This is exclusively a Western / Developed Economy book only. This is now my fifth book in the series on macroeconomics. This isn't, however, one of the many timeline books of the recession, or about placing blame, or even absolving himself of responsibility. Prof. Michael Hudson’s “Killing the Host” was and still is the best of the lot, but the books by James Rickards and Varoufakis’ “And the Weak Suffer What They Must? Stop what you’re doing, drop everything, buy and read this book. Hot Topic – You’ll find yourself in the middle of a highly debated issue. Very thoughtful and clear-sighted analysis of the late-2000 financial crisis and Great Recession. Goodreads helps you keep track of books you want to read. Our rating helps you sort the titles on your reading list from adequate (5) to brilliant (10). The book ended where it started. The End of Alchemy . In 1948 the narrator’s father was the sheriff of their county, Mercer County, located in the northeast corner of Montana. Innovative – You can expect some truly fresh ideas and insights on brand-new products or trends. The narrator and his family lived in Bentrock, the biggest town in Mercer County at less than 2,000 people. Just a moment while we sign you in to your Goodreads account. Chapter 1 Part 1. It's not that I'm adverse to economic wonkery - I've read plenty of books on the economy - but I found King's writing to be too dry and pedantic to sustain my interest. A good book to know more about the financial system and specifically about causes of the 2007-2009 financial crisis. If the then Governor of Bank of England has categorised the western economy as inherently at fault than more doom and gloom is certainly on its way. "Brimming with new ideas....brilliant" reads the cover of the paperback I bought. This shocked people as they fancied there to … Gender. The books might differ in content and in prose but they all have a unifying theme. His brother is gone. We look at every kind of content that may matter to our audience: books, but also articles, reports, videos and podcasts. There's two main ideas: one being the central banks functioning as a 'pawner for all seasons' as opposed to a 'lender of last resort', second is more cooperation between central banks and simplifying the systems (end alchemy) to structure the economy better and thus preventing large crises like the one in 2008. In the cellar of a house, a young boy suffers the aftermath of a mysterious and forbidden alchemical ritual gone wrong. : Europe's Crisis and America's Economic Future” were also particularly remarkable. A summary of Part X (Section1) in Paulo Coelho's The Alchemist. Bankers risked losing their jobs if they and their companies did not match their peers’ profits. I wanted to like this book. Recommended by Alan Greenspan, and 1 others. As we do that, I hope more people come out with books like this. As ex-Governor of the Bank of England during the 2008-09 world recession, Sir Mervyn King is better placed than anyone to give an inside account of the financial storm that nearly brought the western world to its knees. There are a number of problems with Mervyn King's book. This book is not numbered among them. It's Friday, the first of June. In. His main idea is that the magic of finance is governed by four main ideas : Radical uncertainty, disequilibrium, the prisoner's dilemma and trust. This wont work, as we all are aware of American arm-twisting dependent countries, ensuring voting in their favour without using Veto. Here's what the ratings mean: Applicable – You’ll get advice that can be directly applied in the workplace or in everyday situations. The End of Alchemy: Money, Banking, and the Future of the Global Economy - Kindle edition by King, Mervyn. Background – You’ll get contextual knowledge as a frame for informed action or analysis. I’ll start my second reading as soon as I’m done writing down my thoughts. The End of Alchemy - Mervyn King. Great book from Mervyn King, ex Bank of England governor. Mervyn King has the experience to back up his theories regarding the cause for the global recession and potential solutions for the future success in global banking. Colonialism and Imperialism. In The End of Alchemy he offers us an essential work about the history and future of money and banking, 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. King explains that this alchemy lies at the heart of capitalism but that it leads to crashes. by W. W. Norton Company. Refresh and try again. Blaming the 2008 crisis on the titans of the financial industry is too easy. It's not just that though. Financial alchemy is the process by which banks convert short-term deposits into long-term investments (maturity transformation) , and by ‘diversifying’ investments, turn risk into stability (risk transformation). Access a free summary of The End of Alchemy, by Mervyn King and 20,000 other business, leadership and nonfiction books on getAbstract. Twice. The author has produced a very pessimistic view of the current state of economy before and after the great credit crunch of 2008. Ten of the selections are set in the Indian jungle, and the others take place in the Bering Sea or Pakistan. It will likely, King could not have had better view of the banking sector for the past several decades and if you haven't read an analysis of the crisis, this would be the one to read. Bleeding profusely from the mangled stump that was, moments ago, his left leg, the boy cries out for his brother Alphonse, but receives no response. It was hard to be the bank that wasn’t making money from mortgage derivatives or the one not taking on more leverage and thereby benefiting from the government’s implicit too-big-to-fail insurance. Although King was a key figure at the time, this is not a blow-by-blow account of the events nor a search for immediate blame. While traditional bank activity funds physical assets in the real economy, the engineering of derivatives can produce as many financial assets as desired, providing an extra lure for traders wishing to make big bets. Well structured – You’ll find this to be particularly well organized to support its reception or application. Amazon link. Scientific – You’ll get facts and figures grounded in scientific research. Part of his better system is getting rid of Beghot's Lender of Last Resort dogma and requiring banks to put up collateral before the emergency and turning the Fed into a pawn broker for all seasons. A disappointing book mainly because who it comes from. While I don't agree with everything, this book provides a real foundation for understanding our economic reality and what needs to be done to shift to a more stable money system that will support the real economy and real people. While there exists a plethora of books on finance since the crash of 2008, this one stands out for 2 reasons. Engaging – You’ll read or watch this all the way through the end. Being the former governor for the Bank of England, he has a view that is lacking from most books on banking. He is currently an economics and law professor at New York University and an economics professor at the London School of Economics. High level summary. Ive been a frequent reader of books about our current financial predicament, which entered into high gear in 2007/8. This is a book I wish I had read instead of listened to. King's writing is fluid and relatively crisp, though not all parts are equally engaging. One of the best books on money, banking system, economic crises, and central banks, I have read recently. "Brimming with new ideas....brilliant" reads the cover of the paperback I bought. If a ruler cannot hold on to all three, he should give up weapons first and food next. While I don't agree with everything, this book provides a real foundation for understanding our economic reality and what needs to be done to shift to a more stable money system that will support the real economy and real people. Stop what youre doing, drop everything, buy and read this book. Have you ever had a dream? It is interesting that he acknowledges several times that economics has little predictive power and yet still quotes the wisdom of economists past to prescribe how the financial system should be treated. At getAbstract, we summarize books* that help people understand the world and make it better.
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