Ralph Foster, author of “Fiat Paper Currency — The History and Evolution of Our Money,” points out that the quote opening my article of May 19, 2009 on the Weimar inflation came from his book. (“It was horrible. Horrible! Like lightning it struck. No one was prepared. The shelves in the grocery store were empty. You could buy nothing with your paper money.”) My source was a secondary one that omitted that attribution, so I’ll make it here with apologies. Here is an endorsement of Foster’s groundbreaking book by Ruth Hanham, Ph.D., of Harvard University:
“[Foster] states his case clearly, drawing on a wealth of primary and secondary sources, touching upon many diverse cultures, from the Chinese to the European to the North American. His professional familiarity with all types of currency and coinage grounds the book, making it refreshingly free of airy theories and complicated jargon, accessible to any intelligent reader. I highly recommend it.”
Ruth S. Arnon Hanham
Ph.D. History
Harvard University 1978
Ralph Foster’s book is available at home.pacbell.net/tfdf.
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THE RETREAT OF THE SHADOW LENDERS: WHY DEFLATION, NOT INFLATION, IS THE ORDER OF THE DAY
While contrarians are screaming “hyperinflation!”, the money supply is actually shrinking. This is because most money today comes into existence as bank loans, and lending has shrunk substantially. That means the Fed needs to “monetize” debt just to fill the breach.
Read more here –
http://www.webofdebt.com/articles/quantitative_easing.php
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