Title Details

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.

Acknowledgments xv

Prologue: The Brave New World of Elastic Money 1

Part One: The Basics of Money 19

Chapter 1: The Fundamentals of Money and Money Demand 21

Chapter 2: The Fundamentals of Fractional-Reserve Banking 49

Part Two: The Effects of Money Injections 83

Chapter 3: Money Injections without Credit Markets 85

Chapter 4: Money Injections via Credit Markets 97

Part Three: Fallacies about the Price Level and Price Level Stabilization 125

Chapter 5: Common Misconceptions Regarding the Price Level 127

Chapter 6: The Policy of Stabilization 149

Part Four: History of Paper Money: A Legacy of Failure 161

Chapter 7: A Brief History of State Paper Money 163

Part Five: Beyond the Cycle: Paper Money Collapse 171

Chapter 8: The Benefi ciaries of the Paper Money System 173

Chapter 9: The Intellectual Superstructure of the Present System 185

Chapter 10: Beyond the Cycle: Paper Money’s Endgame 221

Epilogue: A Return to Commodity Money 241

Notes 247

About the Author 259

Index 261

Paper Money Collapse was the 2012 getAbstract International Book Award Winner!