The Price of Time

The Real Story of Interest

By: Edward Chancellor

Narrated by: Luis Soto

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk.

Interest is often described as the "price of money," but it is better called the "price of time:" time is scarce, time has value, interest is the time value of money.

Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2022 Edward Chancellor (P)2022 Tantor

Best macro finance book I have read

Edward Chancellor has put together the most comprehensive picture of the macro economic environment we are faced with in the 2020s. He accurately portrays the dynamics of the global economy in a way that very few can. My only critiques are that the portions about crypto currency seemed noticeably less thoughtfully considered than his grasp on monetary economics and financial history.

Excellent book

The narration is excellent.
The concepts are well explained. The dry humor also helps to make this book worth your time

Edward does it again with another classic

Excellent account for the history of interest rates. Always great to learn from history and helping to understand patterns. Highly recommend this book

worth the listen

this is not neither a short or casual listen. but it's definitely worth the effort. thanks Howard Marks for the recommendation.

Finally, it all makes sense

I have been researching investments for 30 years. I have been an investment manager for a small company with 70 clients for 15 years. This book brings together, effectively illustrates, and historically documents, many of the disjointed ‘expert’ pronouncements, prior fed actions, and current money manager beliefs, in a way that allows me to finally feel like ‘I can get this’. Thank you for this excellent book. Now, I am going to listen to it again.