About the book
Mervyn King, Bank of England governor from 2003 to 2013 and through the 2008 financial crisis, argues that modern money and banking rest on a kind of alchemy. Paper money and banks that issue credit, ideas far older than the Industrial Revolution, made common paper as precious as gold and turned risky long-term loans into safe short-term deposits. That alchemy fueled two centuries of growth, King writes, but also hyperinflations, banking collapses, and the recent recession and stagnation. One chapter shows how attempts in the 1920s to restore the gold standard at prewar parities brought deflation and helped cause the Great Depression. King also offers proposals for a simpler path to lasting prosperity than today's sprawling regulation.
Alan Greenspan, former chairman of the Federal Reserve, endorsed it for readers trying to understand the great financial crisis and where finance goes next.
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Alan Greenspan (Former Chairman/Federal Reserve of the United States)
Mervyn King asks, ‘Why has almost every industrialized country found it difficult to overcome the stagnation that followed the financial crisis in 2007–2008, and why did money and banking, the alchemists of a market economy, turn into its Achilles heel?’ He addresses these questions, and much more. For those endeavoring to understand the greatest financial crisis of our time and the future of finance, this highly provocative book is a must-read.
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