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The audacity of pessimism

Years of loose monetary policy has left us vulnerable to another financial crisis, says Howard Davies

By Howard Davies   May 2016

"Dining on the Edge of the Abyss": An American cartoon predicting the Wall Street Crash in 1929 © Peter Newark America Pictures/Bridgeman Images

The End of Alchemy: Money, Banking and the Future of the Global Economy by Mervyn King, Little, Brown, £25

I have known Mervyn King for over 20 years. We worked together at the Bank of England in the 1990s. We then worked opposite…

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