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Between Debt and the Devil: Money, Credit, and Fixing Global Finance
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This book challenges the belief that private credit is essential to growth and fiat money is inevitably dangerous. The author argues that debt needs to be taxed as a form of economic pollution because most credit is not needed for economic growth and just drives real estate booms and busts and leads to financial crisis and depression. The author also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. He believes that policy makers need to monetize government debt and finance fiscal deficits with central-bank money to overcome the mess that is created by past policy errors.