Council on Foreign Relations

Sebastian Mallaby argues that even though the odds of a double-dip or a bond-market rout may be roughly equal, bond-market trouble would probably have larger consequences. Therefore the prudent policy is to rein in the stimulus.

Sebastian Mallaby discusses Paul Romer's vision for development through foreign-run "charter cities."

Sebastian Mallaby argues that because hedge funds are small enough to fail, they represent an appealing alternative to too-big-to-fail banks. If the new Financial Stability Oversight Council were to burden hedge funds with oversight and hamper their growth, it would reduce the amount of risk that they absorb, paradoxically making the financial system less stable.

CFR's Sebastian Mallaby argues that hedge funds are an important part of the global economy because they help regulate markets, but are small enough to fail.

CFR's Sebastian Mallaby argues that hedge funds are an important part of the global economy because they help regulate markets, but are small enough to fail.

Sebastian Mallaby says that Congress is creating obstacles for entrepreneurial boutique financiers - precisely the players who must absorb the risks that were appallingly mishandled by too-big-to-fail banks.

Sebastian Mallaby, director of the Maurice R. Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations and the author of More Money than God, discusses his book and the role of hedge funds in the financial system.

Wealthy, powerful, and potentially dangerous, hedge-fund moguls have become the stars of twenty-first-century capitalism. Their weekend mansions are fodder for "Vanity Fair" photographers; their potential to cause chaos preoccupied authorities even before the recent financial cataclysm. Based on unprecedented access to the industry, including three hundred hours of interviews and binders of internal documents, "More Money Than God" tells the inside story of hedge funds' origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007 to 2009. Join Sebastian Mallaby for a discussion of the book and the role of hedge funds in the financial system.

Sebastian Mallaby, director of the Maurice R. Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations and the author of More Money than God, discusses his book and the role of hedge funds in the financial system.

Unlike "too big to fail" financial firms, hedge funds spot market bubbles and assume their own losses, says CFR's Sebastian Mallaby.

Sebastian Mallaby argues that hedge funds hold the key to a more stable financial system.

Experts analyze global risk on the political, geoeconomic, and corporate horizon. This meeting was cosponsored with Bloomberg.

© 2010 Bloomberg L.P. All rights reserved. Used with permission.

Experts analyze global risk on the political, geoeconomic, and corporate horizon. This meeting was cosponsored with Bloomberg.

© 2010 Bloomberg L.P. All rights reserved. Used with permission.

In this excerpt from his new book, More Money Than God, on the history of hedge funds, Sebastian Mallaby tells the story of the break-up of Europe's Exchange Rate Mechanism in 1992 from inside of George Soros's Quantum Fund.

Uncertainties about eurozone debt and U.S. unemployment have lowered market confidence in the global economic recovery, say experts from JPMorgan, Barclays, and Bank of America in this update.

Experts analyze the global economy including European debt and international economic recovery.