The End of Alchemy

The End of Alchemy

Money, Banking and the Future of the Global Economy

Book - 2016
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The former governor of the Bank of England recounts his country's experiences throughout the Great Recession while outlining a blueprint for recovery-era capitalism that is more resilient to modern boom-and-bust cycles.
Publisher: New York : W.W. Norton & Company, [2016]
Edition: First edition.
Copyright Date: ©2016
ISBN: 9780393247022
0393247023
Branch Call Number: 338.54 KING
Characteristics: xv, 430 pages ; 25 cm

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wyenotgo
Jul 26, 2017

King does his best to render economics as something a lot better than the "dismal science". By illuminating the alchemy practiced by the banking sector, he comes close to succeeding. Here are two kinds of alchemy, one of which actually seems to work, while the other is purely a fraud. The late medieval alchemists sought to create gold out of base metal; clearly, they were pikers. But it's true that the banks do in fact create money -- not out of base metal but in fact out of nothing. However, in their endeavor to turn long term risky loans into currently liquid capital, they have been engaging in a fraud, one that has pushed the world economy to the brink of disaster, leaving John Q. Taxpayer to bail them out and foot the bill while they dance away to play their game another day. Clearly Brecht was right: "After all, what crime is it to rob a bank compared with the crime of creating one?!"
King's prescription for a fix of the system might or might not work; sadly, we will never find out because those who run the system like it the way it is. We will sooner or later see another liquidity crisis and the same players will survive to fight another day; and so it will continue ....

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dianembca
Jan 28, 2017

dianembca thinks this title is suitable for 18 years and over

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