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Looking at the macro events that have taken place in 2008 and 2009, gives a great insight into the workings of human greed and optimism. Witnessing folly is extremely important and although we are looking at past events, it never is different when it comes to the breakdown of global finance. People have and will continue to do dumb things. This wont change.
One extremely important figure we should all heed is Pimco CEO, Mohamed El-Erian. This man explains things in simplistic terms and understands the macro game better than anyone. He gives a great piece in todays Financial Times.
I particularly like this statement:
"...investors should maintain dry powder for sudden air pockets in equity markets; demand better compensation for the surge in idustrial country soverign indebtness; and resist the deceptive comfort of positioning portfolios for the familiar pre-crisis world rather than the more complex post -crisis world."

Also, take a look at the current Fortune magazine where he is featured in the regular C-Suite column of the magazine. A great interview giving some great advice.

http://money.cnn.com/video/series/csuite/index.html

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From the books recommended in previous posts and sticking with the macro theme, I would highly suggest buying "The greatest trade ever" starring the famous John Paulson and his $15 billion gain. The title does not mirror the inside of the book and gives a great detailed account of the property boom from both sides of the fences. A critical account.

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Thankyou to ITB for his standing's post on the 31/12/09.