Andrew Palmer, Smart Money, Basic Books, 2015, 320 pages
It is a bold author who takes the side of financial wizards in the post-2008 world. After all, it was some of those wizards who upended the financial system in 2008, and the more recent flash crashes and liquidity crises appear to have been driven by similar attempts to be ‘too clever by half’. In the popular mind, ‘financial innovation’ now equates to gambling using someone else’s money.
This makes Andrew Palmer’s attempt to show how fina