A security guard walks in front of an image of the US Federal Reserve in Washington. The Fed has no control over money outside its borders. Photo: Reuters

Alchemy lives on in 21st-century finance (for the rich at least)

Andrew Sheng says as long as our financial system continues to create paper money to hide its losses, the magic will one day run out – with the poor getting hit first

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A security guard walks in front of an image of the US Federal Reserve in Washington. The Fed has no control over money outside its borders. Photo: Reuters
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