Summary:
The book analyzes the vulnerabilities and imbalances in the global financial system that led to financial crises, particularly the 2007-2008 crisis. It offers insights into how international finance operates, critiques the roles of key institutions, and proposes reforms to stabilize and improve the global financial architecture for sustainable economic growth.
Key points:
1. Global Imbalances: Wolf highlights the dangers of large US deficits and surpluses in China and Germany, warning they could lead to financial crises due to unsustainable borrowing and lending.
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