“Money of the Mind” is a must read for any investor who hopes to understand what moves financial markets, interest rates and economic cycles.
James Grant is a highly respected financial analyst who publishes the credit market newsletter, Grant’s Interest Rate Observer. A keen student of the “credit cycle” he chronicles borrowing and lending in the United States and the inevitable effects of the “Boom and Bust” in credit. Reading this book will give you historical perspective and will take away any “new era” financial thoughts you might still cling to. As he sums up in “Money of the Mind”: “Knowing the past, one reads the morning newspapers with a sense of fatalism. One believes in the powers of markets and reason but not in the perfectibility of lenders and borrowers.”