Central Bankers: The Alchemists of our Time
The very first form of banking started well over 5,000 years ago, while fractional and fiat money systems began appearing almost 1,000 years ago. The first central bank appeared some 500 years ago. (Central) bankers, the alchemists of our time, have a monopoly on the creation of money, just like the...
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| creator | Middelkoop, Willem |
| description | The very first form of banking started well over 5,000 years ago, while fractional and fiat money systems began appearing almost 1,000 years ago. The first central bank appeared some 500 years ago. (Central) bankers, the alchemists of our time, have a monopoly on the creation of money, just like the police and army have a monopoly on violence. In the last century, central bankers have succeeded in turning paper into gold36and gold into paper.37The bank notes of the European Central Bank (ECB) no longer refer in any way to any intrinsic value, although the ECB still owns |
| doi_str_mv | 10.1515/9789048529506-004 |
| format | Book Chapter |
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| fulltext | fulltext |
| identifier | ISBN: 9462980276 |
| ispartof | The Big Reset, 2015, p.48-62 |
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| language | eng |
| recordid | cdi_jstor_books_j_ctt195sdt8_6 |
| source | OAPEN; DOAB: Directory of Open Access Books; JSTOR eBooks: Open Access |
| subjects | Accountancy Applied arts Arts Bank loans Bank workers Bankers Banking Banks Business Businesspeople Cash Central banking Central banks Chemical elements Chemistry Coinage Craft metalworking Crafts Debt Decorative arts Economic disciplines Economic policy Economics Employment European Central Bank Eurosystem Exchange rate regimes Federal Reserve Bank Federal Reserve System Finance Financial accounting Financial economics Financial instruments Financial liabilities Financial professionals Goldsmithing Labor economics Loans Macroeconomics Metals Monetary policy Monetary unions Money Noble metals Occupations Physical sciences Silver Token money |
| title | Central Bankers: The Alchemists of our Time |
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