Cliches are the fossils of wisdom. That's why we ignore them.
Particularly those with warnings ('the value of your investments
may go down as well as up') and especially in the happy days of a
financial boom. Shock! Horror! The cliche was true and we are left
staring into a crater once known as the financial markets. This has
happened before - this bust is a whopper but it shares the symptoms
of the crash in which your parents lost money, and their parents
and theirs before them. So don't believe this is the last credit
crunch - there are teenage optimists alive now who will reach
maturity and guide our children into the next boom and its
collapse. Collective Amnesia ensures that the long view is
smothered as we watch the pendulum swing from greed to fear and
back again. This isn't just a disease of a shadowy group of bankers
but is a communal blunder in which we all share - financiers,
regulators, politicians, even ordinary savers or buyers of houses,
cars and consumer goods, we all chased the market up the hill and
over the cliff and we all end up out of pocket. Written by a senior
banker with many years' experience, this book takes the long view.
It shows how simple the basics of banking are and tells the stories
of how we lost money in similar ways over the centuries. Read it
and you might just lose less money next time!
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