Money does not come from the state! Actually, no one believes that statement. But they should. That is because America, like every other country in the world, has a pure paper money system, in which new money is created out of thin air. Andreas Marquart and Philipp Bagus show you how money arises and why our current money is bad money. You will learn how important good money is for an economy and what influence bad money has on everyone in society. What role does the state, government, and politics play in redistribution in favor of the super-rich? Why is a naive faith in the state anything other than a good strategy for the future for each individual citizen? Anyone who has never really trusted politicians — even if it started out as only a gut feeling — will find confirmation in this book that this gut feeling was right all along. An easy to understand introduction to the question of why money is responsible for so many problems in our society.
This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
LARGE PRINT EDITION! More at LargePrintLiberty.com It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises's point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.
Documents the sad story of the Icelandic government's policy mistakes - the artificial creation of a boom, and the savage bust that was the inevitable outcome of this boom -- Foreword.
This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
Money does not come from the state! Actually, no one believes that statement. But they should. That is because America, like every other country in the world, has a pure paper money system, in which new money is created out of thin air. Andreas Marquart and Philipp Bagus show you how money arises and why our current money is bad money. You will learn how important good money is for an economy and what influence bad money has on everyone in society. What role does the state, government, and politics play in redistribution in favor of the super-rich? Why is a naive faith in the state anything other than a good strategy for the future for each individual citizen? Anyone who has never really trusted politicians — even if it started out as only a gut feeling — will find confirmation in this book that this gut feeling was right all along. An easy to understand introduction to the question of why money is responsible for so many problems in our society.
Der Tagungsband enthält die wissenschaftlichen Beiträge der Konferenz "Mikro-Perspektiven auf dezentrale Energieversorgung" vom 23. bis 24.4.2015 in Bangalore, Indien. Die Beiträge umfassen eine große Bandbreite an Themen von technischen Herausforderungen dezentraler Energieversorgung über Konzepte für DC Micro Grids bis zu Finanzierungs- und Geschäftsmodellen für die Implementierung dieser innovativen Technologien. Weiterhin enthält der Band Beiträge zu Planungs- und Governance-Stratgien, historische Analysen der Infrastrukturentwicklung und Technologie-Bewertung. Mit Fallstudien zu dezentraler Energieversorgung von Indien, Bangladesch, Ägypten, Äthiopien, Kenia, Nigeria, Tansanie und Brasilien geben die Artikel einen guten Überblick über die globalen Entwickung in diesem Sektor. The Proceedings present the scientific contributions of the Conference "Micro Perspectives for Decentralized Energy Supply" from 23rd till 24th of April in Bangalore, India. The papers cover a broad range of topics ranging from technical challenges of decentralized energy supply and concepts for solar DC micro grids till financing and business models for the implementation of those innovative technologies. The volume also contains contributions about planning and governance strategies, historical analyses of the infrastructural development and technology assessments. With case studies on decentralised energy supply from e.g. India, Bangladesh, Egypt, Ethiopia, Kenya, Nigeria, Tanzania and Brazil the papers give a good overview of the development of this sector all over the world.
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