The Big Mystique
William Davies: Central Banks and Banking, 2 February 2017
The Courage to Act: A Memoir of a Crisis and Its Aftermath
by Ben Bernanke.
Norton, 624 pp., £27.99, October 2015,978 0 393 24721 3 Show More
by Ben Bernanke.
Norton, 624 pp., £27.99, October 2015,
The End of Alchemy: Money, Banking, and the Future of the Global Economy
by Mervyn King.
Little Brown, 448 pp., £25, March 2017,978 0 349 14067 4 Show More
by Mervyn King.
Little Brown, 448 pp., £25, March 2017,
“... Early in 2014, the Bank of England put out a quarterly bulletin entitled ‘Money Creation in the Modern Economy’ which put to bed one of the most persistent – and false – claims in the history of economics. According to orthodox economists as far back as Adam Smith, money originates in the need to exchange one good for another. I have produced more bread than I need, you have produced more clothing than you need, and we need some simple instrument by means of which to swap one for the other ... ”
