About this book
The End of Alchemy is a book written by Mervyn King, the former Bank of England Governor from 2003-2013, including during the 2008 financial crisis. The book focuses on the history, flaws, and future of money, banking, and financial systems. Alchemy is referring to the money creation process in which banks 'manufacture' the new money supply as debt in the debt-based monetary system, where banks create margin for themselves and invest it as debt, such as mortgages, loans, bonds, treasuries, and other debt-based financial instruments. The leverage created by banks creates the economic bubbles that the Central banks have to pop with deflationary monetary policy that typically causes unemployment to rise.
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