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on 10 August 2015
I read this book having read "The Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics " and being shocked by my ignorance about what money is, despite studying Applied Economics to degree level, then studying a masters degree in Islamic Banking and Finance, teaching macro-economics briefly and having a quasi-economic role in my first job. This book is a clear explanation of the UK monetary system. It also made me feel better about my ignorance as it covered the traditional manner that money is taught (and I was) which bears no relation to the modern reality. I would heartily recommend this book to everyone as the issue it covers are pretty fundamental regarding the economic issue we face.
15 people found this helpful
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on 20 August 2014
This book gives a clear pathway through the fields of economic jargon and explains what the words mean. It backs up its explanation by giving sources. It ends with the famous quote on banking by J k Galbraith. "The process by which banks create money is so simple that the mind is repelled. When something so important is involved, a deeper mystery seems only decent."
The establishes that there is no deeper mystery . The book ends 'we must not permit our minds to be repelled, because it is only through the application of proper analysis and further public and policy debate, that we can collectively address the much more significant and pressing question of whether our current monetary and banking system best serves the public interest and, if not how it should be reformed.'
Indeed, this is probably the most important economic and political issue facing us today and the book helps to understand what the options for change are.
7 people found this helpful
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on 19 October 2016
A great book. I've read the odd book before about the source of money but still always struggled to answer simple questions like 'who makes our money?' and 'how does it affect our economy?'. Now I think I know a little about it. The book is written from what seems like a very common sense perspective and successfully explains the source of money and how most of it actually comes from commercial banks through the creation of credit. I'm sure some professional economists will have alternative views on some of the material but overall it is one of the best books on economics and money I have ever read (okay I haven't read more than a few, ie 10-20). It is both logical and clear.
I read it on my Kindle and had to do quite a bit of referring back and forth to remind myself what some essential phrases meant (eg the definition of base money, or the fact that there are so many different names for certain types of government securities) so it's maybe worth keeping a pen and paper to note some of these down as you read.
3 people found this helpful
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on 17 April 2018
It's a very good book. Highly recommended for its clear description of credit creation and destruction. It's one of the only sources I've been able to find that really makes sense of the matter.

Two minor complaints: the level of knowledge of Economics required to understand everything properly is perhaps a little higher than the authors would make you believe. It would be great to see a book by the same authors explain everything including the basics.

Second, Werner seems to be clearly the most senior academic among the authors, two others being PhD students at the time of writing. In several places (probably more than a dozen) there are sentences like "... as pointed out first by Werner...". I generally find academics blowing their own trumpet to this degree annoying. Especially the "first". It leaves the reader of this particular book a little unsure... Does Werner not get the credit in the academic world he thinks he deserves? Are his ideas largely ignored? Or why does he need to keep insisting that he was the first to do this and that? It would have been a nicer read if more modesty had been displayed.

Overall though it's a great book.
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on 5 December 2013
A detailed, objective, and necessary description of UK banking and money creation. The book shines a light on what many see as a black art, but is of fundamental importance to all of us. The book draws together over 500 documents to trace the history and current procedures that govern UK money, pointing out that "few economists can conduct this research first hand and most individuals in the banking sector only have expertise in a small area of the system".

This is recommended reading for anyone that needs to understand how money in the UK works. That means everyone in the UK should read it, or be provided with some way to access the critical information it contains.
5 people found this helpful
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on 6 November 2014
Eye opening and fascinating insight into the money supply and in particular the power of commercial banks who are the major creators of new money in the economy. Great for economics and business studies students. A really interesting read.
3 people found this helpful
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on 15 December 2017
Some interesting stuff but very dry & dull.
One person found this helpful
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on 30 November 2017
A serious book on a serious subject. Some may find the text rather dry, academic and hard going. But I recommend you persevere as the book contains a "wealth" of information.
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on 12 February 2017
Excellent insight into how banking actually works but its not written well and feels just like a number of essays put into a book. Also, it is repetitive.7/10
One person found this helpful
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on 31 March 2018
good
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