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.
關於作者：
DETLEV S. SCHLICHTER is a writer and Austrian school economist
who has spent nearly twenty years working in international finance,
including stints at Merrill Lynch, J.P. Morgan, and Western Asset
Management. In his career, Schlichter has overseen billions in
assets for institutional clients around the globe
目錄：
Foreword xi
Acknowledgments xv
Prologue: The Brave New World of Elastic Money
Part One: The Basics of Money
Chapter 1: The Fundamentals of Money and Money Demand
Chapter 2: The Fundamentals of Fractional-Reserve Banking
Part Two: The Effects of Money Injections
Chapter 3: Money Injections without Credit Markets
Chapter 4: Money Injections via Credit Markets
Part Three: Fallacies about the Price Level and Price Level
Stabilization
Chapter 5: Common Misconceptions Regarding the Price Level
Chapter 6: The Policy of Stabilization
Part Four: History of Paper Money: A Legacy of Failure
Chapter 7: A Brief History of State Paper Money
Part Five: Beyond the Cycle: Paper Money Collapse
Chapter 8: The Benefi ciaries of the Paper Money System
Chapter 9: The Intellectual Superstructure of the Present
System
Chapter 10: Beyond the Cycle: Paper Money’s Endgame
Epilogue: A Return to Commodity Money
Notes
About the Author
Index
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