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Paper Money (Hardcover)

by Adam Smith (Author)

5.0 out of 5 stars See all reviews (1 customer review)

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Product details

Hardcover: 336 pages
Publisher: Macdonald (Mar 1982)
Language English
ISBN-10: 0356085732
ISBN-13: 978-0356085739

Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)

Amazon.co.uk Sales Rank: 1,363,324 in Books (See Bestsellers in Books)

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5.0 out of 5 stars oil crises, 8 Oct 2009

By	Luc REYNAERT (Beernem, Belgium) - See all my reviews (TOP 500 REVIEWER) (REAL NAME)

This review is from: Paper Money (Paperback)

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.

For an in depth analysis of the oil crises, I highly recommend the book by F. William Engdahl `A Century of War.'

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