"The Power of Money: How Governments and Banks Create Money and Help Us All Prosper" by Paul Sheard
Description
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Paul Sheard’s "The Power of Money" provides a clear and comprehensive breakdown of how modern monetary systems operate and impact society. Sheard demystifies the creation of money, explaining the vital roles played by commercial banks, central banks, and governments in today’s economy. He challenges the widely held "government as household" analogy, offering a compelling argument that sovereign debt and deficit spending are misunderstood by the public and policymakers alike. The book further examines quantitative easing (QE) as a tool for monetary policy and debt management, reframing it as a coordinated balance sheet strategy.
Sheard also delves into wealth inequality, tracing its roots to structural features of the market economy, and evaluates systemic risks like asset bubbles and financial instability. The role of the central bank as lender of last resort is explored in the context of financial crises, while the book also looks at international monetary relations and the rise of cryptocurrencies as a disruptive force to traditional monetary frameworks. This is a must-listen for anyone interested in macroeconomics, public policy, or the future of money.
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United States
