The Wealth of Shadows by Graham Moore is a wonderful historical fiction mystery novel.
I enjoyed this a lot more than I originally thought I would.
The novel is very well researched and the writing is perfect.
A thoroughly enjoyable book which delivered in all plot related aspects and featured characters that I would welcome revisiting.
This was so well-written and interesting, and the story was so wonderfully complex
This is an atmospheric and richly detailed historical fiction. It's a terrific read for fans of the genre.

Thank You NetGalley and Publisher for your generosity and gifting me a copy of this amazing eARC!

A secret mission to beat the Nazis with economic war
If like many readers you are tired of books about WW II, rest assured; you have not read one like Wealth of Shadows. Wealth of Shadows opens in August, 1939, as young tax attorney Ansel Luxford on his way to work sees a group of pro-Nazis marching down the streets of the Twin Cities. Like most Americans, Luxford does not want to get involved in the European conflict, but he sees the growing threat and soon goes to Washington DC to work for the Treasury Department to try to bring down the Nazis by bringing down their economy instead of dropping bombs. He finds himself working with men like industrialist J P Morgan and economist John Maynard Keynes to try to change methods for international economic dealings, fighting an international war as important and as exciting as the one the Nazis are starting. As if the challenges of the main task were not enough, there is also the distinct possibility that there is a spy in their midst.
Graham Moore is an award-winning screenplay writer, so perhaps it is not surprising that he does an excellent job at creating scenes and displaying characters. Little touches like the occasional appearance of Ansel’s little daughter Angie enhance the overall believability of the setting. It was sad to see the antisemitism in the US even as they were opposing the Nazis and their rampant antisemitism.
Graham Moore writes gripping fiction with a bonus; there always seems to be an interesting topic I learn something about, in this case, economics and international finance in addition to history. Many standard elements we do not think about today like the World Bank or the concept of GNP were created during the period of the book. A crucial part of the book for me and probably for most readers was the highly informative Author’s Note at the end of the book that carefully informs the reader what elements were true and which were fictional. I felt I was probably learning a lot of history while reading the book, and the Author’s Note enabled me to distinguish fact from fiction. For example, protagonist Ansel Luxford was perhaps the only significant character that most readers would not have heard of, but he was real and indeed worked at the Treasury Department during WW II waging economic warfare that most people know little or nothing about to bring victory against the Nazis without losing lives.
In addition to the fine writing in the core of the book, Moore adds some delightful decorative details. How can you not like a book with chapter titles like “William Shakespeare vs. Adam Smith”, for example? Perhaps my favorite touch, though, were the quotes at the beginning of each chapter, such as the quote from Warren Buffett at the beginning of this same chapter, “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
Graham Moore’s many fans will be pleased to see that one of their favorites is living up to his previous work. Readers encountering him for the first time can feel equally pleased that there are more books by Moore out there for them to enjoy!
I received an advance review copy of this book from NetGalley and Random House.

I’m almost certain that if I gave you the elevator pitch for Graham Moore’s Wealth of Shadows, you’d nod your head and say, “Huh. WOW. That sounds interesting.” Only to walk away and think, “LOL. No.”

Because my elevator pitch would be:

In 1939, the US Treasury forms a secret team of economists tasked with bringing down the Nazi war regime using…economics.

Then again, you might be someone like my wife, who doesn’t seek perpetual validation like I do and be honest and direct with your thoughts, like she was.

Quoth her: [laughing] “That sounds like it’s not my brand.”

It sounds like it’s not her brand. Or many peoples for that matter, which is my greatest fear with this book. As my elevator pitch matches the majority of descriptions I’ve seen about it. To be fair, that is…what it is. A secret team of economists tasked with bringing down the Nazi war regime using…economics. But it’s just…and you have to trust me on this…way more fun and riveting than that would have you believe.

A better vibe review is to say Wealth of Shadows is like The Big Short meets Indiana Jones.

No, there’s no epic fight scenes, or Nazi face-melting, or violence of any kind. There’s just a general Jonesy romp vibe to the book. Especially as our protagonist—Ansel Luxford, based on the real-life Ansel Luxford who was part of the very real-life team of economists charged with creating financial ruin in Hitler’s Germany—traverses the globe on his mission. Think those Indiana Jones travel montages with the maps and the planes: that’s what you’re getting in WOS.

