The Power of Gold: The History of an Obsession

by Peter L. Bernstein

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This volume recounts the timeless story of our obsession with gold. Mixing myth, legend, and historical fact, the author looks at the people, places, and events that have evoked desperation and frustration in human behavior. Starting with a broad palette of colorful characters, Pharaoh Hatshepsut, King Midas, Alexander the Great, Emperor Justinian, the Inca Emperor Atahualpa, Martin Luther, Kublai Khan, Sir Isaac Newton, and Charles De Gaulle, the author recounts the sequence of events that show more led to gold becoming the international monetary standard in the 19th Century only to fall to obscurity amid the collapse of the Bretton Woods System in 1971. This is the story of people so blinded in their pursuit of gold that they could not comprehend the difference between useless metal and real wealth. show less

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"The joke is that nothing is as useless and useful all at the same time." Far more than a tale of romantic myths (1) 30766 (1) 41640 (1) and Christopher Columbus and the Forty-Niners. Perhaps most remarkable are the frantic speculators who pushed gold to $850.00 an ounce in 1980 just as their counterparts twenty years later drove Internet stocks to exorbitant heights. Whether it is Egyptia (1) and the history of money and power struggles (1) and what this reveals about ourselves. (1) as well as a vehicle for vanity and a badge of power that has shaped the destiny of humanity through the ages. As Bernstein muses (1) Box Non Fiction 3 (1) Britain's economists David Ricardo and John Maynard Keynes (1) daring explorations (1) economic history (12) economics (35) finance (23) finance history (2) gold has been the supreme possession. It has been an icon for greed and an emblem of rectitude (1) gold history (2) history (79) Humanities: Economics (1) investing (7) Isaac Newton and Winston Churchill (1) or the hardnosed believers in the international gold standard like the United States' President Herbert Hoover (1) Ouro - Aspectos sociais (3) Ouro - Folclore (3) Ouro - História (3) recommended by henry oliver (1) Richard I and Richard Nixon (1) the Chinese inventor of paper money (1) the luxury-mad survivors of the Black Death (1) the pirates on the Spanish Main (1) The Power of Gold suggests that the true significance of this infamous element may lie in the timeless passions it continues to evoke (1)

Recommendations

Member Reviews

9 reviews
A fairly interesting book, although it does ramble off topic at times. Still, probably one of the better financial histories I've ever read.
Weirdly starts like a children's book, for maybe 50 pages, then comes right. I've seen this before but I don't know why they do it.

After the dodgy start, "The Power of Gold" then rushes over the rest of its content, never really developing any proper context or deep understanding: outcomes only ever have one single cause in this book. Sigh.

As others have noted: this is a badly written book . . . about an interesting subject.
Good popular text, excellent and interesting illustrations, good bibliography, good index
excellent but should be updated. author has changed his view on ownership of gold since book printed.
Весьма познавательно, но местами скучновато.

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19+ Works 4,536 Members
Peter L. Bernstein graduated magna cum laude from Harvard College with a degree in economics. After serving as a member of the research staff at the Federal Reserve Bank of New York and at the Office of Strategic Services in Washington, Bernstein joined the the Air Force, attaining the rank of captain serving in World War II, and assigned to the show more Office of Strategic Services. After the war, Bernstein taught economics for many years as an adjunct professor on the Graduate Faculty of the New School for Social Research in New York. In 1951, after teaching economics at Williams College and spending five years in commercial banking, Bernstein became Chief Executive of a nationally known investment counsel firm He retired in 1973 to launch Peter L. Bernstein, Inc. Bernstein was the first Editor of The Journal of Portfolio Management in 1974,and is now Consulting Editor of the Journal. He served on the Visiting Committee to the Economics Department at Harvard University, as a Trustee and member of the Finance Committee of the College Retirement Equities Fund, and as a Trustee of the Investment Management Workshop sponsored by the Association for Investment Management & Research. Bernstein is the author of nine books in economics and finance and he has also written articles in professional journals such as The Harvard Business Review and the Financial Analysts Journal, and in the press, including The New York Times, The Wall Street Journal, Worth Magazine, and Bloomberg publications. He has contributed to collections of articles published by Perseus and FT Mastering. He is also a lecturer on risk management, asset allocation, portfolio strategy, and market history. Bernstein has received three major awards from the Association for Investment Management & Research, which include; The Award for Professional Excellence, The Graham & Dodd Award, given annually for the outstanding article in the Financial Analysts Journal for the previous year, and The James R. Vertin Award, recognizing individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. (Bowker Author Biography) show less

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Classifications

Genres
Nonfiction, History, Business, Economics, General Nonfiction
DDC/MDS
398.365Society, Government, and CultureCustoms, etiquette & folkloreFolklore & FolktalesReal phenomena as subjects of folkloreScientific themesMinerals
LCC
GR810 .B47Geography, Anthropology and RecreationFolkloreFolkloreBy subjectAnimals, plants, and minerals
BISAC

Statistics

Members
500
Popularity
59,988
Reviews
6
Rating
½ (3.70)
Languages
7 — English, German, Italian, Polish, Portuguese, Spanish, Turkish
Media
Paper, Audiobook, Ebook
ISBNs
18
ASINs
2