Thomas Levenson "Money for Nothing" (Random House, 2020)
New Books in Economics
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Is There an Opportunity to Blunt the Sharp Edges of Financial Innovation?
Isaac Newton was smart enough to get out of the bubble midway through with shares he bought over the previous decade. He made in what in 21st century, money would be some single digit number of millions. But after he sold, he saw the share double again from the price he sold at and that hurt him. So he bought back into the peak and he did so repeatedly and lost all the money he'd made and 20,000 pounds on top of it. I think that that these are extremely perilous times now and they're more perilous now than they were then. We've financialized our world much more thoroughly than 1720 Britain was.
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