Don’t get me wrong: there’s still a lot of economic theory and discussion, just like in The Big Short, and I’m glad I read this book instead of listened, as I know would have had to play scenes several times to understand what they were talking about. Nevertheless I just found it all so interesting—and I think you will, too.

It’s hard to imagine anyone could tell a new World War II story these days, but Moore has done it.

👁️👁️👁️👁️/5, Wealth of Shadows was a near miss for being a Certified Unputdownable™️, mostly due to some dragging near the end. Regardless, read this ASAP if you’re craving non-violent Nazi takedown, filled with political and international intrigue.

And just for the record, after I read my wife a draft of this review, she said, “You should probably read people your review and not that elevator pitch. I actually wanna read a non-violent Nazi takedown.”

And there you have it folks.

Graham Moore's The Wealth of Shadows is different, but in this case, different isn't enough.

What I liked:
- Originality. While it is historical fiction and all of the characters are real people, I will say I have never stumbled upon an "economic thriller" where John Maynard Keynes was one of the heavies.
- Education. I certainly feel like I understand the World Bank and the International Money Fund more than when I began.

What I didn't like:
- It's an economic thriller. This one is on me. I knew what I was getting into, but the book - while pitched like an espionage novel - is largely about economics. There is a lot - and I mean a LOT - of economic theory in the book. Of all the words you could choose to describe this book, "thriller" is certainly a word in the dictionary.
- There's no "thrill" in the thriller. Part of this, of course, is you know how the war ends.
- There's a massive plot hole. Chapter 58 is called "There's a Man in Sweden Who Has Access to a Boat." Part of the chapter is about finding a way to land a boat full of Jewish refugees in New York. The other part is about finding a way to pay a boat captain $50,000 to escort Jewish refugees to Lithuania without using American currency. Ansel Luxford, our protagonist, says "I'll handle it" and then...never handles it. He solves the New York issue but the Lithuania problem is never touched upon again. That's the last we hear of it. We have an entire chapter named after the problem and they don't solve it.
- The "twist". The twist isn't necessarily unexpected if you happened to look up the biographies of the characters since they are, again, real people. However, the "twist" in the book comes sort of out of nowhere and apropo of nothing. While it certainly happened in real life, it's one of those twists that doesn't really affect anything in the novel. It's also resolved within a page of it happening. The characters seem way more bothered and confused by what is ultimately a very in-character move by one of the characters. Without the twist, the novel would have been the exact same.
- Time jump. It's a book about World War II. They time jump the war.

Verdict:
It's different, but it's honestly slow and boring. I don't recommend it.

Wow, anyone who thinks the US Treasury is just there to print money needs to read this book. The Wealth of Shadows is primarily the story of how US Treasury agents tried to stop Nazi Germany by tanking their economy. There are lots of philosophical and explanatory economics sections made somewhat easy to read and understand. But mainly, this is an action thriller, based on actual events and people. Back channel deals, sleuthing, political and legal skullduggery, all culminated in clever plans to stop the Nazis and help the Allied War effort - particularly while America was publicly neutral before they entered the war in 1941. It goes on to show the how and the why the World Bank and IMF was created. Another fascinating work by Graham Moore. I particularly liked the Author's Notes explaining fact vs fiction of certain events. Many thanks to NetGalley and Random House for the e-arc. 4 1/2 stars!

This is a different kind of spy thriller because it is grounded in economics theory and based on real people. As conditions deteriorated in Germany in 1939, Midwestern accountant Ansel Luxford and his wife became increasingly concerned about the inhumanity espoused by Hitler and the Nazis. Because of his brilliant economic clairvoyance, Ansel came to the attention of Harry Dexter White, who was charged with establishing a secret group to analyzed Germany's strategy and the US response. Of course, all was not what it seemed, and although we know the eventual path of the war, this novel provides a glimpse behind the scenes. Each chapter is introduced by a tidbit of economic theory from various points of view, and these were very informative and not tedious at all. In a way, this book reads like nonfiction, but the author has portrayed characters who are complex and interesting, with a background that is both intricate and suspenseful. Readers will be inspired to seek out more information about the people in this book.

