@article{450035,
      recid = {450035},
      author = {Schlichter, Detlev S.,},
      title = {Paper money collapse: the folly of elastic money and the  coming monetary breakdown /},
      publisher = {Wiley,},
      address = {Hoboken, N.J. :},
      pages = {xvi, 267 p.},
      year = {2011},
      abstract = {"In an engaging style based on extensive research, Paper  Money Collapse shows conclusively why paper money systems -  monetary systems that are based on an elastic and  constantly expanding supply of money (such as our system  today) as opposed to a system of commodity money of  essentially fixed supply - are inherently unstable and why  they must lead to economic disintegration. All paper money  systems in history ended in failure. The book shows why  this must be the case and why it will also be the fate of  the present system. The conclusions are controversial as  they go against the present consensus, which holds that  elastic state money is superior to inflexible commodity  money (such as a gold standard), and that expanding money  is harmless or even beneficial for as long as inflation  stays low. The book shows that the present crisis is the  unavoidable result of continuously expanding fiat money,  that the current policy of accelerated money production to  'stimulate' the economy is counterproductive and that, if  pursued further, it will lead to a complete collapse of the  monetary system.Paper money systems are confidence games.  When the public realizes that the printing press is  increasingly used to keep states and banks solvent, this  confidence will evaporate quickly. The endgame will then be  sovereign default, hyperinflation and economic chaos"--},
      url = {http://library.usi.edu/record/450035},
}