William L. Silber Livres

Set against the backdrop of World War I, the narrative reveals Treasury Secretary William Gibbs McAdoo's battle to avert a financial catastrophe. With a significant gold outflow jeopardizing the U.S. economy and fears of abandoning the gold standard causing the dollar to drop, the country faced a dire situation. Lacking a central bank, the U.S. appeared vulnerable, akin to a headless giant. The story unfolds like a mystery, highlighting McAdoo's strategic maneuvers to stabilize the nation's finances during a tumultuous period.

From 1963-1987, Paul A. Volcker served in positions in the Treasury Department, the Federal Reserve Board, and in 2008 was named chairman of the President's Economic Recovery Advisory Board.

"This is the story of silver's transformation from soft money during the nineteenth century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. FDR pumped up the price of silver to help jump start the U.S. economy during the Great Depression, but this move weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II. Bunker Hunt went on a silver-buying spree during the 1970s to protect himself against inflation and triggered a financial crisis that left him bankrupt. Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the twenty-first century"--Publisher's description

"A quarterback like Green Bay's Aaron Rodgers gambles with a Hail Mary pass at the end of a football game when he has nothing to lose - the risky throw might turn defeat into victory, or end in a meaningless interception. Rodgers may not realize it, but he has much in common with figures such as George Washington, Rosa Parks, Woodrow Wilson, and Adolph Hitler, all of whom changed the modern world with their risk-loving decisions. In The Power of Nothing to Lose, award-winning economist William Silber explores the phenomenon in politics, war, and business, where situations with a big upside and limited downside trigger gambling behavior like with a Hail Mary. Silber describes in colorful detail how the American Revolution turned on such a gamble. The famous scene of Washington crossing the Delaware on Christmas night to attack the enemy may not look like a Hail Mary, but it was. Washington said days before his risky decision, "If this fails I think the game will be pretty well up." Rosa Parks remained seated in the White section of an Alabama bus, defying local segregation laws, an act that sparked the modern civil rights movement in America. It was a life-threatening decision for her, but she said, "I was not frightened. I just made up my mind that as long as we accepted that kind of treatment it would continue, so I had nothing to lose." -- Amazon.com

Focusing on modern analytical perspectives, this text features both domestic and international coverage. The book gives a treatment of traditional topics, reflecting changes in the banking and financial industries, international impact, and the current regulatory environment.

The Hail Mary effect is examined through its origins in sports and its broader implications across history, nature, politics, and business. William L. Silber, an esteemed economics professor, delves into how this concept influences decision-making and outcomes in various fields, drawing connections that illuminate its significance beyond the realm of athletics.