cell anemia, a disease that predominantly affected people of African descent.The Black Panther Party’s understanding of health as a basic human right and its engagement with the social implications of genetics anticipated current debates about the politics of health and race. That legacy—and that struggle—continues today in the commitment of health activists and the fight for universal health care.

    Today, however, punishing rents and the increasingly prohibitive cost of ownership have turned housing into the foremost symbol of inequality and an economy gone wrong. Nowhere is this more visible than in the San Francisco Bay Area, where fleets of private buses ferry software engineers past the tarp-and-plywood shanties where the homeless make their homes. The adage that California is a glimpse of the nation's future has become a cautionary tale.With propulsive storytelling and ground-level reporting, New York Times journalist Conor Dougherty chronicles America's housing crisis from its West Coast epicenter, peeling back the decades of history and economic forces that brought us here and taking readers inside the activist uprisings that have risen in tandem with housing costs. To tell this new story of housing, Dougherty follows a struggling math teacher who builds a political movement dedicated to ending single-family-house neighborhoods. A teenaged girl who leads her apartment complex against their rent-raising landlord. A nun who tries to outmaneuver private equity investors by amassing a multimillion-dollar portfolio of affordable homes. A suburban bureaucrat who roguishly embraces density in response to the threat of climate change. A developer who manufactures homeless housing on an assembly line.Sweeping in scope and intimate in detail, Golden Gates definitively captures a fundamental political realignment in America as it plays out during a moment of rapid technological and social change.

    When high oil prices and economic competition from Japan and Germany battered the American economy, new policies—both international and domestic—became necessary. But war was waged against inflation, rather than against unemployment, and the government promoted a balanced budget instead of growth. This, says Stein, marked the beginning of the age of finance and subsequent deregulation, free trade, low taxation, and weak unions that has fostered inequality and now the worst recession in sixty years.Drawing on extensive archival research and covering the economic, intellectual, political, and labor history of the decade, Stein provides a wealth of information on the 1970s. She also shows that to restore prosperity today, America needs a new model: more factories and fewer financial houses.