Philipp Bagus is a young scholar with a large influence, having
forecast all the problems with the Euro and having persuaded many
economists on the Continent that this currency is no better than
any fiat currency. In some ways it is much worse because it has
cartelized the management of European monetary regimes and created
a terrible moral hazard.

With this book, Professor Bagus brings his scholarship to English
readers, explaining the background to the idea of European unity
and its heritage of sound money. He explains that the Euro is not
what the older classical liberals had hoped for but instead is a
politically managed money that is destined for failure.

He writes with a keen sense for economic analytics and empirical
detail, offering one of the most accessible and yet rigorous
accounts of the emergence of the Euro. He predicts its downfall
due to political pressures, bad banking practices, and exploding
public-sector liabilities.

The analogies with the dollar are indeed close, but with welfare
states at a more advanced stage, it will be a race to see which
paper currency will crumble first.

Professor Bagus brings theoretical power to investigating one of
the most important topics in economics today. His arguments and
evidence convinced even Jesus Huerta de Soto to withdraw support
for the Euro.

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