The End Of Alchemy Money Banking And The Future Of The Global Economy


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“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 Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten 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.

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Author by Mervyn King
Genre eBook Business & Economics
Read Book 368
ISBN Number 9780393247039

The End Of Alchemy


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'A fearless and important book . . . The End of Alchemy isn't just an elegant guide to the history of economic ideas. It also gives a genuine insider's account' Telegraph The past twenty years saw unprecedented growth and stability followed by the worst financial crisis the industrialised world has ever witnessed. In the space of little more than a year what had been seen as the age of wisdom was viewed as the age of foolishness. Almost overnight, belief turned into incredulity. Most accounts of the recent crisis focus on the symptoms and not the underlying causes of what went wrong. But those events, vivid though they remain in our memories, comprised only the latest in a long series of financial crises since our present system of commerce became the cornerstone of modern capitalism. Alchemy explains why, ultimately, this was and remains a crisis not of banking - even if we need to reform the banking system - nor of policy-making - even if mistakes were made - but of ideas. In this refreshing and vitally important book, former governor of the Bank of England Mervyn King - an actor in this drama - proposes revolutionary new concepts to answer the central question: are money and banking a form of Alchemy or are they the Achilles heel of a modern capitalist economy?

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Author by Mervyn King
Genre eBook Business & Economics
Read Book 448
ISBN Number 9781408706121

Radical Uncertainty


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'A brilliant new book' Daily Telegraph 'Well written . . . and often entertaining' The Times 'A sparkling analysis' Prospect 'Entertaining and enlightening . . . This is a necessary critique and they make it with verve, knowledge and a wealth of stories' Financial Times 'An elegant, wise and timely book' Irish Times 'Jam-packed with erudition' New Statesman This major, critically acclaimed work asks a vitally important question for today: when uncertainty is all around us, and the facts are not clear, how can we make good decisions? We do not know what the future will hold, particularly in the midst of a crisis, but we must make decisions anyway. We regularly crave certainties which cannot exist and invent knowledge we cannot have, forgetting that humans are successful because we have adapted to an environment that we understand only imperfectly. Throughout history we have developed a variety of ways of coping with the radical uncertainty that defines our lives. This incisive and eye-opening book draws on biography, history, mathematics, economics and philosophy to highlight the most successful - and most short-sighted - methods of dealing with an unknowable future. Ultimately, the authors argue, the prevalent method of our age falls short, giving us a false understanding of our power to make predictions, leading to many of the problems we experience today.

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Author by Mervyn King
Genre eBook Business & Economics
Read Book 544
ISBN Number 9781408712580

The Alchemist


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A special 25th anniversary edition of the extraordinary international bestseller, including a new Foreword by Paulo Coelho. Combining magic, mysticism, wisdom and wonder into an inspiring tale of self-discovery, The Alchemist has become a modern classic, selling millions of copies around the world and transforming the lives of countless readers across generations. Paulo Coelho's masterpiece tells the mystical story of Santiago, an Andalusian shepherd boy who yearns to travel in search of a worldly treasure. His quest will lead him to riches far different—and far more satisfying—than he ever imagined. Santiago's journey teaches us about the essential wisdom of listening to our hearts, of recognizing opportunity and learning to read the omens strewn along life's path, and, most importantly, to follow our dreams.

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Author by Paulo Coelho
Genre eBook Fiction
Read Book 208
ISBN Number 9780062416216

Disknowledge


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'Disknowledge': knowing something isn't true, but believing it anyway. In this book, Katherine Eggert explores the crumbling state of learning in the 16th and 17th centuries. Even as the shortcomings of Renaissance humanism became plain to see, many intellectuals of the age had little choice but to treat their familiar knowledge systems as though they still held. Humanism thus came to share the status of alchemy: a way of thinking simultaneously productive and suspect, reasonable and wrongheaded.

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Author by Katherine Eggert
Genre eBook History
Read Book 384
ISBN Number 9780812247510

Prophecy Alchemy And The End Of Time


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In the middle of the fourteenth century, the Franciscan friar John of Rupescissa sent a dramatic warning to his followers: the last days were coming; the apocalypse was near. Deemed insane by the Christian church, Rupescissa had spent more than a decade confined to prisons in one case wrapped in chains and locked under a staircase yet ill treatment could not silence the friar's apocalyptic message. Religious figures who preached the end times were hardly rare in the late Middle Ages, but Rupescissa's teachings were unique. He claimed that knowledge of the natural world, and alchemy in particular, could act as a defense against the plagues and wars of the last days. His melding of apocalyptic prophecy and quasi-scientific inquiry gave rise to a new genre of alchemical writing and a novel cosmology of heaven and earth. Most important, the friar's research represented a remarkable convergence between science and religion. In order to understand scientific knowledge today, Leah DeVun asks that we revisit Rupescissa's life and the critical events of his age the Black Death, the Hundred Years' War, the Avignon Papacy through his eyes. Rupescissa treated alchemy as medicine (his work was the conceptual forerunner of pharmacology) and represented the emerging technologies and views that sought to combat famine, plague, religious persecution, and war. The advances he pioneered, along with the exciting strides made by his contemporaries, shed critical light on later developments in medicine, pharmacology, and chemistry.

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Author by Leah DeVun
Genre eBook History
Read Book 272
ISBN Number 9780231519342

The Mysteries Of The Great Cross Of Hendaye


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Reveals that the alchemical transformation of base metal into gold symbolizes the transformation of the current Iron Age into the Golden Age, and that the greatest secret of alchemy, the imminent date of the apocalypse, is coded into an obscure monument in southwestern France.

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Author by Jay Weidner
Genre eBook Body, Mind & Spirit
Read Book 528
ISBN Number 089281084X

John Dee S Conversations With Angels


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This book is about Elizabethan England's most famous 'scientist' or natural philosopher John Dee and his 'conversations with angels'.

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Author by Deborah E. Harkness
Genre eBook History
Read Book 252
ISBN Number 052162228X

Other People S Money


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Shortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. We need finance, but today we have far too much of a good thing. In Other People's Money John Kay shows in his inimitable style what has gone wrong in the dark heart of finance.

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Author by John Kay
Genre eBook Business & Economics
Read Book 353
ISBN Number 9781782831549

The Secrets Of Alchemy


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An accessible history of alchemy by a leading world authority explores its development and relationship with myriad disciplines and pursuits, tracing its heyday in early modern Europe while profiling some of history's most colorful alchemists and describing the author's recreation of famous alchemy recipes.

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Author by Lawrence Principe
Genre eBook History
Read Book 281
ISBN Number 9780226682952