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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. Philipp Bagus studied economics in Münster, Germany and in Madrid, Spain. He received his PhD under Prof. Jesús Huerta de Soto on the subject of deflation. He is a professor at the Universidad Rey Juan Carlos in Madrid. He teaches introduction to economics, principles of microeconomics and macroeconomics, and the methodology of the Austrian school. Dr. Bagus is the author of In 'Defense of Deflation', 'The Tragedy of the Euro' and 'Deep Freeze, Iceland's Economic Collapse' (Co-authored). Andreas Marquart is chairman of the Ludwig-von-Mises-Institut Deutschland (The Ludwig von Mises Institute of Germany). After leaving school, he undertook a 'classical' education at a bank and after 15 years as a banker, went freelance in 1998, now working as an investment advisor in the financial industry. His financial advice is grounded in the Austrian school of economics. You can learn more about him at: http://austrianconsultant.de/.

This book analyses the causes and consequences of deflation. In contrast to the widespread believe 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.

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.

AbstractIn contrast to physics, there is no estimate of statistical error within economics in spite of Oskar Morgenstern's book On the Accuracy of Economic Observation. The problem of error in economic observations is still a widely neglected problem. The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. As the error might be substantial, this paper argues that the usefulness of econometrics becomes questionable.

Europe's current sovereign-debt crisis was caused in part by several countries taking advantage of the common-property characteristics of the European Central Bank. Because the bank stood ready to purchase their bonds, those countries could avoid paying the full cost of accumulating excessive debt. Adapted from the source document.

In this paper I present a monetary reform plan that seeks to achieve a sound monetary system. I suggest the following three criteria of a good reform: it must be ethical, it must be based on sound economic theory and it must leave room for evolutionary processes. Based on these criteria and applying them to the monetary system, I argue for an immediate cancellation of all government intervention into the monetary realm.