The End of Alchemy: Money, Banking, and the Future of the Global Economy (Mervyn King, 2016)

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Very good depiction on how the banks ruin the economy. Unforrunately not anything about the real alchemy, but as profound and hidden as alchemy sounds, so does the financial market. Rated 8.5/10


  • Disequilibrium - the absence of a state of balance between the forces acting on a system
  • Radical uncertainty - uncertainty so profound that it is impossible to represent the future in terms of a knowable and exhaustive list of outcomes to which we can attach probabilities
  • Prisoner’s dilemma - difficulty of achieving the best outcome when there are obstacles to coopration
  • Bob Hope: “Bank is a place that will lend you money if you can prove you don’t need it”
  • Central banks could replace lost deposits by providing official loans to a bank experiencing a run
  • Risk premium - the rate of return required by investors over and above the return on safe government debt of the same maturity
  • Oligopoly - a state of limited competition, in which a market is shared by a small number of producers or sellers
  • Risqué - slightly indecent and liable to shock, especially by being sexually suggestive
  • Unfettered - not confined or restricted
  • Mercantile - relating to trade or commerce; commercial
  • Si vis pacem, para bellum - if you want peace, prepare for war
  • Whether how good you are with economics you can’t never improve the market


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