National Review Online

Behind the Game of Bank Bargains

National Review Online
National Review Online
An NRO Interview
National Review Online
February 6, 2014

‘Everyone knows that life isn’t fair, that ‘politics matters,’” Charles W. Calomiris and Stephen H. Haber write in their new book, Fragile by Design: The Political Origins of Banking Crises and Scarce Credit (from which we ran an adaptation here). “We recognize that politics is everywhere,” they continue, “but somehow we believe that banking crises are apolitical, the result of unforeseen and extraordinary circumstances, like earthquakes and hailstorms.” That’s simply not true, Calomiris and Haber argue: “The politics we see operating everywhere else around us also determines whether societies suffer repeated banking crises . . . or never suffer banking crises.” Fragile by Design will make you skeptical of the “version of events told time and again by central bankers and treasury officials,” and critical when that version is “repeated by business journalists and television talking heads.” The authors talk withNational Review Online’s Kathryn Jean Lopez about the book, banking, morality and politics, Canada, fatherhood, and even Game of Thrones.

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