Taking the 2008 financial crisis as his jumping off point, Alex Pollock deftly illustrates how private firms and governments alike have failed to understand the shifting risks that financial systems create. With candor, clarity, and wit, he uncovers the persistent uncertainties inherent in...

Introduction -- Part 1. E Pluribus Inc. -- 1. The Danger and Necessity of Banks -- 2. A Cheat upon Somebody -- 3 Inc. -- 4. The Civil War Tames Currency -- 5. Sunshine Charlie -- 6. Radio, Rayon, and Retail Credit -- 7. If It Seems Too Good to Be True . . . -- 8 Crash and Contagion -- 9. Tickled...

The measurement of systemic risk is at the forefront of economists and policymakers concerns in the wake of the 2008 financial crisis. What exactly are we measuring and do any of the proposed measures perform well outside the context of the recent financial crisis? One way to address these...