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“In The Power of Money, economist and long-time World Economic Forum contributor Paul Sheard masterfully unpacks one of the most foundational yet confounding aspects of the modern economy . . . Policymakers, business people, members of civil society, and anyone looking to better understand complex and often vexing policy issues should read this book.”
―Klaus Schwab, Founder and Executive Chairman of the World Economic Forum

“The consequences of monetary and fiscal policy are now felt more directly than at any time in decades . . . Paul Sheard cuts through the confusion and jargon that too often surrounds the topic and explains the real power of money in the world today.”
―The Honorable Dr. Kevin Rudd, 26th Prime Minister of Australia and Global President of the Asia Society

“In many ways, money makes the world go round, never more than now. Paul Sheard’s The Power of Money provides provocative and interesting perspectives for anyone concerned with our monetary future.”
―Lawrence H. Summers, Charles W. Eliot University Professor at Harvard University and 71st Secretary of the United States Treasury

“Paul Sheard has done a brilliant job explaining money . . .Whether you’re an economist or someone who simply is interested in financial and economic affairs, this book is for you.”
―Douglas L. Peterson, President and CEO of S&P Global

“This is highly useful reading at a time when innovations such as bitcoin and policy experiments like quantitative easing have made it more important than ever to understand how money does―and does not―really work.”
―Gillian Tett, Chair of the US Editorial Board and Editor-at-large of The Financial T

“Paul Sheard treats critical topics that no one else touches. If you care about the economy and the future and your portfolio you must read this book.”
―Robert L. Dilenschneider, Founder and CEO of the Dilenschneider Group

“In this must-read book, Paul Sheard pulls back the veil, showing how governments, commercial banks, central banks, and financial markets all play a part in the creation of money. His book sheds light on such topics as inequality, financial crises, the future of the euro, and cryptocurrencies.”
―Stephanie Kelton, Professor of economics and public policy at Stony Brook University and author of The Deficit Myth

“Paul Sheard deftly brings clarity to one of the most abstract concepts ever created by humanity ？ money. Learn how the world creates, enables, measures, and rewards value exchange and understand the Power of Money.”
―R “Ray” Wang, Founder and CEO of Constellation Research, Inc. and two-time best-selling author

“The Power of Money is uniquely valuable in at least three dimensions: it explains eloquently the role of money in the workings of a modern economy, it dispels convincingly many popular misconceptions about money, and it reflects thoughtfully on such big issues as the independence of central banks and the reserve currency status of the US dollar.”
―Yiping Huang, Professor of Economics and Director of the Institute of Digital Finance at Peking University

“Business leaders, policymakers, and money managers will find this book indispensable in challenging and reshaping their current assumptions about economic and monetary matters . . . It is high time for economic experts to refocus, relearn, and reconsider what money is and what it can do, lest economic mismanagement and inefficiency result.”
―Yoshihiko Miyauchi, Senior Chairman of ORIX Corporation

“Paul Sheard explains some complex concepts―how money is created, the role of government debt, what the Federal Reserve does―in a very plain English manner. He also explains why some common assumptions about how money works are wrong or at least not the full story. No prior background in finance or economics is required.”
―Timothy Massad, Research Fellow at Harvard Kennedy School and 12th chairman of the Commodity Futures Trading Commission

“The Power of Money is a wide-ranging, lucidly written assessment of the future of money and how it is interwoven in the fabric of economic life . . . This important and accessible contribution to scholarship concludes with a trenchant discussion of cryptocurrencies―the latest innovation in the history of money.”
―Noel V. Lateef, President and CEO of the Foreign Policy Association

Chapter Page
Introduction 1
1. Money Creation: A Powerful Partnership 13
2. The Power of Government Debt 37
3. The Power of Central Banks 69
4. The Power of Quantitative Easing 95
5. The Power of Money to Create Inequality-and Wealth 115
6. The Power of Money to Wreak Havoc 143
7. The Folly of the Euro 173
8. The Power of International Money 191
9. The Disruptive Power of Cryptocurrencies 211
Concluding Thoughts 229
Technical Handout 237
Glossary of Terms 245
Acknowledgments 251
Notes 255
Index 268

WALL STREET JOURNAL BESTSELLER

Money permeates our everyday lives―it literally makes the economic world go round―and yet confusion and controversy about money abound.

In The Power of Money, economist Paul Sheard distills what money is, how it comes into existence, and how it interacts with the real economy.

Money issues dominate the news, but economic jargon and the complexity of it all can be bamboozling. Leading economist Paul Sheard is known for his ability to see the forest and the trees and demystify complex economic phenomena.

With The Power of Money, Sheard empowers readers to become better-informed economic citizens by providing context for some of the biggest questions surrounding money, such as:

How does money come into existence?
How is the process of money printing governed?
Does government debt ever have to be repaid?
Are financial crises bound to happen sometimes?
Can the euro, a currency without a government, survive in its current form?
Are proposed cures for economic inequality worse than the disease?
What is the future of money―are cryptocurrencies going to change everything?

Financial enthusiasts and non-specialists alike will be surprised by the answers to these questions. The Power of Money provides a comprehensive foundation of knowledge to help you feel better informed and more confident as you follow and engage in economic and financial affairs and policy debates.