Summary:
The book critically examines the modern financial system, particularly the use of fiat currency and the practice of expanding and contracting the money supply, arguing that such "elastic" monetary policies are inherently unstable and lead to economic distortions and crises. It advocates for a return to a more stable and sustainable monetary system, such as a commodity-based currency, to prevent future financial collapses.
Key points:
1. Elastic Money's Instability: Schlichter says that money systems that can change size are unstable. They can be misused, causing economic problems and crises, unlike stable commodity-based systems like gold.
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