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Source link: http://archive.mises.org/18001/what-to-read-on-the-crash/

What to read on the crash

August 8, 2011 by

Here are my five picks. Add your own. And, by the way, the Dow needs to fall another 4,000 to put us back at pre-stimulus levels.

1. Boombustology by Vikram Mansharamani draws from the whole of the Austrian theoretical apparatus to examine modern market behavior. This book could easily be cited as an excellent predictor of the current plight of global financial markets.

2. The Tragedy of the Euro by Philipp Bagus. Bagus figured it all out: the Euro simply cannot work. It disabled national central banks but put a single central bank in place that operates as lender of last resort to every rotten fractional-reserve bank on the whole of the Continent. This can’t work.

3. Money, Bank Credit, and Economic Cycles, by Jesus Huerta de Soto. This is a gigantic book with an even bigger theory of how the world of banking and macroeconomics works. He shows how seemingly small mistakes in banking policy lead to huge effects in the real world. It might be the final answer to Keynes and his apostles. Certainly it has the explanatory power to show what’s gone wrong and what to do about it.

4. The Ethics of Money, by Jorg Guido Hulsmann. At some point, smart people begin to realize that it really isn’t about stock markets and stimulus plans. The core failing of the modern regime traces to its paper money. There are many books on this topic but this one goes to the very heart of the money: what’s right and wrong about letting the state create and manage the money.

5. When Money Dies by Adam Fergusson. This is the definitive chronicle of the Weimar catastrophe, the death of a money that no one had planned and yet gave rise to the totalitarian state. For years, this book sold for thousands of dollars because there were so few copies.


Cam Rea August 8, 2011 at 11:53 am

Can a person get these book in a bundle for a discount, like the frame work books that are advertised?

Daniel August 8, 2011 at 10:30 pm

I too would love to purchase a bundle with these 5 books :3

simon August 8, 2011 at 1:08 pm

the best book on the subject I have read is based on the great depression/crash
its called, Lords of Finance: The Bankers Who Broke the World.

I also look forward to receiving the book I have just bought from here , the updated wealth of nations

jstrok August 8, 2011 at 9:24 pm

Lords of Finance is alright in depicting what was happening during the period, but the analysis was typical mainstream rubbish. You must read Rothbard to get a proper interpretation of what happened during the 20′s.

61north August 8, 2011 at 1:45 pm

“When Money Dies” is the ultimate financial horror story. I don’t think things will ever get that bad here, but that’s what they thought in Germany, too.

Walt August 8, 2011 at 8:50 pm

I picked this book up at Borders during their going out of sale for $4. I haven’t gotten too far into it but the chapter about the Austrian Lady’s diary is fantastic!

The problem with books like these is that the general public can’t read them. I tried to get the girl I was dating at the time to read that chapter, which is completely independent, and she couldn’t make it more than a couple of pages. And I consider her to be at least above average intelligence. It’s a sad state of affairs.

Art August 8, 2011 at 2:15 pm

My pick is “The Causes of the Economic Crisis and other essays before and after the great depression” by Ludwig von Mises.

My favorite line from this book if not from all of Mises’s writings is this:

“If the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when the monetary systems of those nations pursuing this course will break down completely.”

Art August 8, 2011 at 3:08 pm

The Dow has 4185 points to lose as of today 3.06 PM to get back to 6626.94 – it’s lowest in 2009 (March 09).
I culled the data from Google finance

Aaron August 8, 2011 at 9:52 pm

“America’s Great Depression” and “The Panic of 1819″ each by Rothbard.

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John James August 9, 2011 at 7:45 am

Meltdown by Thomas Woods, anyone?

Financial Fiasco by Johan Norberg I hear is quite good as well. Although there is some debate about which is better…

BradO August 9, 2011 at 1:44 pm

I recently read The Web of Debt by Ms. Brown. An excellent book that covers a lot of the ground that was covered by The Money Masters on youtube and gives additional information about potential ways out of the debt abyss.

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