(EBOOK PDF) Paper Money Collapse The Folly of Elastic Money 2nd Edition by Detlev Schlichter ISBN 1118877365 9781118877364 full chapters

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Product details:

ISBN 10: 1118877365

ISBN 13: 9781118877364

Author:  Detlev S. Schlichter 

Paper Money Collapse: The Folly of Elastic Money 2nd Edition: The case for the inevitable failure of a paper money economy and what that means for the future

All paper money systems in history have ended in failure. Either they collapsed in chaos, or society returned to commodity money before that could happen. Drawing upon novel new research, Paper Money Collapse conclusively illustrates why paper money systems—those based on an elastic and constantly expanding supply of money as opposed to a system of commodity money of essentially fixed supply—are inherently unstable and why they must lead to economic disintegration.

These highly controversial conclusions clash with the present consensus, which holds that elastic state money is superior to inflexible commodity money (such as a gold standard), and that expanding money is harmless or even beneficial for as long as inflation stays low. Contradicting this, Paper Money Collapse shows that:

• The present crisis is the unavoidable result of continuously expanding fiat money
• The current policy of accelerated money production to “stimulate” the economy is counterproductive and could lead to a complete collapse of the monetary system
• Why many in financial markets, in media, and in the policy establishment are unable (and often unwilling) to fully appreciate the underlying problems with elastic money

This compelling new book looks at the breakdown of modern economic theory and the fallacy of mathematical models. It is an analysis of the current financial crisis and shows in very stark terms that the solutions presented by paper money-enthusiasts around the world are misguided and inherently flawed.

 

Paper Money Collapse: The Folly of Elastic Money 2nd Edition Table of contents:

Part One The Basics of Money

Chapter 1 The Fundamentals of Money and Money Demand 25

The Origin and Purpose of Money 26

An Anthropologist’s Challenge 29

What Gives Money Value? 34

(Almost) Any Quantity of Money Will Do 36

The Demand for Money 38

Are “Sticky” Prices a Problem? 42

Other Functions of Money 46

The Unique Position of the Paper Money Producer 51

The Monetary Asset versus Other Goods 54

Notes 61

Chapter 2 The Fundamentals of Fractional-Reserve Banking 65

The Origin and Basics of Fractional-Reserve Banking 69

Who Owns “Deposited” Money? 74

Exposing Misconceptions about Fractional-Reserve Banking 77

“Free Banking” Is Limited Banking 83

Summary of Part One 87

Notes 89

Part Two The Effects of Money Injections

Chapter 3 Money Injections without Credit Markets 95

Even, Instant, and Transparent Money Injection 95

Even and Nontransparent Money Injection 98

Uneven and Nontransparent Money Injection 102

Notes 107

Chapter 4 Money Injections via Credit Markets 109

Consumption, Saving, and Investing 110

Interest 111

Interest Rates Are Not Determined by Factor Productivity 113

Money Injection via the Loan Market 119

The Process in More Detail 120

Policy Implications of the Austrian Theory 130

Addendum: Gordon Tullock’s Critique of the Austrian Business Cycle Theory and Some Words on “Forced Saving” 133

An Example: U.S. Housing Boom and Bust 143

Summary of Part Two 150

Notes 154

Part Three Fallacies about the Price Level and Price-Level Stabilization

Chapter 5 Common Misconceptions Regarding the Price Level 159

The Fallacy That a Stable Price Level Means “Neutral” Money 160

The Fallacy That Hard Money Is Unstable Money, Part 1—History 164

The Fallacy That Hard Money Is Unstable Money, Part 2—Theory 170

Notes 179

Chapter 6 The Policy of Stabilization 181

Problems with Price Index Stabilization 181

Addendum: The “Free Bankers” and the Theory of Immaculate Fractional-Reserve Banking 187

Summary of Part Three 193

Notes 195

Part Four A History of Paper Money and How We Got to Where We Are Now

Chapter 7 A Legacy of Failure 199

Paper Money Experiments 201

1914–2014: A Century of Monetary Decay 206

Notes 215

Part Five Beyond the Cycle: Paper Money’s Endgame and the Future of Money

Chapter 8 The Beneficiaries of the Paper Money System 221

Paper Money and the Banks 223

Paper Money and the State 225

Paper Money and the Professional Economist 231

Notes 234

Chapter 9 The Intellectual Superstructure of the Present System 235

The Alternative View: Individualism and Laissez-Faire 237

The Mainstream View: Collectivism and Interventionism 241

The Political Appeal of Mainstream Macroeconomics 244

The Myth That Everybody Benefits from “Stimulus” 247

Monetarism as Monetary Interventionism 250

The Savings Glut Theory and the Myth of Underconsumption and Underinvestment 253

Inflationism and International Policy Coordination 259

Notes 265

Chapter 10 Endgames—Inflationary Meltdown or Return to Hard Money? 269

Paper Money Collapse 270

Alternatives: Return to Hard Money 277

A Return to a Gold Standard 278

The Separation of Money and State 284

Bitcoin—Money of No Authority 288

 

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