Central Banks: History, Power, and Inequality

Nicholas Penn's book, The Real Story Behind the History of Central Banking, explores the evolution of central banks from their origins in 17th-century Sweden to their modern, globally interconnected roles. The book examines the functions of central banks, including monetary policy, currency management, and financial regulation, while also addressing criticisms regarding their impact on inequality and their involvement in war financing. Penn details key historical events such as the establishment of the Bank of England and the U.S. Federal Reserve, analyzing controversies and conspiracy theories surrounding their creation. The book concludes by considering the prospects and challenges of a potential global central bank and the implications of digital currencies. Finally, the author discusses the social and economic impact of central banking, analyzing its effects on wealth distribution and financial inclusion.