Paul Mason: Meltdown

I’m just reading Meltdown: The End of the Age of Greed by Paul Mason

This book is an uncomfortable read for any politician.

Mr Mason argues that when the law governing debt to capital ratios was quietly changed in 1994by the Clinton administration, banks were given the opportunity to go into a money making frenzy. His account of the events that led up to the credit crisis last year is clear and simple using a language that that is accessible to a reader without an economics doctorate.

The author debunks the neoliberal ideology that underpinned the thinking behind American deregulation and believes that we are seeing the end of an era. For him, the future business model for banks should favour “low-profit utility-style banking”.

The book ends on an optimistic note, claiming that institutions in the future can be “shaped by the willingness of ordinary people to impose limits, standards and sustainability on capital”.

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