PREV FULL ISSUE
NEW BOOK: FIAT PAPER MONEY (2ND EDITION) BY RALPH FOSTER
I wasn't aware of the first edition of this book, but I noticed an item about the second edition in the November 10th COIN World (p74). Here are some excerpts from the publisher's web site. -EditorFiat Paper Money tells the history of the money in your wallet. From the first paper money issued in China in 1024 A.D., to the billions of currency notes circulating today, a fascinating legacy unfolds. Read the Preface. This new book weaves first-hand accounts of merchants, travelers, and explorers with banks, governments and nations. Fiat Paper Money provides a depth of research into a little known subject.
Our money today is the product of an abrupt change that happened less than four decades ago. It was then that the world's currencies all became fiat: backed only by laws and policies, and subject to change at any time.
My mother was shocked when her favorite restaurant raised the price of coffee from 5 to 10 a cup in the late 1960s. Coffee had cost a nickel for decades, but suddenly everything was becoming more expensive. Yet she never questioned her money. She didn't know it was losing value.
Fiat money inevitably loses value over time. In the centuries since paper money was invented, governments have often exercised fiat to arbitrarily set the value of money, with the same disastrous consequences. Empires collapsed and countless individuals were ruined when that paper money failed to buy what they needed.
This book tells their stories. It gives the facts about how, why, and when fiat money changes. The responsibility to understand those changes rests with you.
Dr. Ruth S. Arnon Hanham PhD. writes:
Not only [...] is Mr. Fosters subject one of crucial importance; he 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. Lastly, his style is brisk and lively, enriched by the author's own varied life experience. I highly recommend it.
Donald E. Smith Professor of Physics College of Southern Maryland writes:
Loved your book on the history of paper money. It should be required reading in every college's ECON 101 course.
For more information, see: FIAT PAPER MONEY (http://home.pacbell.net/tfdf/)
Wayne Homren, Editor
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