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| {{Infobox book | {{Infobox book | ||
| | italic title = |
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| | name = The End of Alchemy | | name = The End of Alchemy | ||
| | image = | | image = The End of Alchemy.webp | ||
| | image_size = 150px | | image_size = 150px | ||
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| | author = ] | | author = ] | ||
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| | language = |
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| | series = |
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| | release_number = |
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| | subject = |
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| | genre = ] and ] | | genre = ] and ] | ||
| | set_in = |
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| | publisher = ] | | publisher = ] | ||
| | publisher2 = |
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| | pub_date = March 21, 2016 | | pub_date = March 21, 2016 | ||
| | english_pub_date = |
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| | published = |
| published = | ||
| | media_type = ], ] and ] | | media_type = ], ] and ] | ||
| | pages = 448<ref>{{Cite web|url=https://www.amazon.com/End-Alchemy-Banking-Future-Economy/dp/0393247023|title=The End of Alchemy: Money, Banking, and the Future of the Global Economy: King, Mervyn: 9780393247022: Amazon.com: Books}}</ref> | | pages = 448<ref>{{Cite web|url=https://www.amazon.com/End-Alchemy-Banking-Future-Economy/dp/0393247023|title=The End of Alchemy: Money, Banking, and the Future of the Global Economy: King, Mervyn: 9780393247022: Amazon.com: Books}}</ref> | ||
| | awards = |
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| | dewey = |
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| | congress = |
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| | preceded_by = <!-- for books in a series --> | | preceded_by = <!-- for books in a series --> | ||
| | followed_by = <!-- for books in a series --> | | followed_by = <!-- for books in a series --> | ||
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| | notes = |
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| }} | }} | ||
| '''The End of Alchemy''' is a book written by ], the former ] ] from 2003-2013, and during the ]. The book focuses on the history, flaws, and future of money, banking, and financial systems. ] is referring to the ] process in which banks 'manufacture' the new ] as debt in the debt |
'''The End of Alchemy''' is a book written by ], the former ] ] from 2003-2013, and during the ]. The book focuses on the history, flaws, and future of money, banking, and financial systems. ] is referring to the ] process in which banks 'manufacture' the new ] as debt in the debt-based monetary system, where banks create ] for themselves and invest it as ], such as ]s, ]s, ]s, ], and other debt-based ]s. | ||
| The ] created by banks creates the ]s that the ]s have to pop with ] ] that typically causes ] to rise.<ref>{{Cite web |title=THE END OF ALCHEMY: A REVIEW ESSAY |url=https://www.nber.org/system/files/working_papers/w23156/w23156.pdf |website=www.nber.org}}</ref> | The ] created by banks creates the ]s that the ]s have to pop with ] ] that typically causes ] to rise.<ref>{{Cite web |title=THE END OF ALCHEMY: A REVIEW ESSAY |url=https://www.nber.org/system/files/working_papers/w23156/w23156.pdf |website=www.nber.org}}</ref> | ||
| ==The Gold Standard and the Great Depression== | ==The Gold Standard and the Great Depression== | ||
| {{See also|Executive Order 6102}} | {{See also|Executive Order 6102}} | ||
| In Chapter 3, titled ' ''The Good, the Bad, and the Ugly'' ' King explains how in the 1920s countries tried to reinstate the ] at pre-] ] causing deflationary pressures and the ] through ], ].<ref>https://www.nber.org/system/files/chapters/c11482/c11482.pdf</ref> | In Chapter 3, titled ' ''The Good, the Bad, and the Ugly'' ' King explains how in the 1920s countries tried to reinstate the ] at pre-] ] causing deflationary pressures and the ] through ], ].<ref>{{Cite web |title=The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison |url=https://www.nber.org/system/files/chapters/c11482/c11482.pdf |website=www.nber.org}}</ref> | ||
| ==See also== | ==See also== | ||
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| * ] | * ] | ||
| * ] | * ] | ||
| * ] and | * ] and | ||
| * ] - 100% reserve requirement for banks | * ] - 100% reserve requirement for banks | ||
| * ] | * ] | ||
Latest revision as of 03:05, 19 December 2024
 | |
| Author | Mervyn King |
|---|---|
| Genre | Finance and economics |
| Publisher | W. W. Norton & Company |
| Publication date | March 21, 2016 |
| Media type | Book, Ebook and audiobook |
| Pages | 448 |
The End of Alchemy is a book written by Mervyn King, the former Bank of England Governor from 2003-2013, and during the 2007–2008 financial crisis. The book focuses on the history, flaws, and future of money, banking, and financial systems. Alchemy is referring to the money creation process in which banks 'manufacture' the new money supply as debt in the debt-based monetary system, where banks create margin for themselves and invest it as debt, such as mortgages, loans, bonds, treasuries, and other debt-based financial instruments.
The leverage created by banks creates the economic bubbles that the Central banks have to pop with deflationary monetary policy that typically causes unemployment to rise.
The Gold Standard and the Great Depression
See also: Executive Order 6102In Chapter 3, titled ' The Good, the Bad, and the Ugly ' King explains how in the 1920s countries tried to reinstate the Gold standard at pre-World War I parities causing deflationary pressures and the Great Contraction through tight monetary policy, causing the Great Depression.
See also
- Credit theory of money
- Radical uncertainty
- Inverted yield curve
- Lender of last resort and Pawnbroker for all seasons
- Chicago plan - 100% reserve requirement for banks
- Modern monetary theory
- Disequilibrium macroeconomics
- Prisoner's dilemma and Trust
- Northern Rock - British bank nationalized during the Great Recession
- Cryptocurrency
References
- "The End of Alchemy: Money, Banking, and the Future of the Global Economy: King, Mervyn: 9780393247022: Amazon.com: Books".
- "THE END OF ALCHEMY: A REVIEW ESSAY" (PDF). www.nber.org.
- "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison" (PDF). www.nber.org.