cover image Bluff: The Game Central Banks Play and How It Leads to Crisis

Bluff: The Game Central Banks Play and How It Leads to Crisis

Anjum Hoda. Oneworld, $19.99 trade paper (288p) ISBN 978-1-78074-813-9

Central banks such as the Bank of England and the U.S. Federal Reserve have become so indispensable that most people no longer question their place in the modern world economy, but asset management careerist Hoda argues that this questioning is long overdue and critical. According to her, "Our disinclination to question the central banks' actions stems from fear%E2%80%94fear that the equity, bond, and real estate markets are no longer a reflection of the wealth of our society but instead a leviathan that threatens it." The central banks benefit from manipulating us, she explains; this manipulation can keep the economy in check. Hoda covers motivations for this "bluff," the history of banking, inflation, the consequences of the bluff, price stability, gold, and suggestions for the way forward. We need to question the central banks and their actions today, she stresses, and demand that our governments step in to control price level. This is an interesting take on the causes of financial crashes, but it's hampered by a dry prose style. Cursory attempts to make the subject matter relatable aren't successful, and most lay readers will struggle with this. Agent: Andrew Gordon, David Higham Associates (U.K.). (July)