The Price of Time: The Real Story of Interest

Praise for The Price of Time: "Interest rates haven't simply fallen--they were pushed. And by their pushing, the world's central banks have constructed the hall of mirrors in which every investor has become, of necessity, a speculator. So argues Edward Chancellor in this brilliant chronicle of the most important prices in capitalism. You must read it. It is a masterpiece of history, analysis--and properly understated outrage."--James Grant, editor of Grant's Interest Rate Observer"I wish The Price of Time were the book that I had written. I am reminded of Keynes's letter to Hayek after reading The Road to Serfdom where he said 'In my opinion it is a grand book. We all have the greatest reason to be thankful to you for saying so well what needs so much to be said. I find myself in agreement with virtually the whole of it, and not only in agreement but in a deeply moved agreement.'"--William White, former Chief Economist, Bank for International Settlements"Is it possible to write a highly engaging history of the world going back to Hammurabi, unfolding along the way a bitingly comprehensive explanation for its problems today, all told through a single character? Apparently yes. Edward Chancellor has done it, an achievement all the more notable since his drama is built around a character so unheroic on its surface: his 'price of time' is interest rates. This is a timely, vitally important and hugely readable book."--Ruchir Sharma, Chairman, Rockefeller International and New York Times-bestselling author"Chancellor provides a different, more compelling, and more
frightening explanation of the world's slowing economies: central banks' now
decades-long love affair with artificially low interest rates . . . One of the
book's joys is its relevance to both political policy and personal finance . . .
Chancellor's encyclopedic grasp of economic history shines through on nearly
every page . . . Besides being a first-rate economic historian, Chancellor is
also a master wordsmith; almost unique among serious finance books, The Price
of Time serves well as bedtime reading." --William J. Bernstein, author of A
Splendid Exchange, in Enterprising Investor"Edward Chancellor has produced not just a brilliant explainer of the value of money and time but a hugely engaging history of the greatest problem confronting markets today. The Price of Time is a must read--a copy should be on the desk of everyone who has anything to do with financial markets or wondered why things work as they do."--Merryn Somerset Webb, Editor-in-Chief, MoneyWeek"Chancellor has done the nearly impossible: He has made a
potentially dreary topic--interest rates--into a witty, philosophical and
highly entertaining story crammed with historical anecdotes starting with the
Babylonians and ending yesterday." --Jeremy Grantham, Founder and Chief Investment Strategist,
GMO LLC."I'm not sure I've ever read a book on finance where I
have agreed with all of it but that time has now come." --Russell Napier, investment strategist and author of The
Anatomy of the Bear
Praise for Edward Chancellor

"Entertaining, useful, admirable . . . Chancellor seems to have read everything."
--New York Times Book Review, on Devil Take the Hindmost

"[Edward Chancellor is] one of the great financial writers of our era."
--Financial Analysts Journal, on Capital Account