{"product_id":"paper-money-collapse-9781118877326","title":"Paper Money Collapse","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eExplore the inevitable collapse of the fiat monetary system\u003c\/b\u003e  \u003cp\u003e\u003ci\u003ePaper Money Collapse: The Folly of Elastic Money, Second Edition\u003c\/i\u003e challenges the mainstream consensus on money and monetary policy. While it is today generally believed that the transition from ''hard'' and inflexible commodity money (such as a gold standard) to entirely flexible and potentially unlimited fiat money under national central banks allows for superior economic stability, \u003ci\u003ePaper Money Collapse\u003c\/i\u003e shows that the opposite is true. Systems of highly elastic and constantly expanding money are not only unnecessary, even for growing economies, they are always extremely destabilizing. Over time, they must lead to substantial imbalances, including excessive levels of debt and distorted asset prices, that will require ever faster money production to sustain. Ultimately, however, there is no alternative to a complete liquidation of these distortions. Based on insights of many renowned economists and in pa\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003e\u003ci\u003eForeword xiii\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAcknowledgments xvii\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003ePrologue Contra the Mainstream Consensus—What This Book Is About 1\u003c\/p\u003e \u003cp\u003eThe Ruling Mainstream Consensus on Money 2\u003c\/p\u003e \u003cp\u003eThe Growth-versus-Inflation Trade-Off  7\u003c\/p\u003e \u003cp\u003eWhat This Book Shows 8\u003c\/p\u003e \u003cp\u003eUnderstanding Our Fiat Money System 11\u003c\/p\u003e \u003cp\u003eWhat Is Different from the First Edition? 14\u003c\/p\u003e \u003cp\u003eSupport from Eminent Economists 19\u003c\/p\u003e \u003cp\u003eA Note on Pronouns in the Text 20\u003c\/p\u003e \u003cp\u003eNotes 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One The Basics of Money\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Fundamentals of Money and Money Demand 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Origin and Purpose of Money 26\u003c\/p\u003e \u003cp\u003eAn Anthropologist’s Challenge 29\u003c\/p\u003e \u003cp\u003eWhat Gives Money Value? 34\u003c\/p\u003e \u003cp\u003e(Almost) Any Quantity of Money Will Do 36\u003c\/p\u003e \u003cp\u003eThe Demand for Money 38\u003c\/p\u003e \u003cp\u003eAre “Sticky” Prices a Problem? 42\u003c\/p\u003e \u003cp\u003eOther Functions of Money 46\u003c\/p\u003e \u003cp\u003eThe Unique Position of the Paper Money Producer 51\u003c\/p\u003e \u003cp\u003eThe Monetary Asset versus Other Goods 54\u003c\/p\u003e \u003cp\u003eNotes 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Fundamentals of Fractional-Reserve Banking 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Origin and Basics of Fractional-Reserve Banking 69\u003c\/p\u003e \u003cp\u003eWho Owns “Deposited” Money? 74\u003c\/p\u003e \u003cp\u003eExposing Misconceptions about Fractional-Reserve Banking 77\u003c\/p\u003e \u003cp\u003e“Free Banking” Is Limited Banking 83\u003c\/p\u003e \u003cp\u003eSummary of Part One 87\u003c\/p\u003e \u003cp\u003eNotes 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two The Effects of Money Injections\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Money Injections without Credit Markets 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEven, Instant, and Transparent Money Injection 95\u003c\/p\u003e \u003cp\u003eEven and Nontransparent Money Injection 98\u003c\/p\u003e \u003cp\u003eUneven and Nontransparent Money Injection 102\u003c\/p\u003e \u003cp\u003eNotes 107\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Money Injections via Credit Markets 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConsumption, Saving, and Investing 110\u003c\/p\u003e \u003cp\u003eInterest 111\u003c\/p\u003e \u003cp\u003eInterest Rates Are Not Determined by Factor Productivity 113\u003c\/p\u003e \u003cp\u003eMoney