The End of Alchemy
Book description
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…
Why read it?
1 author picked The End of Alchemy as one of their favorite books. Why do they recommend it?
King was the head of the Bank of England during the financial crisis of 2008. He declared full deposit insurance for the entire United Kingdom private banking system, with no deposit premiums required. This ended the run on the banks that spilled over into the streets of the UK during the crisis, when the Bank of England at first decided not to take care of Northern Rock, a private retail bank that was headed towards insolvency.
King provides a whimsical and sharp review of the private and central bank system before and after the crisis that builds very much on…
From Max's list on Walter Bagehot’s challenge.
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