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Bold and confident ... Coggan covers the terrain with characteristic calmness and objectivity, avoids over-simplification, and laces his arguments with his trademark erudition ... The alphabet soup of acronyms, from SIVs to CDO Squareds, is blissfully lacking ... Finally, the book is free from the shrieking ideology that afflicts virtually all contemporary debates over money. Indeed, it offers a clear explanation of the fresh ideological divisions that have arisen over how to deal with the crisis ... the book should be taken very seriously Financial Times This book stands way above anything written on the present economic crisis -- Nassim Nicholas Taleb, author of 'The Black Swan' The most illuminating account of the financial crisis to appear to date ... [written] with a lucidity that enables him to convey deep insights without a trace of jargon ... [a] thought-stirring book -- John Gray New Statesman A remarkable book from one of the most respected economics journalists on the planet. Every page brings a fresh insight or a new surprise. A delight -- Tim Harford, author of 'The Undercover Economist' Fascinating and authoritative, with the rigour and depth to satisfy an economist and the accessibility and pace to engage the layperson ... If everyone read Coggan's book we might just be a little more circumspect if and when the next burst of irrational exuberance overtakes the economy Management Today A masterful history of financial crises Independent By far the best analysis of the "new normal" -- David Stevenson Financial Times An excellent book ... a smart and witty analysis of the current economic storm, set in the context of the history of money -- David Wighton The Times Coggan is ... an exceptional banking and economic historian Irish Examiner Coggan traces 'history's tug of war between monetary shortage and excess' in this engaging and timely book about the current financial crisis... Thoughtful and thorough Publishers Weekly Intriguing Irish Independent Coggan ... deserves his Best Communicator award: he moves the story along at a fast and flowing pace, combined with the ability to find the short phrase that summarizes in simple language the kernel of many complex economic ideas ... demonstrates a comprehensive awareness of the major academic debates in economics and economic history ... deserves to be one of the three books you read from the vast literature spawned by the recent crisis -- John Gent LSE blog A very good and sensible introduction to the history of the recent economic crisis, with an emphasis on debt and also historical perspective Tyler Cowen Blog Paper Promises is not only a great book, it is a great accomplishment - a brilliant work of financial history, a clear examination of the present moment, and a journalistic masterpiece all wrapped into one 800-CEO-READ A crisply written look at how the debt crisis may overturn the global economic order ... Like a battlefield guide, Coggan takes us on a tour of paper promises, wending from John Law's monetary experiments in France following the death of Louis XIV to Ben Bernanke's quantitative easing ... A valuable primer to anyone who still asks, as his father-in-law did, where all the money went during the meltdown of 2007 and '08 Bloomberg
Philip Coggan was a Financial Times journalist for over twenty years, including spells as a Lex columnist, personal finance editor and economics correspondent, and is now the Capital Markets Editor of the Economist. In 2009 he was awarded the title of Senior Financial Journalist in the Harold Wincott awards and was voted Best Communicator at the Business Journalist of the Year Awards. Paper Promises is his fourth book.