Lombard Street: A Description of the Money Market (Dodo Press)

by Walter Bagehot

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Editorial Reviews
Product Description
Large Format for easy reading. By the nineteenth century British economist and author of The English Constitution. A valuable financial work.

All Customer Reviews
Average Customer Review: 4 out of 5 stars

0 of 0 people found the following review helpful:

5 out of 5 stars

You MUST read this book to understand the current credit crisis, 2008-09-30
Written in the 1860's Baghot gets it exactly right.

An easy read, often witty, hugely enlightening as to
the very soul of joint stock banking (new we call it
fractional reserve banking) and explains what can go
right and what can go wrong - big time!

What can go wrong is loss of confidence such that interbank
lending simply stops. In such cases, the central bank (he
refers to the Bank of England) MUST intervene and lend,
lend, lend. This is exactly what is happening now in the US.

Baghot foresaw it all, defines the solution and reminds us
that the system will survive.

I call it a credit cycle reset and it happens once every 20
years or so. Hence: be of good cheer! This, too, shall pass. And
huge opportunities are being created for those who have a sense
of perspective. Reading Lombard Street is NOT OPTIONAL for those
who wish to gain this perspective.

2 of 2 people found the following review helpful:

3 out of 5 stars

Good book, but this edition is full of errors, 2008-07-08
Chances are if you are looking at this book, you are already familiar with the contents. It's a classic and it is excellent both as a piece of analysis which still holds up today and as a piece of 19th century source material.

This edition however is riddled with errors, and it appears it was scanned from an original but not cleaned. Many words are misspelled or stuck to their neighbours, so I cannot recommend this edition.

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