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EXCERPT | The pandemic, global debt and rising inequality

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In The End of Money: The Great Erosion of Trust in Banking, China’s Minsky Moment and the Fallacy of Cryptocurrency (Mercury).
In The End of Money: The Great Erosion of Trust in Banking, China’s Minsky Moment and the Fallacy of Cryptocurrency (Mercury).

BOOK: The End of Money: The Great Erosion of Trust in Banking, China’s Minsky Moment and the Fallacy of Cryptocurrency (Mercury).

In The End of Money: The Great Erosion of Trust in Banking, China’s Minsky Moment and the Fallacy of Cryptocurrency (Mercury), David Buckham, Robyn Wilkonson and Christiaan Straeuli examine a world in which financial markets have become decoupled from the real economy. One result is that people have more faith in cryptocurrency than banks. Another is that, during the pandemic, the rich have got richer and the poor poorer – an issue dealt with in this excerpt from the book. This section was written in mid-2021, before the inflation surge of 2022, but the authors called out the excessive money printing happening that year – and how that excessive money supply has largely flowed into the pockets of a very few, especially the billionaires who doubled their net worth during the pandemic, whereas ordinary people still struggle to make ends meet.

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