Please note: This is a companion version & not the original book. Sample Book Insights: #1 The Fiat Standard has survived for 50 years, which makes it unreasonable to dismiss it as an irredeemable fraud on the brink of collapse. Understanding how the fiat standard works and how it frequently fails is essential knowledge for navigating it. #2 The first seven chapters of The Bitcoin Standard explained the history and function of money, and its importance to the economic order. With bitcoin showing us how an advanced monetary system can function independently of government control, we can better understand the properties required for a monetary system to operate on the free market. #3 The fiat system was not a carefully designed financial operating system like bitcoin, but rather it evolved through a process of compromise between political constraints and expedience in managing government default. #4 The fiat monetary system was a solution to the gold standard’s low spatial salability. It allowed governments to transfer value across space without having to worry about the gold standard’s constraints. But it allowed governments to exploit their citizens by giving them easy fiat tokens that they could use to pay their taxes.
The Fiat Standard is an insightful study of the history, function, and impacts of the fiat monetary system on human society, economics, and politics over the past century. What are the possibilities for the rise of bitcoin in this system?
When a pseudonymous programmer introduced “a new electronic cash system that’s fully peer-to-peer, with no trusted third party” to a small online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally-accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse. With this background in place, the book moves on to explain the operation of Bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin’s real competitive edge might just be as a store of value and network for final settlement of large payments—a digital form of gold with a built-in settlement infrastructure. Ammous’ firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders. The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knock-offs, and the many supposed applications of Bitcoin’s ‘blockchain technology’? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet’s decentralized, apolitical, free-market alternative to national central banks.
Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems. The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process?
Today, most money is credit money, created by commercial banks. While credit can finance innovation, excessive credit can lead to boom/bust cycles, such as the recent financial crisis. This highlights how the organization of our monetary system is crucial to stability. One way to achieve this is by separating the unit of account from the medium of exchange and in pre-modern Europe, such a separation existed. This new volume examines this idea of monetary separation and this history of monetary arrangements in the North and Baltic Seas region, from the Hanseatic League onwards. This book provides a theoretical analysis of four historical cases in the Baltic and North Seas region, with a view to examining evolution of monetary arrangements from a new monetary economics perspective. Since the objective exhange value of money (its purchasing power), reflects subjective individual valuations of commodities, the author assesses these historical cases by means of exchange rates. Using theories from new monetary economics , the book explores how the units of account and their media of exchange evolved as social conventions, and offers new insight into the separation between the two. Through this exploration, it puts forward that money is a social institution, a clearing device for the settlement of accounts, and so the value of money, or a separate unit of account, ultimately results from the size of its network of users. The History of Money and Monetary Arrangements offers a highly original new insight into monetary arrangments as an evolutionary process. It will be of great interest to an international audience of scholars and students, including those with an interest in economic history, evolutionary economics and new monetary economics.
In a thoroughly researched and clearly written account of the development experiences of mainland China, Taiwan, and Hong Kong, Alvin Rabushka examines three societies with similar populations but very different political and economic institutions. Rejecting one-dimensional explanations of successful development, Rabushka looks at the way in which
259 Trillion Vs 5 Trillion book series describes the workings of our economy, in a way that will excite anyone, by incorporating hundreds of illustrations and beautiful charts, coupled with remarkable descriptions and explanations, yet everything was designed to be as simple as possible. The use of difficult terms and lingo of economics were avoided by the authors to present their thought provoking explanations in simple, plain English. The authors are not economists by education, they are experienced engineers, hell bound to dissect the economy in interesting ways using their methodical approach routinely used by engineers in solving everyday problems. Their method is guaranteed to amaze the reader because each time, they would start at the root of the problem and take the readers to the right answer. The use of paper money and other types of money is discussed at length in this series and finally the answer of whether money is printed out of thin air will be revealed. In fact, the authors listed more than 20 common fallacies and answered all of them in the book series including hyperbolic or exponential functions, more and more debt, the Federal Reserve and central banks, the use of interest on loans to suck money out of the economy, the bank's conspiracy to own everything and many others. This extraordinary book series was painstakingly written with a rarely seen before method of graphics and downloadable video combinations to create the most comprehensive explanation of economic fundamentals, and certainly will be some the most interesting economic books you will ever read. The burning questions you had kept inside for so long will be answered once and for all! The first book describes the common misconception between money and assets. The concept of asset doubling when gold is used as money is presented in an exciting way. The failure of many people to understand this important but never presented before concept, ultimately hastened the demise of the gold standard. If money is created from another asset class, for example rare metals, the amount of assets in the economy will need to double. This doubling will occur, without any corresponding increase in the real, actual wealth in the economy. The origin of money is explained carefully with illustrations, and how money is used in our everyday lives, from the original issuer, right to the end user. The first book of the series listed more than twenty conspiratorial claims, which will be answered throughout the series. In the first book, the authors took on several of these claims such as whether money should be made from valuable item (such as gold) or whether the imposition of interest would suck money out of the system. The book also explains why money must come from debt and the misconception on money's intrinsic value. This first book of the series is designed to be simple, unlike the 2nd book which is heavy on fractional reserve banking and how it operates. Book 1 of the series is fun to read and the thinnest in the series, yet without understanding the differences between money and asset, a reader will have difficulties in understanding fractional reserve banking and many other vital topics throughout the series. The authors created movie presentations for most of the concepts they presented in their book series, and they give them all away in their website for free download. The movie presentations made to accompany the book was one of their interesting ideas to explain the economy in a simple way. You can take your time to understand the workings of the economy and you can repeat them easily, show and discuss with your friends and families. It is time for America to awake from its slumber, from a misdirected, self-fulfilling prophesies of doom, gloom and failures. The future is still great for America, yet the country is fast sliding into the abyss, unless the correct path is taken.