Paper Money Collapse: The Folly Of Elastic Money And The Coming Monetary Breakdown(ISBN=9781118095751） 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

　　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.

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

　　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

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书籍介绍

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.