Halfway there

(K. Brent Tomer),

The End of Alchemy: Money, Banking and the Future of the Global Economy. By Mervyn King. W.W. Norton; 448 pages; $28.95. Little, Brown; £25.

INSIDER accounts of the financial crisis are two a penny. The recollections of Timothy Geithner, a former American treasury secretary, are packed with pulsating drama. A book from Ben Bernanke, a former chairman of the Federal Reserve, lacks the pyrotechnics but offers a robust defence of the Fed’s response to market meltdown. Mervyn King, who was governor of the Bank of England in 2003-13, sees such “instant memoirs” as “partial and self-serving”. In “The End of Alchemy” there is no gossip and few revelations. Instead Lord King uses his experience of the crisis as a platform from which to present economic ideas to non-specialists.

He does a good job of putting complex concepts into plain English. The discussion of the evolution of money—from Roman times to 19th-century America to today—is a useful introduction for those not quite sure what currency really is. He explains why economies need central banks: at best, they are independent…Continue reading

via K. Brent Tomer CFTC Halfway there

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s