Here is a heroic work. A book about the pensions crisis that is rolling like a tsunami over the US is not a populist venture. This is a story of blunders, short-sightedness and bad outcomes for millions. It also reminds the reader that he or she will one day grow old, and may grow poor. Try selling that.

Given that Roger Lowenstein has written bestsellers on the more alluring topics of Warren Buffett and the collapse of Long-Term Capital Management, it is a surprise that his agent or his publisher did not dissuade him from embarking on such a gloomy story. This features no American heroes or moments of redemption.