Injection via the Loan Market 119\u003c\/p\u003e \u003cp\u003eThe Process in More Detail 120\u003c\/p\u003e \u003cp\u003ePolicy Implications of the Austrian Theory 130\u003c\/p\u003e \u003cp\u003eAddendum: Gordon Tullock’s Critique of the Austrian Business Cycle Theory and Some Words on “Forced Saving” 133\u003c\/p\u003e \u003cp\u003eAn Example: U.S. Housing Boom and Bust 143\u003c\/p\u003e \u003cp\u003eSummary of Part Two 150\u003c\/p\u003e \u003cp\u003eNotes 154\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Fallacies about the Price Level and Price-Level Stabilization\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Common Misconceptions Regarding the Price Level 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Fallacy That a Stable Price Level Means “Neutral” Money 160\u003c\/p\u003e \u003cp\u003eThe Fallacy That Hard Money Is Unstable Money, Part 1—History 164\u003c\/p\u003e \u003cp\u003eThe Fallacy That Hard Money Is Unstable Money, Part 2—Theory 170\u003c\/p\u003e \u003cp\u003eNotes 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Policy of Stabilization 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProblems with Price Index Stabilization 181\u003c\/p\u003e \u003cp\u003eAddendum: The “Free Bankers” and the Theory of Immaculate Fractional-Reserve Banking 187\u003c\/p\u003e \u003cp\u003eSummary of Part Three 193\u003c\/p\u003e \u003cp\u003eNotes 195\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Four A History of Paper Money and How We Got to Where We Are Now\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 A Legacy of Failure 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePaper Money Experiments 201\u003c\/p\u003e \u003cp\u003e1914–2014: A Century of Monetary Decay 206\u003c\/p\u003e \u003cp\u003eNotes 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Five Beyond the Cycle: Paper Money’s Endgame and the Future of Money\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The Beneficiaries of the Paper Money System 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePaper Money and the Banks 223\u003c\/p\u003e \u003cp\u003ePaper Money and the State 225\u003c\/p\u003e \u003cp\u003ePaper Money and the Professional Economist 231\u003c\/p\u003e \u003cp\u003eNotes 234\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Intellectual Superstructure of the Present System 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Alternative View: Individualism and Laissez-Faire 237\u003c\/p\u003e \u003cp\u003eThe Mainstream View: Collectivism and Interventionism 241\u003c\/p\u003e \u003cp\u003eThe Political Appeal of Mainstream Macroeconomics 244\u003c\/p\u003e \u003cp\u003eThe Myth That Everybody Benefits from “Stimulus” 247\u003c\/p\u003e \u003cp\u003eMonetarism as Monetary Interventionism 250\u003c\/p\u003e \u003cp\u003eThe Savings Glut Theory and the Myth of Underconsumption and Underinvestment 253\u003c\/p\u003e \u003cp\u003eInflationism and International Policy Coordination 259\u003c\/p\u003e \u003cp\u003eNotes 265\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Endgames—Inflationary Meltdown or Return to Hard Money? 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePaper Money Collapse 270\u003c\/p\u003e \u003cp\u003eAlternatives: Return to Hard Money 277\u003c\/p\u003e \u003cp\u003eA Return to a Gold Standard 278\u003c\/p\u003e \u003cp\u003eThe Separation of Money and State 284\u003c\/p\u003e \u003cp\u003eBitcoin—Money of No Authority 288\u003c\/p\u003e \u003cp\u003e\u003ci\u003eNotes 300\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEpilogue Money, Freedom, and Capitalism 303\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAbout the Author 309\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eIndex 311\u003c\/i\u003e\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49406939234647,"sku":"9781118877326","price":24.79,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781118877326.jpg?v=1730497625","url":"https:\/\/bookcurl.com\/products\/paper-money-collapse-9781118877326","provider":"Book Curl","version":"1.0","type":"link"}