The End of Alchemy: Money, Banking, and the Future of the Global Economy PDF Download
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Author: Mervyn King
Publisher: W. W. Norton & Company
ISBN: 0393247031
Category : Business & Economics
Languages : en
Pages : 214
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Book Description
“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.
Author: Mervyn King
Publisher: W. W. Norton & Company
ISBN: 0393247031
Category : Business & Economics
Languages : en
Pages : 214
Get Book Here
Book Description
“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.
Author: Mervyn King
Publisher: Hachette UK
ISBN: 1408706121
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
'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?
Author: Leah DeVun
Publisher: Columbia University Press
ISBN: 0231519346
Category : History
Languages : en
Pages : 273
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Book Description
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.
Author: Deborah E. Harkness
Publisher: Cambridge University Press
ISBN: 9780521622288
Category : History
Languages : en
Pages : 276
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Book Description
John Dee's angel conversations have been an enigmatic facet of Elizabethan England's most famous natural philosopher's life and work. Professor Harkness contextualizes Dee's angel conversations within the natural philosophical, religious and social contexts of his time philosophy, and the apocalypse, and argues that they represent a continuing development of John Dee's earlier concerns and interests. These conversations include discussions of the natural world, the practice of natural philosophy, and the apocalypse.
Author: John Kay
Publisher: W. W. Norton & Company
ISBN: 1324004789
Category : Business & Economics
Languages : en
Pages : 407
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Book Description
Much economic advice is bogus quantification, warn two leading experts in this essential book, now with a preface on COVID-19. Invented numbers offer a false sense of security; we need instead robust narratives that give us the confidence to manage uncertainty. “An elegant and careful guide to thinking about personal and social economics, especially in a time of uncertainty. The timing is impeccable." — Christine Kenneally, New York Times Book Review Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one—not least Steve Jobs—knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package—what will interest rates, the cost of living, and your state of health be in 2050?—demonstrate only that their advice is worthless. The limits of certainty demonstrate the power of human judgment over artificial intelligence. In most critical decisions there can be no forecasts or probability distributions on which we might sensibly rely. Instead of inventing numbers to fill the gaps in our knowledge, we should adopt business, political, and personal strategies that will be robust to alternative futures and resilient to unpredictable events. Within the security of such a robust and resilient reference narrative, uncertainty can be embraced, because it is the source of creativity, excitement, and profit.
Author: Tara Nummedal
Publisher: University of Pennsylvania Press
ISBN: 0812250893
Category : History
Languages : en
Pages : 304
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Book Description
In 1573, the alchemist Anna Zieglerin gave her patron, the Duke of Braunschweig-Wolfenbüttel, the recipe for an extraordinary substance she called the lion's blood. She claimed that this golden oil could stimulate the growth of plants, create gemstones, transform lead into the coveted philosophers' stone—and would serve a critical role in preparing for the Last Days. Boldly envisioning herself as a Protestant Virgin Mary, Anna proposed that the lion's blood, paired with her own body, could even generate life, repopulating and redeeming the corrupt world in its final moments. In Anna Zieglerin and the Lion's Blood, Tara Nummedal reconstructs the extraordinary career and historical afterlife of alchemist, courtier, and prophet Anna Zieglerin. She situates Anna's story within the wider frameworks of Reformation Germany's religious, political, and military battles; the rising influence of alchemy; the role of apocalyptic eschatology; and the position of women within these contexts. Together with her husband, the jester Heinrich Schombach, and their companion and fellow alchemist Philipp Sommering, Anna promised her patrons at the court of Wolfenbüttel spiritual salvation and material profit. But her compelling vision brought with it another, darker possibility: rather than granting her patrons wealth or redemption, Anna's alchemical gifts might instead lead to war, disgrace, and destruction. By 1575, three years after Anna's arrival at court, her enemies had succeeded in turning her from holy alchemist into poisoner and sorceress, culminating in Anna's arrest, torture, and public execution. In her own life, Anna was a master of self-fashioning; in the centuries since her death, her story has been continually refashioned, making her a fitting emblem for each new age. Interweaving the history of science, gender, religion, and politics, Nummedal recounts how one resourceful woman's alchemical schemes touched some of the most consequential matters in Reformation Germany.
Author: Jay Weidner
Publisher: Inner Traditions / Bear & Co
ISBN: 9780892810840
Category : Body, Mind & Spirit
Languages : en
Pages : 532
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Book Description
Decodes the message held by this enigmatic monument, revealing the alchemical secret of time and the fate of humanity.
Author: George Soros
Publisher: John Wiley & Sons
ISBN: 9780471445494
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
George Soros ist unbestritten einer der mächtigsten und gewinnträchtigsten Investoren weltweit; seine Investmentprinzipien sind immer populärer geworden. "The Alchemy of Finance" ist eine Sonderauflage der 1987 erschienenen Originalausgabe des Buches. Sie wurde umfassend aktualisiert und mit erweitertem Vorwort und Einleitung versehen, die Soros zeitlose Investmentstrategien in einen modernen Kontext stellen. Sie enthält ein neues Kapitel, in dem Soros seine Erfolgsgeheimnisse lüftet sowie ein Vorwort des ehemaligen US-Notenbankchefs Paul Volcker. Soros erläutert detailliert seine innovativen Investmentstrategien, die ihm über Jahrzehnte hinweg gute Dienste geleistet haben und gibt eine theoretische und praktische Einschätzung aktueller Finanztrends. "The Alchemy of Finance" erscheint in neuem Design als Band der Reihe 'Wiley's Investment Classics Series'.
Author: Jonathan McMillan
Publisher: Zero/One Economics Gmbh
ISBN: 9783952438503
Category : Banks and banking
Languages : en
Pages : 248
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Book Description
In this thought-provoking book, Jonathan McMillan dissects banking to reveal its inner workings. He cuts through the complexity of modern finance and explains how banking almost crashed our financial system. Banking is broken, and McMillan reveals why we can no longer fix it. The digital revolution turns out to be the game changer that calls for the end of banking. But McMillan refrains from merely pointing out flaws. Building on economic research and a rigorous analytical approach, he goes on to provide an innovative blueprint for a modern financial system. The End of Banking transforms our understanding of the financial system. It identifies the root cause of today's problems with banking and presents a solution that stands out against existing reform proposals.
Author: Martin Wolf
Publisher: Penguin
ISBN: 0143127632
Category : Business & Economics
Languages : en
Pages : 529
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Book Description
From the chief economic commentator for the Financial Times—a brilliant tour d’horizon of the new global economy There have been many books that have sought to explain the causes and courses of the financial and economic crisis that began in 2007. The Shifts and the Shocks is not another detailed history of the crisis but is the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world’s most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect.
