![]() ![]() ![]() In earlier chapters I dwelled on past crises. * The End of Alchemy: Money, Banking, and the Future of the Global Economy (W.W. And did I mention that King is a master at explaining complex economics to non-experts without the slightest hint of condescension? ¶ Here, we've reprinted the chapter in which Baron King of Lothbury (in the U.K., the fate of retired government technocrats seems to be life peerages rather than seven-figure consultant gigs) explains the depths of the mess created by the rigidity of monetary union in Europe and the desperate need for debt relief on the part of the union's creditor nations. It's a take-no-prisoners analysis of the failure of the global banking system and a call for radical change. ¶ In fact, the book is full of surprises. Thus, one might have expected The End of Alchemy* to be a tell-little defense of his role – one that added modestly to what we already knew. Besides, King, who until 2013 was the governor of the Bank of England (the U.K.'s Federal Reserve), has been widely criticized for doing too little to prevent Britain's financial meltdown in 2008 and, after the fact, for moving too slowly to repair the damage. ![]() After all, retired senior civil servants rarely bite the hands that fed them well. Mervyn king's credentials don't generate much expectation that his new book would provide an insightful read. ![]()
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