The End of Alchemy
Money, Banking, and the Future of the Global Economy
Mervyn King
The book critically examines the financial system, particularly the role of banks in creating money through lending, and argues that this alchemy is a source of economic instability. It proposes reforms to the banking sector to prevent future crises, including the adoption of a new financial architecture that separates the provision of payment services and the creation of money from risky investment activities.
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