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The End of Alchemy
AuthorMervyn King
GenreFinance and economics
PublisherW. W. Norton & Company
Publication dateMarch 21, 2016
Media typeBook, Ebook and audiobook
Pages448

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 6102

In 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

References

  1. "The End of Alchemy: Money, Banking, and the Future of the Global Economy: King, Mervyn: 9780393247022: Amazon.com: Books".
  2. https://www.nber.org/system/files/working_papers/w23156/w23156.pdf
  3. https://www.nber.org/system/files/chapters/c11482/c11482.pdf
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