The subject of economics is usually enough to send me running far away as fast as I can. Probably because it has always been such a difficult subject to understand, for me, that is. But, Mr. Moore managed to do what college professors could not. He made the topic interesting. He made it understandable. And while doing so, he wrote one terrific spy novel!

I love historical novels. I especially love the ones in which you can't tell the fact from the fiction. And again Mr. Moore excelled! Knowing all these characters really lived and did the heroic, or in some cases, dastardly things they did, makes for one delicious read. And all was done to stop the Nazis from taking over the world, and possibly prevent another world war from happening again. Would it be a spoiler to tell that the good guys won? I think not. But this is one book that needs to be read.

Thank you to Random House for my advance electronic version via NetGalley. My opinions are my own.

I absolutely agree with those who point out the similarities between The Imitation Game and this story. The twists, turns, shadowy games, hidden alliances, and betrayals are dark but nonetheless based on a true economic war carried out against the Nazis and their allies during World War II. Before Germany's declaring war on the US, those in the US Government who saw Nazis as a threat had to carry out their machinations and attacks covertly. I didn't know anything about this clandestine US Treasury project and Moore's writing was both absorbing and educational. I appreciate how he didn't shy away from the difficult ethical questions posited within, and how he highlighted the moral grayness of both this economic war and the one in which people fought and died. This was a fascinating and illuminating book which I will recommend on its own merits alone.

I never dreamt that economic warfare could be so enthralling.
Ansel Luxford has a talent for gleaning stories from economic data, and in 1939 he left his job as an attorney to work for the US Treasury. Ansel's new job involves waging secret economic war with Germany, since America's formal policy was one of neutrality. But in addition to winning the war, the Allies have to win the peace so that there is not a WWIII. Therefore, the World Bank and the IMF were established to make future wars economically difficult.
This book is historical fiction, and read like a novel, but most of the events actually happened.

I thoroughly enjoyed this book. I went into it expecting that some of the economic discussions would be too in depth and slow down the narrative but the author did an amazing job of keeping the plot flowing while imparting a wealth of information. This is historical fiction where the characters are fully developed and really come alive on the page. I appreciate that the author took the time to separate fact from fiction in the Afterward. Highly recommended

Thanks to NetGalley and Random House for an advanced reader copy.

The Wealth of Shadows by Graham Moore.
Posted on May 6, 2024 by Jack

It seems an unlikely combination. Nazis and World War 2 could be interesting but it could be very similar to something you already read. Throw in a bit about economics and the Treasury department and it certainly seems unique but probably less interesting. But you would be wrong.

The book is “The Wealth of Shadows: A Novel” by Graham Moore. I thank NetGalley and Penguin Random House for letting me read this before publication. The book is definitely historical fiction but also a very good mystery.

I had requested the advanced reading copy (ARC) based on the Netgalley description and did not realized until I was preparing this review that I had read and reviewed a previous book by Graham Moore.

Before the the attack on Pearl Harbor, the United States was officially neutral, bound by a series of Neutrality Acts. This novel begins in this era with the formation of a secret unit is the Treasury department. The purpose of the unit is to cripple the German economy and perhaps destroy the Nazi government in that country while not appearing to violate the U.S. Neutrality Acts.

The novel continues through World War 2 and attempts to remake the world economy so that another World War would not happen.

I liked the author’s note which clearly explained that this was a work of historical fiction with much history and much fiction. He clearly explained which parts were true, uncertain, or modified by him and why he did why he did with them. I was amazed how much was true.

I highly recommend The Wealth of Shadows . The publication is scheduled on May 21, 2024.

The Wealth of Shadows by Graham Moore is a unique thriller that follows an unconventional group of economists and bureaucrats who operate in the shadows to protect the world. This novel is a captivating blend of espionage and intellectual exploration, making it a truly imaginative work of storytelling.

