The Alchemists

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When the financial crisis began in August 2007, three unelected men—Ben Bernanke, Mervyn King, and Jean-Claude Trichet—emerged as the most powerful figures globally, leading the world's key central banks. Over the next five years, they and their colleagues deployed trillions in dollars, pounds, and euros to manage the panic threatening the global financial system. This gripping account details the most intense economic crisis management ever witnessed and explores the significant role and influence of central banks. Beginning in 17th-century Stockholm, it traces the evolution of central banking and its extraordinary power over our collective fate. The narrative centers on the choices made by these central bankers, informed by Neil Irwin's privileged access as a Washington Post reporter during the crisis. His comprehensive reporting spans 27 cities across 11 countries, providing a holistic view of central bankers' impact on the world economy. This landmark examination delves into the relationship between capitalism and the state, offering a definitive and riveting exploration of the financial crisis and the future of money.