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Product details
File Size: 4168 KB
Print Length: 200 pages
Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
Publisher: Routledge; 1 edition (March 27, 2015)
Publication Date: March 27, 2015
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00VA7H9LU
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Amazon Best Sellers Rank:
#1,492,659 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
I learned much from this book; i regularly review. Economics is one of my hobbies, plus this book is one of the best. Thank you Mr Donovan for writing this book. It was a little on the expensive side but well worth the purchase. Mr Donovan is an original thinker and he explains inflation quite eloquently. He explains how gold prices relate [actually do not relate at all] to inflation and Mr Donovan is quite convincing. Mr Donovan points out how gold has no intrinsic value at all, and here also, he is persuasive.
I was excited to get this book. ... When I did finally get it ... I thought it was ok but not great. I've managed to read only parts of the book so far, and can't bring myself to finishing it. When I like -- or dislike -- the thinking in a book, I will take time to mark up the book if I consider it an important subject.... This book has the potential to be important, but it is a slow read. I can't say more at this time except that: Get this book if you are a mainstream believer in Keynesian economics (and many are) and you are taking an economics class on related subjects or this is a core subject for you.(3 of 5 stars is certainly not a terrible rating from me...I've seen far worse. And this is a "fair" read)
This book aims to give the reader a deeper appreciation of what inflation is and dispel the most prevalent myths about it.Chapter 1 examines the difference between relative price changes and changes to the overall prices level. It also introduces different inflation indices and discusses why deflation is worse than inflation.Ch2 lightly surveys the history of inflation from Babylonian times to modern times. The main message is that inflation has been with us for a long time.Ch3 seeks to dispel myths that gold has intrinsic value, that it has been used as currency for millennia and that it hedges inflation. It makes the point that a gold system introduces the same inflation uncertainty in the short/medium run with a deflationary bias because supply doesn’t grow fast enough for demand.Ch4 goes deeper into the composition of CPI, touching on the issues of housing being both an asset and a necessity and food/energy being so volatile. It also points out that inflation is mostly a matter of labor cost, not commodity prices.Ch5 explains how printing too much money for the level of demand causes inflation; simply the act of printing money does not. It further explains that central banks control narrow money, how they go about it, how liquidity preference raises in crisis and why that explains the absence of inflation after 2008 money printing. It recommends monitoring companies cash as percentage of GDP and narrow/broad money trends.Ch6 reports on the reasons why we think inflation is higher (i.e. we overweight repeated purchases) and defends the adjustments done to inflation data on the ground that they make sense and, even if you disagree with them, they are unlikely to change the numbers very much.Ch7 describes how CPI is skewed toward the consumption patterns of rich people, while average people have experienced higher inflation in the past 25 years. This inflation inequality comes about because society has become more unequal and globalization has lowered the price of labor intensive products more than commodity based ones.Ch8 makes the point that the monetary policy in one country is unlikely to influence inflation in other countries because companies trade with each other much more then before, low wages countries represent still a small part of global GDP and companies employ mark to market strategies instead of changing prices according to prevalent exchange rates.Ch9 touches on consumer debt and corporate debt, but focuses on Government debt. It points out that rising inflation doesn’t necessarily help with Debt/GDP ratios because a lot of government spending is tied to inflation directly (i.e. pensions) or indirectly (i.e. investments), some part of debt is tied to inflation (i.e. TIPS), most government debt is short term and, more importantly, high inflation forces investors to require an inflation uncertainty premium, which rises government debt burden. Inflation between 5% and 30% doesn’t help, below 5% does, above 30% hyperinflation ensues and all hell breaks lose.Ch10 aims to tie everything together with more practical advice for investors. We are urged to figure out our future goods and services needs to be financed by our portfolio, seek statistics to measure their inflation and reject simplified solutions (i.e. invest in TiPS or gold).The book is written in a very engaging style and I have learned from it, especially chapter 4, 7 and 8.The main negatives are firstly that very little proof is proffered about the assertions contained within. Very few tables or statistical results are put forward to justify, for example, that the gold standard is as bad as the paper one or that inflation doesn’t help between 5% and 30%. Additional reading is required to convince yourself on most matters.Secondly, very little practical advice is given. There is no description of how to figure out your future personal inflationary threats, how to gather information on their likely inflation and how to structure your portfolio to hedge such risks. You are left on your own trying to figure out how to apply your new-found knowledge. And it’s not an easy task by any mean.I cannot give recommendations of other books on the topic as this is the first book I have read on it. I will revise this review if I learn more.
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