The past 20 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?
©2016 Mervyn King (P)2016 Little Brown Book Group
This is a personal review as I feel it was very insightful and did in most areas breakdown the complex nature of the banking system very well, although I can't deny I got lost a few times with terminology. This book is an eye opener and one which I encourage people to listen to if we are ever going to question the future economy and banking infrastructure
Great first book, one I would have bought in hardback then taken a year to read. The narrator was excellent. 5 stars!
Reviews are always subjective of course but I enjoyed this book more than I thought I would. Given it's fairly recent the discussion around Greek debt, the role of the ECB and most recently Brexit are thought provoking. Brexit isn't covered but it's clear that it's a symptom of a much wider problem for the EU. Great audio book.
I had anticipated one book and got another. Anticipating a dryer tome sanitised of harsh truths, however, I received a compelling easy read with some unvarnished heavy opinions, given by a man whose opinions can be codified closer to the real world than most. Highly recommended.
Would recommend to anyone wanting to understand how global finances work and the reasons behind previous downturns. Also explains his concerns on different currencies.
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