author : Connel Fullenkamp

This is the course guidebook that accompanies the 24 lecture “Great Course” of the same name. It is essentially an abbreviated transcript of each lecture, a few pictures, and some related reading. (I watched the lectures, which is what I am reviewing here, and am using the book simply as an aide-memoire.)

This is an excellent tour and explanation of a variety of financial events: Ponzi schemes, bubbles, stock frauds, crashes and hyperinflation, bank runs, rogue traders, and more. In each case we get the history, what went wrong, and why it wasn’t stopped until later. (I learned that everything I thought I knew about the great Tulip Bubble is wrong: the reality is much more interesting.)

It seems that governments are essentially clueless in the face of ongoing events, and successful only at legislating against the previous events. As a result, there will inevitably be future crises and crashes. To protect yourselves somewhat, remember the adage: if it looks too good to be true, it is.