Paper Money

Paper Money

by George Goodman writing as "Adam Smith"

In the 1970s, the world economy suffered heavily from brutal spikes in the oil price.
One of the culprits was OPEC, which was formed on the model of the 'Texas Railroad Commission'.
The rise in the oil price provoked an enormous wealth transfer from the oil consuming to the oil producing countries.
Moreover, the oil consuming countries were confronted with the choice between higher taxes or printing money and chose for the latter. But in the US, the bill of the Vietnam War was still not paid. It all ended in stagflation, a mighty drop of the dollar (`my swissies') and a real estate bust.

Adam Smith gives us also a brilliant course on the origin of banks and money.

This book reads like a thriller and is a must read for all those interested in the economy of the 1970s in the West.