This book is for anyone who has even the briefest of curiosity in money including how it works, the history of it, why we change what we use for money and what fiat means among other things. It’s basically economics but in a much more modern and really accessible, easy to understand way.
It will open your eyes to things you couldn’t possibly imagine is true like the way money is created out of thin air. Yes that is literally the way it’s been done since 1971. Nowadays all banks do is type digits into a computer.
I loved the chapter on the brief history of money where I learnt that people who created the money back in the 1100’s and tried to cheat the king had their balls cut off.
Highly highly recommended. It will certainly be a revelation and you don’t need any sort of education or formal qualifications to understand what Rob talks about in this book.
Favorite quotes from the book:
There’s no incentive for the people in power to help you become better informed. – page xii
Why do we work so hard for money (then hand a big chunk of it straight back in taxes) when it can just be magicked up out of nothing? – page xiii
All that’s needed for a currency to “work” is for a critical mass of people to voluntarily use it to trade with each other. – page 2
Whenever there’s an opportunity to create or obtain extra money, it’s enthusiastically seized. – page 34
The only reason more global currencies have value is because governments say they do. – page 42
It might be hard to get to grips with the fact that creating money is as simple as typing it in. – page 50
Even though we act as individuals, “herd behaviour” based on psychology always emerges. – page 70
Most governments can borrow at a lower cost than any other entity or individual. – page 80
The biggest risk to the solvency of the nation isn’t the absolute amount of debt: its the cost of repayments on that debt. – page 85
A mediocre investment suited to the correct environment is likely to perform a whole lot better than a brilliant investment suited to conditions that aren’t going to exist.- page 118
Overall: 96%