Paper Money

For many years, I've periodically peered out of my hovel and thought aloud, "maybe it's time to worry about inflation again." I pile through a book or two on inflation investment strategies, and again, the unease for the dollar's demise fades from view and memory. Well, it's that time again. Maybe THIS TIME will be that time, when it really happens. (Not that I have any panicked sense of it. The world keeps stumbling onto its face so much, it (unbelievably) makes our markets and currency and even politics look good. So far. Well, I take back the politics remark. But at least we have institutional barriers to even that insanity. It seems we can't incur enough stupid unpaid-for insane projects to look bad, next to the rest of the world, that is.) Well, if it is possible for such a contemplation (the looming paper wave of inflation) to be pleasurably met by a book, this IS that book. The ability of this author repeatedly to swoop from complex ideas to simple and oh-so-readable explanations floors me. This is my candidate for guy I would most like to be a close friend of, and have plenty of conversations with. The imaginative scope is big too. Bear in mind, this book is copyrighted 1981. So how's about (in the midst of the quickest and clearest explanation of real estate finance, up to that time, I have ever seen) this little doozy (pg. 85): "Could there be a real estate crash, as there was a stock market crash in 1929?" Dude! Wait 'till I show you 2008! But the real payoff is the way this discussion builds the ability to imagine and anticipate things like that, not the always-silly wish of a reader to have somebody call the top or bottom of anything at a particular time (or palm off one of the endless books predicting "DOW 30,000", looming end of the dollar, "for really REAL this time,") etc., etc. It is also fun to note that the book IS from 1981, and to compare the author's thinking with the rest of the story, that we know. Tings were about to turn, bigtime. This unfashionable book sells for almost pennies and will educate people more about finance than dozens of more recent, flashier, and less effective titles. I only regret it doesn't keep going .... ! It is the perfect bedside read.

I can't believe I never read this before; chanced upon a ragged original paperback and had to finish it even though it started falling apart before I was halfway through. I had to buy this copy to share. I experienced but never really understood what happened in '73 (first oil crisis) - all I'd ever heard before was that there was an oil glut - 'Adam Smith' was in the middle of it and knew all the actors. His account of the housing boom, written in '81, explains (foretold of?) what happened in '08. Money ain't what we think it is. BTW, I was one of those old-fashioned fools with a passbook savings account until the S&L debacle.

This is a great book. Written in '80 (pub date 81) it analyzes the underlying economy that gave rise to the late 70's 'stagflation'. It does not give a prescription for investing in such a period (which appears to be returning) but allows the astute reader to study the economic policies put in place in the 80's that "cured" the country.The author has a wonderful, positive voice that makes reading this economic text a pleasure.

Adam Smith is a favorite author of mine. Excellent financial writer. Used to watch his PBS tv show. I've read most of his books, and they are all very good reads for financial folks.

This book written in the early eighties really spelled out what is happening today in regard to the foreclosures and the price of oil and why it is so high. After reading this book I realize the American Dollar is worthless on the world market. Everyone should read this book!

Learn how to use OPM (Other Peoples Money) for any business/retirement purpose. A good primer in Economics!

classic work

I have read this book twice, once in college as an economics major, shortly after it was released, and again a few weeks ago. I thoroughly enjoyed both times. Although Smith rambles at times, it is an entertaining and informative look at macroeconomics in the 70's and teaches things that you won't find in Economics 101 textbooks. If you like reading about these matters, you'll find this book enlightening and fun. If you don't, there may be enough anecdotes, and such, to keep your interest through the book, but it won't be enjoyable for you. (There's a reason they call economics "the dismal science.")

Excellent quality

Good Book