Tuesday, June 29, 2010

Dishonest Money Review

Title: Dishonest Money (Financing The Road To Ruin)
Author: Joseph Plummer
Publisher: Joseph Plummer, 2009

The economy is based on supply and demand, right?  What if that was wrong?  What if I told you that the concept of supply and demand was barely scratching the surface of how the economy works?  Look at Greece.  Do you think simple supply and demand led them to their financial crisis?  Or do you think it was something more?

Dishonest Money is a fairly short book, but it is jammed full of information.  Joseph Plummer does an excellent job of taking a highly complex subject and presenting it in a way that anyone who isn't an economist can understand.  Some might argue he doesn't go into enough detail.  I think that if this is your first book on the economy, it probably covers just the right amount of information to get you started.

Joseph Plummer talks about how the business elite created the Federal Reserve for their own financial gain, and the implications that has had on our economy.  He discusses at length the differences between commodity money, receipt money, fractional money, fiat money and debt money.  He also explains how the people in power can manipulate the money supply to impose a de facto tax on us through the process of inflation.  By creating inflation, the Federal Reserve is decreasing our buying power.

The only part of this book that I thought could have been done better was the end section which stated what we could do to counter this corruption.  Joseph Plummer's advice was simply to prepare for the worst.  While I believe everyone should be prepared, I was expecting more of a plan of how we could do away with the Federal Reserve.  Instead, we are told to buy gold bullion, buy at least a three-month supply of food, buy a water filtration system, and buy a handgun.  All sound advice, but not how I was expecting a book on the economy to end.

However, this is an excellent starter book for those of you who want to learn more about the intricacies of the economy.  Joseph Plummer suggests a more comprehensive book about the Federal Reserve for those who want to take it further.  But for those who want a base understanding, this is the book to read.

Recommended further reading:  The Creature from Jekyll Island: A Second Look at the Federal Reserve

© Nate Phillipps 2010

No comments: