The End of Alchemy

Money, Banking, and the Future of the Global Economy

De: Mervyn King

Narrado por: Greg Wagland

Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his 10 years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy, he offers us an essential work about the history and future of money and banking, the keys to modern finance.

The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy - the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.

How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

©2016 Mervyn King (P)2016 Audible, Inc.

Reseñas de la Crítica

"Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King's visionary ideas deserve the attention of everyone from economics students to heads of state." (Lawrence H. Summers)

Insightful

I just wish our global politicians have the will and the courage to take action as outlined in this book.

better to read than to listen.

An interesting book which is spoilt by a somewhat mechanical treading. It sounded a little as if it was being read by Microsoft's Narrator.

a lot of standard economic platitudes

This the typical boiler plate and standard economic jibberish that obfuscates at least as much as it illuminates. Banking alchemy this, capitalism is the best bet that, increasing productivity is the key... etc etc. He never even touches upon the radical divergence between productivity and real wages that starts in 1971. We sure wouldn't want to acknowledge anything that shows we are full of bunk. None of propositions have aged well. Don't dispare though. Bitcoin fixes this.

A good look at the crisis and what to do

This is my second reading. End of Alchemy is one of the most important books I have read. It is a very serious work from an honest and experienced practitioner that has seen pretty all.

I hope that we ride the Audacity of pessimism to Uhuru.

Well done and thank you Sir Mervin King.

Diagnosis and possible cure for financial ills

Like most business men who write books, the author uses too much repetition (useful when running an organization, not so much to an audience of one listening to or reading a book). But, unlike many a tale of challenge and conquest in the worlds of business or finance, this author offers a well thought out solution to the macro management of money and of financial booms and busts. Highly recommended for that reason alone. I found the high level and highly informed perspective on banking and finance and its inevitable role in booms and busts to be both illuminating and well reasoned. Given his radical proposals for reforming banking and finance, I'm sure he did not endear himself to his peers, most of whom, well positioned in that world, would rather that the ground did not shake beneath their chairs.

must read

it's dense but so are the problems he's conveying. He does an especially good job of stating complicated financial ideas in layman's terms.

Excellent First Half

I have listened to dozens of books about financial companies, crises, economics, etc. The first half of this book was excellent. Toward the end he is trying to make some prescriptions, but I could not follow some of what he was suggesting. I would definitely recommend this book because it is from a British point of view and all the others I have heard are by American authors.

Interesting but dry

Good summary and explanation of central bank purpose and function and rational supporting the policy.

Another paradigm

The End of Alchemy gives a differing view of the financial crises of the past decade.

Nervy King gives an insiders view, but rather than apologize and defend, he sticks to what happened.

Many will disagree based on politics though that's the point. Only by understanding the underlying facts and the emotional responses that create myths and actions by players can we hope to come together and move forward.

Very very good

This is one of the best explanations of money, banking and our contemporary financial challenges in the world. And does provide some hope for the future but is very blunt, appropriately, about our realities. I highly recommend it.