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Whoops!: Why Everyone Owes Everyone and No One Can Pay
Whoops Why Everyone Owes Everyone and No One Can Pay Author:John Lanchester There?s probably a word in German for that feeling you get when you can understand something while it?s being explained to you, but lose hold of the explanation as soon as it stops. A lot of writing about the credit crunch has that effect: you can grasp it while it?s going on, and then as soon as it?s over, you can no longer remember the differe... more »nce between a CDO, a CDS, an MBS, and a toasted cheese sandwich. Whoops! makes it possible for all of us to grasp how we found ourselves in this predicament.What went wrong? In 2000, the total GDP of Earth was $36 trillion. At the start of 2007 it was $70 trillion. Today that growth has gone suddenly and sharply into decline, with an effect roughly resembling that of putting a car into reverse while doing seventy down a motorway.John Lanchester travels with a cast of characters - including reckless banksters, snoozing regulators, complacent politicians, predatory lenders, credit-drunk spendthrifts, and innocent bystanders to understand deeply and genuinely what is happening and why we feel the way we do.« less