The Secret History of the Banking Crisis

Riveting, accessible account of the 2008 financial crisis and the hush-hush ‘swapline’ system between the US Fed and a select coterie of European central banks put in place to contain it (remains with us today). Will Trump get round to disrupting it? And just as importantly, will it ever become the subject of politcal, ideally democratic scrutiny and discussion?

Published in the August 2017 edition of Prospect.

A broker looks at his screens at Frankfurt’s stock exchange on September 15, 2008, as the German stock exchange went down 4.6 percent in the afternoon in the wake of US investment banking giant Lehman Brothers filing for bankruptcy. AFP PHOTO DDP/ THOMAS LOHNES GERMANY OUT (Photo credit should read THOMAS LOHNES/AFP/Getty Images)

The secret history of the banking crisis