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.