The Tragedy of the Euro LvMI eBook Philipp Bagus Jésus Huerta de Soto
Download As PDF : The Tragedy of the Euro LvMI eBook Philipp Bagus Jésus Huerta de Soto 
Philipp Bagus, professor of economics at Universidad Rey Juan Carlos in Madrid, 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.
We often hear analysis of the workings of the Fed. Discussion of the European Central Bank is more rare. Bagus compares the two institutions to show a fundamental difference Member states of the ECB can run deficits and expect them to be financed by the ECB. So Europe has a tragedy of the commons at work with its monetary policy that sets up very dangerous incentives for member states.
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 classical liberals had hoped for but is instead 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.
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. For this reason, de Soto has written the introduction to this important work.
Economist Patrick Barron writes, "Perhaps I lead a sheltered life, but I found The Tragedy of the Euro to read like a great adventure novel. … The European financial crisis proceeds from day to day. This wonderful book will help everyone understand what is really happening and, we hope, provide a lesson for others."
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The Tragedy of the Euro LvMI eBook Philipp Bagus Jésus Huerta de Soto
A lot to think about in this book. I thought of the Euro as a logical extension of the European community. The main point I took away from it is that the creation of the Euro was based on political decisions intended to keep the countries together. This may not have been a smart thing to do. It explains the recurring crises in Greece (and Spain and Ireland and Italy and Portugal). This was intereting to read but it was not easy. If you want background to the current financial difficulties, this is a good start.Product details
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The Tragedy of the Euro LvMI eBook Philipp Bagus Jésus Huerta de Soto Reviews
I read the free online .pdf version.
The Tragedy of the Euro is an illuminating book on the unworkableness of the current European Monetary System(EMU).
Bagus starts with some basic monetary theory and how the Euro came to be. What were the motivating factors behind the adoption of the Euro, who championed it, who opposed it and why and so on. To be quite honest, I didn't find the first 4 chapters to be that interesting. However, chapter 5 reads like a thriller; with conspiracy-like political moves going on and intriguing stuff happening.
Chapters 6 and 7 deal with how the European Central Bank(ECB) operates in practice and what the implications of its actions are. I personally read so much about the Fed that it was interesting to read how the ECB was different(spoiler there isn't that much difference). Sounds boring, but it really isn't.
In chapters 8 and 9 Bagus explains exactly why the EMU is unworkable. This is by far the best part in this book and if you don't have time to read through the whole book(but c'mon, this is like 150 pages!), then just read these chapters.
Chapters 10 and 11 are about what's been going on for the last few years and what's going to happen next. Standard stuff, except that ESFS creeps me out.
Bagus uses the word "socialist" too loosely IMO, sometimes the text doesn't flow well and I spotted a typo or two. Overall this was a very good book and I highly recommend it. Besides, it's not like there's any other book on the Euro that actually gets it right, now is there?
In fact considering how short this book is, it's actually quite amazing. 4 stars and a half.
At the outset, it must be said that I admire authors who are able to take a complicated topic (such as the European Monetary Union), condense it into a short book and still deliver a thorough analysis.
Many people who read about the ongoing crisis mostly read books that focus on the American perspective of it. The EU, a vital part and player in the story, is crucial for anyone who truly wants to understand the crisis and where we're heading to.
This book provides a short background to the Euro and the political powers that pushed toward the establishment of a common currency for Europe. The author then provides a brief review of the main flaws of the European Monetary Union/Euro. He also provides an interesting comparison between the Fed and ECB in which he explains the different techniques the Fed and ECB use to implement monetary policy.
To sum up, this is a great book for anyone who wishes to obtain basic understanding of the EMU and a better understanding of the current crisis.
I like it very much.
Bagus shows how the whole setup of the EURO has been distorted since its creation. From the austrian economics perspective, this book is a must.
great read and very illuminating on the EU project! Sets out clearly the different views and options for economic integration and the role of politicians, the Euro and the ECB in this. A bit brief on the monetary policy of the ECB (how much did and do they "ease" and exactly how?), but probably that is too much to expect from a brief pamphlet-like book like this.
Item as described delivered.
A great book that answers to all the socialist propagand that we, the citizens of Europe's socialist south, had been subjected to. The first chapters do not require any knowledge of economics. The final chapters require some knowledge of banking and economics. For me, a citizen of socialist Greece, this book was extremelly useful and help me to understand not only the economics but also the politics of the Euro.
A lot to think about in this book. I thought of the Euro as a logical extension of the European community. The main point I took away from it is that the creation of the Euro was based on political decisions intended to keep the countries together. This may not have been a smart thing to do. It explains the recurring crises in Greece (and Spain and Ireland and Italy and Portugal). This was intereting to read but it was not easy. If you want background to the current financial difficulties, this is a good start.
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