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The Gods That Failed
The Gods That Failed
Oct 8, 2024 11:26 PM

Author:Dan Atkinson,Larry Elliott

The Gods That Failed

You have been had.

MARKETS ARE NOT MAGIC.

DEBT IS NOT FREEDOM.

THE GODS HAVE FAILED.

A risk-prone, privatised profit-driven economic model overseen by a largely unaccountable, greedy and arrogant elite has resulted in one of the worst financial crises in history.

The over-paid heroes of Wall Street and the City worshipped the gods of globalisation, financialisation and speculation, and during the years of economic growth we, and our governments, worshipped them too. But high in the boardrooms of Mount Olympus, the reckless lust of banks for big bonuses and bigger profits led to excesses that have proved unsupportable.

The warning signs were ignored - now the Masters of the Universe are toppling and we're footing the bill.

Find out how an unregulated elite were able to run riot with your cash, and find out how to stop it happening again.

Reviews

Agree, or disagree, you should read this book... As the crunch intensifies these critics are out in force - and the most influential of their books will undoubtedly turn out to be this readable yet controversial tome

—— City A.M.

Well written and witty

—— Daily Telegraph

Has withstood the test of time, despite being published before the events of this autumn - largely because the authors took such a pessimistic, not to mention dim, view of global finance in the first place...a rollicking, acerbic account of the bubble and its collapse

—— Daily Telegraph

A superbly timed, trenchant analysis of the Anglo-American political culture that has turned the sober profession of banking into a supercasino where the house always wins

—— Misha Glenny , New Statesman

The arrogance of the view that the boom and bust cycle had been abolished, and the inevitability of the bust are vividly brought out in The Gods That Failed

—— Observer

Larry Elliott and Dan Atkinson make a formidable team...Deploying a snappy style that keeps the reader's attention through complicated subject matter, they make their case with ease... this is still one of the sharper anti-market critiques available.

—— Metro

The conviction that the market will take care of everything went unchallenged until this summer - by the seemingly unlikely combination of two economics editors from the Guardian and the Mail on Sunday

—— Katherine Whitehorn

In tragic-comic detail, they show how debacles like Northern Rock and banks lending non-existent money to customers has led to disaster for millions of ordinary people, one perpetrated by an unaccountable financial elite whom they dub The New Olympians

—— Arena

A riveting and frankly alarming account of the state of the economy... I doubt I will read a more important book this year

—— Mail on Sunday

A triumph ... riveting ... a genuine page-turner

—— Times

The very best book about this whole affair

—— John Lanchester, author of 'Whoops!'

If you read only one book about the causes of the recent financial crisis, let it be Michael Lewis's The Big Short

—— Washington Post

In the hands of Michael Lewis, anything is possible ... if you want to know how a nation lost its financial mind - and have a good laugh finding out - this is the book to read.

—— The Sunday Times

Magnificent ... a perfect storm of brilliant writer meeting big subject.

—— The Guardian

Brilliant

—— Independent

In this riveting, well-written expose, Shaxson goes deep into the largely unexamined realm of offshore money. In the process, he reveals that this shadow world is no mere sideshow, but is troublingly central to modern finance, with the US and the UK as leaders. The resulting abuses are widespread, ranging from tax revenue stripping from African nations to individuals and corporations escaping enforcement and accountability. A must read for anyone who wants to understand the hidden reasons why financial services firms have become so powerful and impossible to reform

—— Yves Smith, creator of Naked Capitalism and author of Econned

They who sold us globalisation as a way of the whole world getting richer with fair rules, cheated us by letting the rich and powerful go "offshore". This gripping exposé should help end the scandal

—— Anthony Barnett, founder of openDemocracy

Possibly the most important political book that I have read since The Spirit Level

—— Stuart Weir, co-founder of Charter 88, former editor of the New Statesman

He has prised the lid off an important and terrifying can of worms

—— Martin Vander Weyer , Literary Review

Lively and well written book

—— Toby Young , Mail on Sunday

A welcome account of how the sun is never allowed to set on the British empire's old islands, whose fiscal pirates hoard the tax-free treasures of the rich

—— Geoffrey Robertson , New Statesman, Books of the Year

Shaxson delves into capitalism's secret nooks and tells us about how a culture of secrecy can perpetuate itself. Very interesting

—— William Leith , Evening Standard

A compelling read [...] an important and very much a live topic, it'll take you a few hours to read the book but it will be a worthwhile investment of time

—— Peter Magee , Bookbag

What makes this such a good read for the layman is that the author employs all his journalistic skill (he used to work at Reuters) to illustrate his arguments and uses real examples to real examples to illustrate complex issues

—— John Arlidge , Sunday Times

This book is a must-read for anyone who wants to understand the world we live in

—— Brian Maye , Irish Times

This engrossing book about the offshore banking racket, with its eye-opening scrutiny of tax havens and the suited scoundrels who profit from them, will make you think again about the murkier side of the City...This first-rate forensic work ends with a plea that the closed City "must be abolished and submerged into a...fully democratic London"

—— Boyd Tonkin , Independent

[An] informed polemic against finance capital

—— Oliver Kamm , The Times

Now more than a decade old, this is still the best introduction to the world of tax havens

—— Economist, *Summer Reads of 2022*
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