"Eric Lonergan's elegantly-written and thought-provoking polemic on the nature of money is a must-read for anyone interested in politics or economics" - Philip Coggan, author of Paper Promises
"Things they don’t tell you at Davos: a deposit in a bank is an unbacked loan to a highly leveraged financial institution; quantitative easing is the cancellation of government debt; and the secret to ending a recession is to stop funnelling money through banks and simply give it to people to spend, especially poor people. If you like your economic shibboleths stabbed through the heart, roasted and served medium rare with a side of cold hard logic, you should read Eric Lonergan’s Money. You will see not only money, but the whole economic process, in a new light. For anyone who has ever wondered what money actually is and how it works this book is quite simply the place to both start and finish." - Mark Blyth, Brown University, USA
"An informed, readable and timely work. … thought-provoking … challenging preconceptions from an informed position, he made me reassess my own attitudes. He shines a concise but intellectually satisfying light on elements of the financial system. The value of the analysis appears to have grown as events have unfolded." - The Business Economist
"Lonergan concludes that money would cause less damage if people did not think about it so much. With this slender but stimulating book, he provokes the opposite reaction." - The Economist
About the Author
Eric Lonergan is a macro hedge-fund manager at M&G Investments in London. He studied PPE at the University of Oxford and has an MSc in economics and philosophy from the London School of Economics. He is a frequent contributor to the Financial Times.