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
Release: 2016-03-21
Editor: W. W. Norton & Company
Pages: 368
ISBN: 9780393247039
Language: en
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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.

Radical Uncertainty Decision Making Beyond the Numbers

Radical Uncertainty  Decision Making Beyond the Numbers
Author: John Kay,Mervyn King
Release: 2020-03-17
Editor: W. W. Norton & Company
Pages: 407
ISBN: 9781324004783
Language: en
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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.

The End of Alchemy

The End of Alchemy
Author: Mervyn King
Release: 2016-03-21
Editor: Unknown
Pages: 368
ISBN: 0393247023
Language: en
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Mervyn King was governor of the Bank of England from 2003 to 2013, guiding the country through the Great Recession and into the start of the recovery. Taking the long view, King shows that the crisis he faced was only the latest in a long series of financial crises since our money and banking systems became the cornerstone of modern capitalism. True, the transformation of precious metals into paper money, and the invention of banking institutions that could spin out long-term loans from short-term deposits, have provided a financial alchemy that has spawned two hundred years of economic growth—yet they also create vulnerabilities that have wrought repeated economic disasters, from hyperinflation to banking collapses. In The End of Alchemy, King tackles the fundamental question rising out of the Great Recession: are we slaves to the boom-and-bust cycles of money and banking, or can we remake these institutions to fashion a more stable future?

The Alchemist

The Alchemist
Author: Paulo Coelho
Release: 2015-02-24
Editor: HarperCollins
Pages: 208
ISBN: 9780062416216
Language: en
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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
Release: 2003-12-10
Editor: Inner Traditions / Bear & Co
Pages: 528
ISBN: 089281084X
Language: en
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Decodes the message held by this enigmatic monument, revealing the alchemical secret of time and the fate of humanity.

The Shifts and the Shocks

The Shifts and the Shocks
Author: Martin Wolf
Release: 2014-09-04
Editor: Penguin UK
Pages: 528
ISBN: 9780718197971
Language: en
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In The Shifts and the Shocks, Martin Wolf - one of the world's most influential economic commentators and author of Why Globalization Works - presents his controversial and highly original analysis of the economic course of the last seven years There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. 'Are we now on a sustainable course?' Wolf asks. 'The answer is no.' He explains with great clarity why 'further crises seem certain' and why the management of the eurozone in particular 'guarantees a huge political crisis at some point in the future.' Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgement that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no-one with an interest in global affairs will want to neglect. MARTIN WOLF is Associate Editor and Chief Economics Commentator at the Financial Times, London. He is the recipient of many awards for financial journalism, for which he was also made a CBE in 2000. His previous books include Why Globalization Works and Fixing Global Finance. "We have been inundated with books about the 'financial' aspects of the crisis. There have also been many books about specific institutions or memoirs by retired policy-makers. We need something different. There are two dimensions of the crisis that have received surprisingly little treatment. One is the link between developments in the macro-economy and the behaviour of the financial sector. The other is the global dimension of the crisis. Both these lie at the heart of Martin Wolf's analysis of the causes of the crisis and of his proposals to reduce the risk of another crisis. For these two reasons this is an important book that will be influential. Most important of all, it is in my view the right analysis and remedy" Mervyn King "To think straight about the causes and solutions of the financial crisis we must reject orthodox assumptions that more finance and global financial integration are limitlessly beneficial. The Shifts and the Shocks does just that, providing an intellectually sparkling and vital account of why the crisis occurred, and of the radical reforms needed if we are to avoid a future repeat" Adair Turner "Martin Wolf is unsurpassed in the world of economic journalists. His superb book may be the best of all those spawned by the Great Recession. It is analytical and rigorous without ever succumbing to fatalism or complacency" Lawrence Summers

The Chemistry of Alchemy

The Chemistry of Alchemy
Author: Cathy Cobb,Monty Fetterolf,Harold Goldwhite
Release: 2014-07-01
Editor: Prometheus Books
Pages: 364
ISBN: 9781616149161
Language: en
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A unique approach to the history of science using do-it-yourself experiments along with brief historical profiles to demonstrate how the ancient alchemists stumbled upon the science of chemistry. Be the alchemist! Explore the legend of alchemy with the science of chemistry. Enjoy over twenty hands-on demonstrations of alchemical reactions. In this exploration of the ancient art of alchemy, three veteran chemists show that the alchemists' quest involved real science and they recount fascinating stories of the sages who performed these strange experiments. Why waste more words on this weird deviation in the evolution of chemistry? As the authors show, the writings of medieval alchemists may seem like the ravings of brain-addled fools, but there is more to the story than that. Recent scholarship has shown that some seemingly nonsensical mysticism is, in fact, decipherable code, and Western European alchemists functioned from a firmer theoretical foundation than previously thought. They had a guiding principle, based on experience: separate and purify materials by fire and reconstitute them into products, including, of course, gold and the universal elixir, the Philosophers' stone. Their efforts were not in vain: by trial, by error, by design, and by persistence, the alchemists discovered acids, alkalis, alcohols, salts, and exquisite, powerful, and vibrant reactions--which can be reproduced using common products, minerals, metals, and salts. So gather your vats and stoke your fires! Get ready to make burning waters, peacocks' tails, Philosophers' stone, and, of course, gold!

