Fool’s Gold by Gillian Tett

“Fool’s Gold” is a non-fiction book written by Gillian Tett, a British journalist and author who is known for her coverage of financial markets and the global economy. The book explores the roots of the 2008 financial crisis and the role that financial instruments known as credit derivatives played in the crisis.

Tett provides a detailed and engaging account of the development of credit derivatives, from their origins in the 1990s to their explosive growth in the years leading up to the financial crisis. She also delves into the social and cultural factors that contributed to the rise of credit derivatives, including the “groupthink” mentality that pervaded Wall Street and the widespread belief in the efficiency of financial markets.

“Fool’s Gold” is a well-researched and insightful book that sheds light on the complex and often opaque world of finance. Tett’s writing is clear and accessible, and she provides helpful explanations of complex financial concepts for readers who may be unfamiliar with the subject matter. The book has been widely praised for its insights into the financial crisis, and for its critique of the financial industry’s culture and practices.