Product Description
Money: The Inside Story
Authors: Rupal Patel, Jack Leslie, The Bank of England
Format: Hardback
The Surprising Truth About How Money Works
Most of us think about money every day. But how many of us know how it actually works?
Every morning, someone unassumingly types numbers into a spreadsheet, hits enter and creates millions of pounds. Somewhere deep underground, a machine most of us will never see props up the entire British economy. And hidden in a vault nearby are individual banknotes worth £100 million each. These are just some of the surprising truths about how money works.
The Bank of England know more about the money system than most - after all, it is their job to keep it running smoothly. Now, for the first time, two of its economists take you deep into their vaults to tell you the inside story of money.
They explain how ordinary banks are able to create money from scratch, and what stops that descending into chaos. They explore what causes inflation and why one country tried to solve rising prices by asking its citizens to cut all banknotes in half. They uncover how a baby hippo briefly became a global currency, and what that says about the future of money. And they reveal what goes on inside the Bank of England during a banking crisis, and why it means your money is safer now than ever before.
Along the way, they explore how money is changing today - and what new technologies like crypto mean for its future. The result is a lively and surprising guide to how money is supposed to work, what happens when it doesn't, and where it might be going next.
About the Author
Rupal Patel and Jack Meaning are economists at the Bank of England. Rupal specialises in trying to prevent economic crises, which means you know who to blame when everything goes wrong. Jack is focused on protecting the pound in your pocket, which means he goes to lots of long meetings about interest rates.
Founded in 1694, the Bank of England is the UK's central bank, responsible for printing money, setting interest rates and regulating the financial sector. Since 2017, the Bank's staff have been on a mission to get outside the City of London and promote economic literacy across the UK: whether by delivering talks in schools, running Citizens' Panels on people's economic experiences, or, now, publishing this nifty primer on economics. Rupal Patel and Jack Leslie are economists at the Bank of England and work as advisers to the committee who set interest rates. Rupal spends most of her time thinking about inflation and now and then writes books about economics. Jack is focused on understanding the UK economy, which means charts, spreadsheets, and more charts.
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