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.