The Last Days of Budapest: The Destruction of Europe's Most Cosmopolitan Capital in World War II (Adam LeBor)

In The Last Days of Budapest: The Destruction of Europe’s Most Cosmopolitan Capital in World War II, author Adam LeBor offers a powerful and deeply researched account of Hungary’s descent into chaos during the war Focusing on Budapest from 1940 to 1945, LeBor begins with the city’s period of deceptive calm before chronicling its tragic descent into anarchy, murder, and brutal fighting during 1944 and early 1945.

The book explores how Hungary, initially a reluctant ally of Nazi Germany, slowly surrendered to growing antisemitism and authoritarianism. LeBor pays special attention to Regent Miklos Horthy, who resisted deporting Hungary’s Jews for a time, but ultimately lost control when German troops invaded in March 1944. Hungary was absorbed gradually into Germany’s political orbit because of Germany’s promises of restoring lost territory in the aftermath of World War I but also due to its own antisemitic undercurrent in politics with a series of laws limiting Jewish representation in a number of professions. Horthy’s ambivalence and dithering as a leader is one of the key takeaways from this book, as LeBor points out there were numerous opportunities for Horthy to cut deals to switch sides in World War II or to remain neutral before being pulled into the war during 1940.

LeBor details both acts of courage, like those of diplomat Raoul Wallenberg, and horrifying cruelty, especially during the reign of the Arrow Cross militia, which deposed Horthy in October 1944. These fanatical fascists unleashed brutal violence, executing Jews on the banks of the Danube and terrorizing the city during the siege of 1944-45.

At just over 500 pages, The Last Days of Budapest is a gripping and sobering read. It’s essential reading for anyone interested in how quickly a country can descend into lawlessness and anarchy and in the human cost of indifference and extremism. 

MY RATING: 4.5

The Young Fed: The Banking Crises of the 1920s and the Making of a Lender of Last Resort (Mark Carlson)

In The Young Fed: The Banking Crises of the 1920s and the Making of a Lender of Last Resort, author Mark Carlson offers a well-researched account of the Federal Reserve’s handling of the twin challenges of agricultural downturns and banking panics in the 1920s. Rooted in extensive archival work, Carlson traces the evolution of the Fed’s role as a “lender of last resort,” a function that was never static but continually redefined based on circumstance and regional bank policy.

What stands out is Carlson’s vivid portrayal of early interventions, ranging from dramatic cash‑loaded armored cars dispatched to regional banks to discreet negotiations aimed at preventing a bank run from becoming more widespread. These episodes reveal an institution in experimentation mode, debating the limits of its mandate and tactical reach. Carlson also doesn’t shy away from complexity. He details how, during the recovery-driven 1920s, some Fed “discount window” lending resulted in losses. In one instance, cattle that were held as collateral and ultimately taken from some failed ranch banks ended up burdening reserve banks with unwieldy assets. Some of these teachable moments helped shape the gradual direction of the Fed.

One could argue that the whack-a-mole strategy that unfolded in the 1920s was unable to mitigate wider Depression-era bank runs. Decisions in the 1920s were often made at regional or even local Fed levels, and a more unified strategy on dealing with bank crises was still some time off. However, the evolution of the Fed was due in large part to those smaller 1920s-era panics and what was learned from them. 

The Young Fed leans academic and a bit wonky on the economics and policy side. However, for those interested in banking history in the United States, this book is a cautionary tale about risk and crisis management in the financial sector.

MY RATING: 4.5

The Power of Cash: Why Using Paper Money is Good for You and Society (Jay L. Zagorsky)

In The Power of Cash: Why Using Paper Money Is Good for You and Society, author Jay L. Zagorsky offers a strong defense of physical currency in an increasingly digital world. Drawing from his extensive research as a Boston University economist, Zagorsky examines the overlooked consequences of a cashless society.

The book highlights several critical issues. First, financial inclusion; approximately six million U.S. households are unbanked, and many others are underbanked. Millions more are unbanked around the world. For these individuals, cash is often the only accessible means of transaction. Eliminating cash could marginalize these groups further. Privacy concerns are discussed. Digital transactions can compromise personal privacy, as they are often tracked and analyzed by corporations and governments. Cash transactions, in contrast, offer a level of anonymity.

Zagorsky’s strongest argument for cash resides with economic resilience. Relying solely on digital payment systems makes the economy vulnerable to cyberattacks and infrastructure failures. Cash provides a backup during such crises. Pro tip: If you don’t have money stored in a safe place for use in case of an emergency, it might not be a bad idea to do so. It may not do much good in a zombie apocalypse, but in case of a hurricane, earthquake, or other natural disaster, cash could come in very handy.

The Power of Cash blends academic insights with real-world examples. The author doesn't advocate for abandoning digital payments outright but emphasizes the importance of maintaining cash as a viable option. He believes that one should continue to use cash regularly to ensure its continued availability and to support a more inclusive and resilient financial system.

MY RATING: 4.5