The cliché says, those who don't study history are doomed to repeat its mistakes. After snowballed by the financial crisis, we might want spend some time concentrating on the history of finance. The Ascent of Money, written by Harvard Professor Ferguson, covers the development of the world financial system and how a means of exchange and store of wealth become parcelled and packaged in subprime mortgage back securities and sold around the world. Recently, for those who do not have time to read through his 500-page book, PBS has adapted his book into a documentary series, also named The Ascent of Money. As what I agree with Prof Ferguson about, for a means of participating the future, the past is as good a guide as others.
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