The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Book review: Crashed by Adam Tooze

Is former ECB chief Jean-Claude Trichet the real villain of the piece?

'Crashed’ finally gives the last 10 years of financial crises the coherent narrative they deserve.

History is not the forte of governments. You don’t need Trump’s tweets – like a recent one retweeted by the fake account of the deceased 37th president Richard Nixon, saying that a presidential campaign spying on a rival campaign has “never been done” – to know this.

It was not much of a surprise then that, in an April interview with Spanish newspaper Expansión this year, Single Resolution Board chair Elke König said the Banco Popular liquidation “proved that a bank can also fail due to a lack of liquidity”, as opposed to insolvency. Lehman Brothers, Northern Rock and pretty much every other bank that failed in the aftermath of the 2008 financial crisis offered no such confirmation, apparently.

Crashed-cover-300

Liquidity is the financial narrative that runs through Adam Tooze’s ‘Crashed: How a decade of financial crises changed the world’.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree