Jan 07

The sub-title of the “Ascent of Money” is “A Financial History of the World”. Niall Ferguson’s aim is to show:

… that finance is in fact the foundation of human progress … financial history (is) the essential backstory behind all history. The evolution of credit and debt … was as important as any technological innovation in the rise of civilization.

Most ineresting quote so far (from Chapter 2: Of Human Bondage):

It was to Lenin that Keynes attributed the insight that ‘There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.’

Is this foreboding the future of the Federal Reserve’s Quantative Easing (QE) efforts?

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