Full Description
Modern money, having now become a key tool of government economic policy and a source of massive tax revenues, has strayed far from its original purpose. This is doubly regrettable, as the better money functions at an individual level in satisfying demand for quality, the better it is for economic prosperity and freedom.This book presents how modern money works both in the domestic economy and globally, outlining the essence of what makes good money. How does modern money differ from this ideal? By focusing on the dichotomy between globalization on the one hand and modern money's base in the nation state (or group of states) on the other hand, the book demonstrates how US dominance in determining monetary conditions globally has grown since the mid-1990s. The book then discusses the adverse consequences, many of which are camouflaged, of present money doctrines now so widely and radically applied, presenting novel research on how the US by pursuing bad monetary policies has been the catalyst to deepening geo-political danger.
The book continues by setting out how the illusions of asset inflation will fade, most likely in the midst of economic and financial tumult. The forces which bring about that income emanate in part from the long-run costs of growing mal-investment and monopolization which occur under monetary inflation especially in the context of a digitalization revolution. Apologists for the present monetary regime rest much of their case on these illusions and on the contention that the bill for the costs comes only in the long run. This book dismantles that case. A Guide to Good Money provides readers with the sight of a pathway to a promised land of real prosperity founded on sound money beyond those lost illusions, and will be of interest to academics, students, practitioners, and central bankers.
Contents
Introduction.- PART 1: THE PRESENT SCENE.- 1 Modern money - a matter of trust.- 2 Globalization without global money.- 3. The global menace of US monetary policies.- PART TWO: THE ESSENCE OF GOOD MONEY.- 4. What we mean by "good money".- 5. Why good money has a solid anchor.- PART THREE: THE GRIP OF BAD MONEY.- 6. Asset inflation and the illusions of prosperity.- 7: Exposing the state concept of money.- 8. A short history of modern money.- 9. Symptoms and consequences of bad money.- PART FOUR: VESTED INTERESTS, POLITICS AND THE PANDEMIC.- 10: What keeps a bad system in power?.- 11. Bad money's pyrrhic victory over the pandemic.- PART FIVE: REFORM, IDEALISM AND PROSPERITY.- 12. Two real anchors.- 13. We reply to potential questions and criticisms.- 14. Pathways to good money.- 15. Criticism, realism, idealism and reform.