John Dee s Conversations with Angels

John Dee s Conversations with Angels
Author: Deborah E. Harkness,Deborah Harkness
Release: 1999-11-13
Editor: Cambridge University Press
Pages: 252
ISBN: 052162228X
Language: en
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This book is about Elizabethan England's most famous 'scientist' or natural philosopher John Dee and his 'conversations with angels'.

The Alchemists

The Alchemists
Author: Neil Irwin
Release: 2014
Editor: Unknown
Pages: 544
ISBN: 0755362683
Language: en
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An unprecedented and important insight into the secret world behind our economy.

Disknowledge

Disknowledge
Author: Katherine Eggert
Release: 2015-10-02
Editor: University of Pennsylvania Press
Pages: 384
ISBN: 9780812247510
Language: en
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'Disknowledge': knowing something isn't true, but believing it anyway. In this book, Katherine Eggert explores the crumbling state of learning in the 16th and 17th centuries. Even as the shortcomings of Renaissance humanism became plain to see, many intellectuals of the age had little choice but to treat their familiar knowledge systems as though they still held. Humanism thus came to share the status of alchemy: a way of thinking simultaneously productive and suspect, reasonable and wrongheaded.

Prophecy Alchemy and the End of Time

Prophecy  Alchemy  and the End of Time
Author: Leah DeVun
Release: 2009-03-03
Editor: Columbia University Press
Pages: 272
ISBN: 9780231519342
Language: en
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In the middle of the fourteenth century, the Franciscan friar John of Rupescissa sent a dramatic warning to his followers: the last days were coming; the apocalypse was near. Deemed insane by the Christian church, Rupescissa had spent more than a decade confined to prisons in one case wrapped in chains and locked under a staircase yet ill treatment could not silence the friar's apocalyptic message. Religious figures who preached the end times were hardly rare in the late Middle Ages, but Rupescissa's teachings were unique. He claimed that knowledge of the natural world, and alchemy in particular, could act as a defense against the plagues and wars of the last days. His melding of apocalyptic prophecy and quasi-scientific inquiry gave rise to a new genre of alchemical writing and a novel cosmology of heaven and earth. Most important, the friar's research represented a remarkable convergence between science and religion. In order to understand scientific knowledge today, Leah DeVun asks that we revisit Rupescissa's life and the critical events of his age the Black Death, the Hundred Years' War, the Avignon Papacy through his eyes. Rupescissa treated alchemy as medicine (his work was the conceptual forerunner of pharmacology) and represented the emerging technologies and views that sought to combat famine, plague, religious persecution, and war. The advances he pioneered, along with the exciting strides made by his contemporaries, shed critical light on later developments in medicine, pharmacology, and chemistry.

The Alchemy of Forever

The Alchemy of Forever
Author: Avery Williams
Release: 2012-04-26
Editor: Simon and Schuster
Pages: 256
ISBN: 9780857076823
Language: en
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People say 'love never dies'… but love might be the death of Seraphina. Seraphina has been alive since the Middle Ages, when her boyfriend, Cyrus, managed to perfect a method of alchemy that lets them swap bodies with any human being. She doesn't want to die, so she finds young people who are on the brink of death, and inhabits their bodies. When we meet Sera, she has landed in the body of a girl named Kailey who was about to die in a car accident. For the first time, Sera falls in love with the life of the person she's inhabiting. Sera also falls for the boy next door, Noah. And soon it's clear the feelings are returned. Unfortunately, she can never kiss Noah, because for her to touch lips with a human would mean the human's death. And she has even more to worry about: Cyrus is chasing her, and if she stays in one place for long, she puts herself -and the people she's grown to care for - in danger.

Other People s Money

Other People s Money
Author: John Kay
Release: 2015-09-03
Editor: Profile Books
Pages: 353
ISBN: 9781782831549
Language: en
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Shortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. We need finance, but today we have far too much of a good thing. In Other People's Money John Kay shows in his inimitable style what has gone wrong in the dark heart of finance.

