7/4/2023 0 Comments Mervyn king the end of alchemy![]() ![]() However, King’s main concern is the fact that a bank cannot repay all its customers’ deposits at the same time: ![]() “In the course of this book, I will explain the fundamental causes of the crisis…why the fragility of our financial system stems directly from the fact that banks are the main source of money creation …and most importantly of all, how we can end the alchemy of our present system of money and banking.” (p8) In the book he talks at length about the way that money is created and some of the implications this has for the economy: Instead, it’s his analysis of the problems with the current financial system. The book is not a memoir of his time at the Bank of England he comments that historians will be able to give a less biased view of his performance in that time, and that most biographies of this kind have been self-serving. Lord Mervyn King, who was Governor of the Bank of England from 2003-2013 has just released his new book, The End of Alchemy. ![]()
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