Thank you Random House, and PRH audio, for review copies of The Wealth of Shadows. This is a really interesting book and I say that as someone who tends to avoid WWII reads; I was drawn to this through the examination of wealth and economic themes as I thought, that's something I don't see often in books I read about wars. I valued the approach, the details, and the writing. (at the end of the day I learned a lot but I am still not overly immersed in loving WWII books... I see though how the themes here are relevant to understanding current events and the trends in history that impact us still today).

Thank you to the publisher and netgalley!! I heard about this book on a spring book preview podcast episode and immediately knew I had to read. This is a unique WWII story as it is all about the economics of WWII. It definitely gave a new vantage point and shows how those financial impacts are impacting us even today.

Ansel Luxford is a mostly invisible man: a married Midwestern lawyer with a fascination with economics, he is invited to join a not-quite-above-board arm of the Treasury department in 1939 in Washington and charged with figuring out how to bring down Nazi Germany without using weaponry. Aside, of course, from the weaponry of economics.

This suspense novel is based on the surprisingly dramatic actual events occurring in the US Treasury Department in the years before (and after) the US joined World War 2. The characters are sketched broadly, as often befits fictionalized historical figures, but the real hero of the story is economics. The real action: espionage and the behind-the-scenes, bare-knuckle philosophical slug-fests that led to the World Bank and the International Monetary Fund. I never expected to enjoy or even, I suppose, understand the role of economic policy in how the US entered the War, how Germany nearly won the War, and how visionary economists created a system in part to help us avoid world war again.

A surprising, well-researched, scholarly but very enjoyable historical fiction! Thanks to NetGalley and Random House for the eARC in exchange for my unfettered opinion.

This page-turner ‘spy’ novel thriller has a unique slant: in 1939, when America is committed to neutrality, economists and lawyers covertly fight the Nazis by controlling money and trade to cut off supplies to Germany. More than that, they are planning a post war world economy that interconnects nations in a way that will repress any future world wars. Amazingly, the story is based on real people and historic events, even the most unlikely parts.

Ansel Luxford had settled for an ordinary life in the Midwest as a tax attorney. He is horrified by the rise of fascism. He realizes that the British were stockpiling U. S. dollars while the Nazis had developed a closed economy, raising money by conquering new territory and taking over the wealth of the conquered, as well as looting the wealth and land of the persecuted Jews. Ansel offers his services to the Treasury Department, in particular to Harry Dexter White, the “only one in Washington who’s doing anything about it.”

Ansel becomes part of a small coterie secretly working under Henry Morgenthau to find a way to curtail fascism through economics. Their earliest plans are foiled by a mole, perhaps Breckinridge Long who as ambassador to Italy became quite a fan of Mussolini and fascism. Ansel meets his idol John Maynard Keynes, only to find himself in a battle of competing visions.

There is a lot of theory bounced around between the characters, and yet I never felt overwhelmed or bogged down; Moore keeps the tension and suspense going.

Moore’s Author’s Note discusses the history behind the fiction, and where the two diverge and converge in the novel.

I thoroughly enjoyed this novel, as I did his previous novel The Last Days of Night.

Thanks to the publisher for a free book.

Thank you NetGalley and the publisher for providing this ARC.

Huge fan of Last Days of Night. Graham Moore makes historical fiction absolutely thrilling, and The Wealth of Shadows takes it up a notch. The novel deals with the US Treasury's attempts to take down the Nazi war machine by torpedoing its economy. A wild ride through and through that would make an excellent movie.

Best WWII related story I've read in years.

I had read The Last Days of Night by this author and I really enjoyed it, he really made a complex subject like electricity relatable, I was somewhat expecting the same from this as it sounded very interesting. It is a very interesting book, the characters are based on real historical people near the beginning of WW2 and most of what happens in the book really happened, but at times I really had to push myself to pick it up and continue. The two figures most prominent are Ansel and Angela Luxford, a couple who are willing to take chances in order to do the right thing. Which is why they moved to Washington so Ansel can take a job as an obscure researcher for Treasury. There are a group of them trying to find a why to stop the Nazi forward advance in Europe and they do come up with a number of economic ideas that fall apart when they try to implement them (a spy is thwarting their ideas). They do however make headway with some very big ideas which eventually become the World Bank and the International Monetary Fund. They are also able to help the British government by providing military equipment, though not everyone was pleased about that. The author includes a very detailed afterward and notes on each chapter at the end, also very interesting to read. I did enjoy the quotes from famous people at the beginning of each chapter though some of the quotes were from modern people not alive during the time period (Elon Musk for example). However I would recommend this if you are a historical fiction/WW 2 fan. Thanks to #Netgalley and #Randomhouse for the ARC.