Radical Uncertainty

Radical Uncertainty
Author: Mervyn King,John Kay
Release: 2021-09-02
Editor: Bridge Street Press
Pages: 560
ISBN: 0349143994
Language: en
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The Secrets of Alchemy

The Secrets of Alchemy
Author: Lawrence Principe
Release: 2012-11-01
Editor: University of Chicago Press
Pages: 281
ISBN: 9780226682952
Language: en
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An accessible history of alchemy by a leading world authority explores its development and relationship with myriad disciplines and pursuits, tracing its heyday in early modern Europe while profiling some of history's most colorful alchemists and describing the author's recreation of famous alchemy recipes.

The End of Theory

The End of Theory
Author: Richard Bookstaber
Release: 2019-04-02
Editor: Princeton University Press
Pages: 240
ISBN: 9780691191850
Language: en
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An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.

The End of Banking

The End of Banking
Author: Jonathan McMillan
Release: 2014
Editor: Zero/One Economics Gmbh
Pages: 248
ISBN: 3952438502
Language: en
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DESCRIPTION BOOK:

In this thought-provoking book, Jonathan McMillan dissects banking to reveal its inner workings. He cuts through the complexity of modern finance and explains how banking almost crashed our financial system. Banking is broken, and McMillan reveals why we can no longer fix it. The digital revolution turns out to be the game changer that calls for the end of banking. But McMillan refrains from merely pointing out flaws. Building on economic research and a rigorous analytical approach, he goes on to provide an innovative blueprint for a modern financial system. The End of Banking transforms our understanding of the financial system. It identifies the root cause of today's problems with banking and presents a solution that stands out against existing reform proposals.

The Alchemist

The Alchemist
Author: Paulo Coelho
Release: 2006-04-25
Editor: Harper Collins
Pages: 208
ISBN: 9780061122415
Language: en
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"My heart is afraid that it will have to suffer," the boy told the alchemist one night as they looked up at the moonless sky." Tell your heart that the fear of suffering is worse than the suffering itself. And that no heart has ever suffered when it goes in search of its dreams." Every few decades a book is published that changes the lives of its readers forever. The Alchemist is such a book. With over a million and a half copies sold around the world, The Alchemist has already established itself as a modern classic, universally admired. Paulo Coelho's charming fable, now available in English for the first time, will enchant and inspire an even wider audience of readers for generations to come. The Alchemist is the magical story of Santiago, an Andalusian shepherd boy who yearns to travel in search of a worldly treasure as extravagant as any ever found. From his home in Spain he journeys to the markets of Tangiers and across the Egyptian desert to a fateful encounter with the alchemist. The story of the treasures Santiago finds along the way teaches us, as only a few stories have done, about the essential wisdom of listening to our hearts, learning to read the omens strewn along life's path, and, above all, following our dreams.

The Crash of 2008 and What it Means

The Crash of 2008 and What it Means
Author: George Soros
Release: 2009-01-15
Editor: PublicAffairs
Pages: 288
ISBN: 9780786744930
Language: en
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In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivaled, places the crisis in the context of his decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.

Hidden City of Alchemy

Hidden City of Alchemy
Author: Melissa H Coleman
Release: 2020-02-29
Editor: Balboa Press
Pages: 204
ISBN: 9781504321020
Language: en
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Hidden City of Alchemy is a Steampunk adventure injected with just the right amount of science fiction, romance, and historical fiction, to keep the reader on their toes. A smart and brave heroine with a love for inventing discovers a dangerous family secret in a diary after her mother is kidnapped by German spies. Lizzie must leave London and travel to France while learning the shocking truth about her ancestor and about a chemical which could destroy the world, if it should fall into the wrong hands. AU UPDATE 2.28.2020: “An exciting ride through a steampunk world filled with adventure. Surprises around every corner!” - Madolyn Locke, award-winning author of ‘The Quilt’ Stand-alone steampunk tale from Melissa Coleman 5-star readers favourite award-winning author of A Confabulated Compendium of Anecdotes and The Halfling. Young English woman, Elizabeth Peters has a ski-sloped nose, a hereditary defect from her father’s side. But what is distinguishable about her is her intelligence. She’d rather spend her time inventing gadgets, redesigning engineering contraptions and doing word puzzles than becoming a respectable housewife as her mother wishes. Elizabeth’s world is turned upside down one evening when she arrives home to find the house has been ransacked and her mother missing from her basement workshop – presumably kidnapped by German spies. After sifting through the wreckage, she discovers a dangerous family secret in a peculiar-looking cryptic diary, a strange talking ring and a French man - Albert Bourdillon. Lizzie must leave London and travel to France while learning the shocking truth about the owner of the diary and about a chemical which could destroy the world, if it should fall into the wrong hands. A chemical threat so lethal it could destroy herself, the people she loves and the world. Hidden City of Alchemy is a Steampunk adventure injected with just the right amount of science fiction, romance, and historical fiction, to keep the reader on their toes.