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The modern world is built on commodities - from the oil that fuels our cars to the metals that power our smartphones. We rarely stop to consider where they have come from. But we should. In The World for Sale, two leading journalists lift the lid on one of the least scrutinised corners of the world economy: the workings of the billionaire commodity traders who buy, hoard and sell the earth's resources. It is the story of how a handful of swashbuckling businessmen became indispensable cogs in global markets: enabling an enormous expansion in international trade, and connecting resource-rich countries - no matter how corrupt or war-torn - with the world's financial centres. And it is the story of how some traders acquired untold political power, right under the noses of western regulators and politicians - helping Saddam Hussein to sell his oil, fuelling the Libyan rebel army during the Arab Spring, and funnelling cash to Vladimir Putin's Kremlin in spite of western sanctions. The result is an eye-opening tour through the wildest frontiers of the global economy, as well as a revelatory guide to how capitalism really works.
Billionaire oil trader Marc Rich for the first time talks at length about his private life (including his expensive divorce from wife Denise); his invention of the spot oil market which made his fortune and changed the world economy; his lucrative and unpublicized dealings with Ayatollah Khomeini's Iran, Fidel Castro's Cuba, war-ravaged Angola, and apartheid South Africa; his quiet cooperation with the Israeli and U.S. governments (even after he was indicted for tax fraud by Rudy Guiliani) and near-comical attempts by U.S. officials to kidnap him illegally. This sure-to-make-headlines book is the first no-holds-barred biography of Rich, who was famously pardoned by Bill Clinton, and resurfaced in the news during the confirmation hearings of Attorney General Eric Holder. The King of Oil sheds stunning new light on one of the most controversial international businessmen of all time, charting Rich's rise from the Holocaust, which he fled as a young boy, to become the wealthiest and most powerful oil and commodities trader of the century. From his earliest trading days to the present, Marc Rich's story is astonishing and compelling.
The resources race is on. Powering our digital lives and green technologies are some of the Earth’s most precious metals — but they are running out. And what will happen when they do? The green-tech revolution has been lauded as the silver bullet to a new world. One that is at last free of oil, pollution, shortages, and cross-border tensions. Drawing on six years of research across a dozen countries, this book cuts across conventional green thinking to probe the hidden, dark side of green technology. By breaking free of fossil fuels, we are in fact setting ourselves up for a new dependence — on rare metals such as cobalt, gold, and palladium. They are essential to electric vehicles, wi...
Shortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he show...
Kate Kelly, acclaimed journalist and author of Street Fighters, investigates the world of commodities traders When most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring? That's exactly what the elite commodity traders want us to think. They don't seek the spotlight. They don't want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations. But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are t...
The conventional wisdom on how technology will change the future is wrong. Mark Mills lays out a radically different and optimistic vision for what’s really coming. The mainstream forecasts fall into three camps. One considers today as the “new normal,” where ordering a ride or food on a smartphone or trading in bitcoins is as good as it’s going to get. Another foresees a dystopian era of widespread, digitally driven job- and business-destruction. A third believes that the only technological revolution that matters will be found with renewable energy and electric cars. But according to Mills, a convergence of technologies will instead drive an economic boom over the coming decade, on...
The Prize recounts the panoramic history of oil -- and the struggle for wealth power that has always surrounded oil. This struggle has shaken the world economy, dictated the outcome of wars, and transformed the destiny of men and nations. The Prize is as much a history of the twentieth century as of the oil industry itself. The canvas of this history is enormous -- from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait and Operation Desert Storm. The cast extends from wildcatters and rogues to oil tycoons, and from Winston Churchill and Ibn Saud to George Bush and Saddam Hussein. The definitive work on the subject of oil and a major contribution to understanding our century, The Prize is a book of extraordinary breadth, riveting excitement -- and great importance.
Oil is an unusual commodity in that individual decisions can have an outsized effect on the market. OPEC+’s choice to increase production, for instance, might send prices falling, affecting both oil producers and consumers worldwide. What do the leading oil market players consider before making a fateful move? Oil Leaders offers an unprecedented glimpse into the strategic thinking of top figures in the energy world from the 1980s through the recent past. Ibrahim AlMuhanna—a close adviser to four different Saudi oil ministers during that period—examines the role of individual and collective decision making in shaping market movements. He analyzes how powerful individuals made critical c...
The Quest continues the riveting story Daniel Yergin began twenty years ago with his No.1 International Bestseller The Prize, revealing the on-going quest to meet the world's energy needs - and the power and riches that come with it. A master story teller as well as our most expert analyst, Yergin proves that energy is truly the engine of global political and economic change. From the jammed streets of Beijing, the shores of the Caspian Sea, and the conflicts in the Middle East, to Capitol Hill and Silicon Valley, Yergin tells the inside stories of the oil market, the rise of the 'petrostate', the race to control the resources of the former Soviet empire, and the massive corporate mergers th...
'An eloquent, forensic examination of resurgent English nationalism as the force that has driven Brexit and may now break up the United Kingdom' Jonathan Coe 'A fascinating book that draws on poetry, literature and on-the-ground reporting' The Times 'A wonderful book which will be quoted in years to come' New European In the past, it was possible to live with delightful confusion: one could be English or British, Scottish or Irish, and a citizen/subject of the United Kingdom (or Great Britain). Now this archaic state is coming under terrible strain. The English revolt against Europe is also a revolt against the Scottish and Irish, and the pressures to declare Scottish independence and to push for a border poll that would unite Ireland may become irresistible. Can England and Wales find a way of dealing with the state's new place in the world? What constitutional, federal arrangements might prevent the disintegration of the British state? How Britain Ends is a book about history, but also about the strange, complicated identity of Britishness.