A forceful history and critique of modern fiat currency, sovereign debt, central banking, inflation, trade deficits, competitive devaluation, financialization, and the decline of purchasing power. From Bretton Woods and the end of gold convertibility to today’s debt-based monetary system, this book explains the author’s case for why perpetual deficits resemble a global confidence scheme—and what may happen when confidence breaks.
A forceful history and critique of modern fiat currency, sovereign debt, central banking, inflation, trade deficits, competitive devaluation, financialization, and the decline of purchasing power. From Bretton Woods and the end of gold convertibility to today’s debt-based monetary system, this bo...