Pollock tells us all we have to learn about cash and banking, danger and uncertainty, debt and temptation, and science and economics. He delights as he instructs.”–James Grant, founder and editor, Grant’s Curiosity Price Observer Finance and Philosophy supplies a concise and witty account of how bankers and monetary regulators assume, of the alleged causes of the cycles of booms and busts, of the implicit and infrequently un-thought-out assumptions shaping retirement finance, fiat cash, company governance. Pollock deftly reveals how poorly bankers have measured the danger their banks have been uncovered to. With candor and readability, he uncovers the persistent and unavoidable uncertainty inherent within the enterprise of banking. We be taught {that a} banker’s confidence in his means to measure banking danger precisely is the lure which has repeatedly led to financial institution failures. Pollock has a modest and compelling suggestion: Acknowledge the unavoidability of ignorance with respect to monetary danger, and, within the mild of this ignorance of the long run, act reasonably.
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