Skip to main content

Julian Sara Joseph

Ascent of Money -by Niall Ferguson - Report on reading the book

1 min read

Things I connected with in the - Introduction

  • 2008 recession was one of the world's worst crisis after the Great Depression. 
  • We usually have hostility and anger towards the rich capitalists or bankers, or just financers, who lend money as a living — Loan Sharks, bank CEOs whose greed caused this crisis and this hostility has weirdly the following reasons:
  1. Debtors/Borrowers outnumbered Creditors/lenders.
  2. Financial crises are frequent enough for finance to be a reason for poverty and volatility. 
  3. Financial services for centuries have been provided by ethnic/religious minorities. 

All throughout major historic events, one silent rising event was the ascent of money that fueled the ascent of man, the development of countries and the establishment of institutions that never existed before but are essential to our existence today, a rise (or financial expansion) which couldn't be stopped by any other factor in the world.