The End of Alchemy Money Banking and the Future of the Global Economy

The End of Alchemy  Money  Banking  and the Future of the Global Economy
Author: Mervyn King
Publsiher: W. W. Norton & Company
Total Pages: 368
Release: 2016-03-21
Genre: Business & Economics
ISBN: 9780393247039

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“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.

The End of Alchemy

The End of Alchemy
Author: Mervyn King
Publsiher: Abacus
Total Pages: 448
Release: 2017-01-31
Genre: Electronic Book
ISBN: 0349140677

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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?

Radical Uncertainty Decision Making Beyond the Numbers

Radical Uncertainty  Decision Making Beyond the Numbers
Author: John Kay,Mervyn King
Publsiher: W. W. Norton & Company
Total Pages: 407
Release: 2020-03-17
Genre: Business & Economics
ISBN: 9781324004783

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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.

John Dee s Conversations with Angels

John Dee s Conversations with Angels
Author: Deborah E. Harkness,Deborah Harkness
Publsiher: Cambridge University Press
Total Pages: 276
Release: 1999-11-13
Genre: Body, Mind & Spirit
ISBN: 052162228X

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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.

The Alchemist

The Alchemist
Author: Paulo Coelho
Publsiher: HarperThorsons
Total Pages: 224
Release: 2015-07-02
Genre: Electronic Book
ISBN: 0008144222

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This is an adventure story about a young shepherd boy who learns how to live his dreams. This is a story which has been compared to the works of Richard Bach, and is aimed at the young and old alike.

Disknowledge

Disknowledge
Author: Katherine Eggert
Publsiher: University of Pennsylvania Press
Total Pages: 368
Release: 2015-10-29
Genre: History
ISBN: 9780812247510

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Katherine Eggert explores the crumbling state of humanistic learning in the sixteenth and seventeenth centuries and the benefits of relying on alchemy despite its recognized flaws.

The Alchemist

The Alchemist
Author: Paulo Coelho
Publsiher: HarperCollins
Total Pages: 208
Release: 2015-02-24
Genre: Fiction
ISBN: 9780062416216

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A special 25th anniversary edition of the extraordinary international bestseller, including a new Foreword by Paulo Coelho. Combining magic, mysticism, wisdom and wonder into an inspiring tale of self-discovery, The Alchemist has become a modern classic, selling millions of copies around the world and transforming the lives of countless readers across generations. Paulo Coelho's masterpiece tells the mystical story of Santiago, an Andalusian shepherd boy who yearns to travel in search of a worldly treasure. His quest will lead him to riches far different—and far more satisfying—than he ever imagined. Santiago's journey teaches us about the essential wisdom of listening to our hearts, of recognizing opportunity and learning to read the omens strewn along life's path, and, most importantly, to follow our dreams.

The Mysteries of the Great Cross of Hendaye

The Mysteries of the Great Cross of Hendaye
Author: Jay Weidner,Vincent Bridges
Publsiher: Inner Traditions / Bear & Co
Total Pages: 532
Release: 2003-12-10
Genre: Body, Mind & Spirit
ISBN: 089281084X

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Decodes the message held by this enigmatic monument, revealing the alchemical secret of time and the fate of humanity.