Paper Money Collapse
The Folly of Elastic Money
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Beschreibung
Explore the inevitable collapse of the fiat monetary system
Paper Money Collapse: The Folly of Elastic Money, SecondEdition challenges the mainstream consensus on money andmonetary policy. While it is today generally believed that thetransition from 'hard' and inflexible commodity money (such as agold standard) to entirely flexible and potentially unlimited fiatmoney under national central banks allows for superior economicstability, Paper Money Collapse shows that the opposite istrue. Systems of highly elastic and constantly expanding money arenot only unnecessary, even for growing economies, they are alwaysextremely destabilizing. Over time, they must lead to substantialimbalances, including excessive levels of debt and distorted assetprices, that will require ever faster money production to sustain.Ultimately, however, there is no alternative to a completeliquidation of these distortions. Based on insights of manyrenowned economists and in particular of the Austrian School ofEconomics, the book explains through rigorous logic and in preciselanguage why our system of flexible fiat money is incompatible witha market economy and therefore unsustainable. Paper money systemshave always led to economic disintegration--withoutexception--throughout history. It will not be different forour system and we may be closer to the endgame than many think.
The updated second edition incorporates:
* A new introduction and an extended outlook section thatdiscusses various "endgames"
* Responses to criticisms, alternative views, and a criticalassessment of 'solutions'
* Comments on recent policy trends, including attempts to exitthe 'easy money' policy mode
* An evaluation of new crypto-currency Bitcoin
Paper Money Collapse: The Folly of Elastic Money, SecondEdition clarifies the problem of paper money clearly andeloquently, and proposes multiple routes to a solution.
Autor*in
Detlev S. Schlichter
Themen in »Paper Money Collapse«
Economics Economics Special Topics Finance & Investments Finanz- u. Anlagewesen Finanzwesen Spezialthemen Volkswirtschaftslehre Volkswirtschaftslehre