Moore is an engaging writer, but there's only so much interest and intrigue to be mined from all this talk of economics. Writing a war book with no battles or soldiers where the enemy is entirely off-page (unless we're counting the British philosopher who wants to create a universal currency) and the weapons are presidential speeches is certainly a choice. It didn't pay off for me, and I struggled to get through much of this. There is some genuine wit amongst the protagonists, some fun verbal sparring, but the whole conceit was just too dull to be effective.

First and foremost, a large thank you to NetGalley, Graham Moore, and Random House for providing me with a copy of this publication, which allows me to provide you with an unbiased review.

Back with another piece of historical fiction, Graham Moore takes the reader on an adventure to begin the Second World War. While I tend to steer clear of this era, Moore’s US flavoring and keeping things out of the European theatre had me curious to dive in and push forward. Well presented with great dialogue, Moore impresses as he inches things along.

As European tensions mount and the Nazi Party appears to be pushing its troops across the continent, Ansel Luxford wonders what will happen. Seeing a Nazi rally in his own state, the tax attorney can only hope that the beautiful wife and new baby he has at home will be enough to distract him from the horrors that are being reported. Yet, the US Government has promised to stay neutral, thereby solidifying the position with the population, as war seems all but inevitable across the Atlantic.

After being approached late one evening, Luxford is offered a position within the Treasury Department, one of many secrets in an attempt to push the Americans into the fray of the war, while staying silently on the sidelines. With the teasing of a Washington job and a chance to crush the Nazis under their own jackboots, Ansel Luxford brings his family with him to the nation’s capital to make a difference, though he is still unsure how. What will work to cripple the Nazis and their ongoing march across Europe without firing a bullet?

Once Luxford is settled, he discovers that the team on which he is assigned will be working a campaign of economic warfare, whereby the mighty dollar will be used to block weapons, leave food shares stagnant, and send budgets out the door. Money is the fuel that keeps the fighting going and to turn off the spigot is one way to ensure that things will end soon. An added bonus, it gets no blood—literal and figurative—on the hands of the US Government, as long as it is done in private. Ansel Luxford will have to work under the radar and cross the country (and the world) to ensure the traps are laid, while the Germans feel they can mount an attack on the weaker European nations, in hopes of ultimate success.

With all this action comes risk and Ansel Luxford will soon come across those who would wish to thwart the attempts at American success. He will have to be careful, particularly when his wife takes a job with the FBI to find these spies, sending his secret mission from a Washington boardroom into his own home. A chilling story of trying to pull single blocks out of the massive financial edifice known as the German economy and hoping that everything comes crashing down, without an accusation in his direction. Moore presents a brilliant piece that has all the elements of a great novel.

In a story so heavy with history, the reader has to expect a strong narrative to keep things moving. Graham Moore delivers, using his skills and short chapters to push the story forward and keep the reader eager to keep flipping pages. The central themes emerge against the backdrop of historic events, with Moore basing much of the piece on an actual person and his struggles to cripple the Third Reich from US soil. The characters are relevant for the time period and yet relate to the modern reader with ease. I am pleased to see a new war angle and am happy to have taken the time to read this Moore novel.

Plot lines have a harder way of surprising the reader when history is so heavily involved in the piece. The attentive reader will know where things are going, but Moore peppers in some twists that keep things impactful and well-developed. Surprises prove plentiful and useful, leaving the reader eager to forge onward and learn, while wondering where the fact ends and fiction commences. Moore did well with this piece and kept me eager to watch put for more books before too long.

Kudos, Mr. Moore, for a great piece that has all the elements for success.