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ISBN-10 013282227XISBN-13 9780132822275
ISBN-10 0132790076ISBN-13 9780132790079
Author(s): Satyajit Das
Publisher: FT Press
Copyright year: © 2012 Pages: 480

Once used to value and exchange ordinary goods, money has become the main way to make money. To make a billion dollars, it is no longer necessary to actually make anything. The master narrative of the world is now economic and financial as much as social, cultural, or political. Ordinary people borrow money to buy houses, cars, and things. They save for their children's education, holiday, or retirement. Financiers invest the savings in markets to make more money. The money is invested in private equity funds that borrow heavily to buy companies, cut staff and costs, strip them of assets, and then re-sell them at vast profits to other investors. Hedge funds try to make money placing complex bets on minuscule price movements or on an event taking or not taking place. Extreme money is money made endless, capable of infinite multiplication, completely unreal. It changed everything: individual life, business, and even countries. At the heart of this new economy, voodoo banking increases bankers' profits. False gods and fake prophets. The Masters of the Universe and their cult of risk dominated economies and lives. The human race created money and the finance economy; somewhere thereafter, it recreated us, and not always for the better. Mankind mistook money, a lubricant of society and the economy, for an end in itself. Finance became eviscerated reality—the monetary shadow of real things. Extreme money is that story. It is also essentially the story of the modern world.