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FREE The Money Illusion by Irving Fisher iphone value francais audio book
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Book descriptionThis quick read was written by Irving Fisher in the 1920s prior to the Crash.Intended to inform the public about the danger of thinking that a dollar is something fixed, this book describes inflation and deflation in a clear, understandable way. Fisher was not a gold bug and writes, quite rightly, that there is no magic in gold, it fluctuates in value like anything else.The only way to properly assess value is to price a selection of commonly purchased items to create an index that can be tracked over the years. This is the basis of the CPI or Consumer Price Index of today.The book describes how inflation is the debtors friend, because a loan is paid back in a specific number of dollars. If those dollars become less valuable over the length of the pay back period, one ends up paying back less than what was borrowed. Deflation is the creditors friend for the reason that dollars being repaid are worth more than when they were loaned.This is basic financial knowledge, yet as far as I know, it is never covered in any required course through the end of high school. This is inexcusable in a country that is the heartland of capitalism. Ignorance of how money works, of how loans are made and paid off, puts any citizen at a real disadvantage, ready to be victimized by those who know exactly what happens with inflation and deflation and invest accordingly.At the time Fisher wrote, the Federal Reserve was newborn and there were high hopes for it to regulate inflation and prevent cyclical booms and busts. Predictably, since the Fed is a creature of the private banking system and not a department of the government, the board that directs the Fed has routinely gone along with easy money because of the terrific profits it can bring the banks. Weve all heard of how Alan Greenspan waited until it was too late in raising interest rates. A huge bubble in housing prices, inflated by irresponsible lending, exploded, almost bringing down the banking system, were it not for Uncle Sam rushing in to use taxpayer money to accept the worthless holdings of the banks. When it came down to it, the system protected the system, not the American people. The remarkable thing is that people were surprised by what the Fed did, clearly showing they hadnt a clue about the organization, and that is precisely the intent of the name Federal Reserve - to hide what is a national bank run by banks for banks. But that is a tale for another book review.Anyone not familiar with the world of money should read this book. Fisher has written others, all intended for the education of the layman. All are good solid references easy to digest.The Money Illusion by Irving Fisher thepiratebay no registration eReader audio free
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