Holiday books for difficult times

And so we turn to Russell Napier’s The Asian Crisis: Birth of the Age of Debt. Napier was working in Hong Kong in 1997, and the book is partly a compilation of the excellent notes he wrote during this “collapse of the entire financial system” and partly an explanation of how the crisis set us on our current financial path. It gave us the deflationary impulses that gave us the low rates that caused the Great Financial Crisis, that then gave us quantitative easing, asset bubbles and of course the inflation we now see — the inflation that will eventually crash markets.