Customer Reviews

The End of Money and the Struggle for Financial Privacy

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This book examines in depth and with clarity the implications of the electronic revolution on the institution of money. It shows how the electronic revolution is likely to make governmental attempts to monitor financial transactions less and less successful. It shows the tax system will have to adjust to compensate for the new electronic reality or tax evasion will be rampant. It also makes the case that greater financial privacy and a more limited government will bring greater happiness.

The book explains the latest in encryption technology in plain English and looks at other technological innovations such as smartcards. The book is a fine book and should be read by anyone with an interest in the areas of monetary policy, taxes or finance. This book expresses a unique and compelling vision of what our financial futures will look like. The quibbles that I have with the book are fairly technical. While I agree with the author that the advent of strong encryption technology and other financial innovations will in time make it very hard for governments to tax financial transactions, I think he does not sufficient emphasis the fact that if government simply shifts its tax burden onto physical capital, it will affect the rate of return on the financial assets that represent legal claims on the physical assets. This book is unique and powerful and right. It makes arguments that desparately need to be heard if we are to make the right choices in the years to come

Dr. Rahn explains advanced concepts of economics in a format that the beginner and simpleton, like me, can understand and use. It is an easy four hour read, is a primer in economics and is must reading for anyone who thinks the way of spending money will continue just like it is at this time. The big question is whether government will grow up in time not to get in the way of the monetary changes and whether you and I will be able to spend our money as we wish without Big Brother's nosing in. What Dr. Rahn fails to point out is that the concepts expressed in his book are basic to our constitution and to our freedom. If we do not take heed, we stand to lose both. It is must reading for every citizen.

Rahn has made a bold attempt to predict the impact of technological and financial innovations on the economy and society in general. The technological developments are the Internet, electronic money, and freely available cryptographic software of a very high standard, specifically PGP. Other commentators have also speculated on the problems these with cause to governments in raising taxes, fighting money laundering etc. However Rahn takes into account not just technological developments but also an innovation of a purely financial nature, namely securitization.

In principle, almost any kind of asset can be turned into money by securitization. Probably the most highly publicised example is "Bowie bonds" which are backed by royalties from songs. David Bowie was the first to raise money in this way, hence the name.

Throughout history governments have yielded to the temptation to allow their currencies to be debased. In the past most people had to put up with this but Rahn suggests that the technological and financial innovation will effectively give people other choices.

Rahn concentrates on the US in his book, which is natural enough - after all as well as being his own country it is the world's most influential! However he does make many references to Switzerland, particularly in connection with that nation's long experience of bank secrecy, and is also very critical of the tendency of many Americans to think that what is illegal in the US should be illegal everywhere and conversely that what is legal there should be legal everywhere. He points out that the American legal system imposes a big burden on American business and society and that other countries should be suspicious of attempts to export US law.

One of my major quibbles is that the title is a bit misleading since what Rahn is describing is not really the "end of money" but its transformation and the end of coins and banknotes. Even that is questionable since the developments he foresees are most relevant to the comfortably off. In many countries the poor will remain a large section of the population for many years to come and I expect many of them will want to continue using hard cash.

However this is a thought-provoking an fascinating book which should help us to anticipate the problems and the opportunities changes in the form of money pose for society.

OK, so you have your guns, you've studied the law and you've got your gold and 10 years of food stashed.

Guess what?

It's not necessary. Not now. Not anymore.

No violence, no protests, no writing your congressman.

This is a revolution that is happening one person at a time, anonymously, securely, privately and instantaneously. Each individual voluntarily removes his energy from the system that is enslaving him.

The government will simply lose revenue until it can only function within its justified duties, which is the protection of the property and lives of its citizens.

This book shows the convergence of multiple truly revolutionary technologies that will give us back our freedom and force government to adjust to this new world. This is the way we will return to true freedom.

Richard Rahn explains money concepts and how it relates to your everyday life in a simple and concise manner. He conclusively argues for the abolution of taxes on capital and why unprincipled politicians will fight to keep them. He demonstrates with examples how some countries have prospered by keeping or eliminating taxes on capital while those who didn't have fallen behind. He is most persuasive on the issue of financial privacy as a human right and without it we are at the mercy of a totalitarian government. Very easy to read.

Should have a chilling effect on the bureaucrats

This is a great book. Easy to read, easy to understand, and immensely important. If you want to know about privacy and what the battle for it will be like online over the next 10 years, start with this book.

Since I am not an economist, I must leave some of the technical details of the book for assessment by others. However, the author's advocacy for financial privacy and for consumption taxes seem to be right on the money--so to speak. He writes in a very lucid and comprehensible manner.

This is a must read book for all those people trying to understand how the internet and the digital revolution will change their lives. It will bring fear to politicians and civil servants who love big Government. It describes how the internet will provide the ordinary citizen with the ability to avoid and evade excessive taxation whilst at the same time being better informed to manage his or her life without Government interference. If you are a knowledge worker, and in Rahn's digital world of tomorrow, we will virtually all be knowledge workers then you have everything to gain from the information in this book. Its comparison of two Governments, one that is minimalist and understanding of the digital age as opposed to one that is maximist and lacking in basic comprehension of the digital revolution, is timely in terms of describing the digital battleground of the next millenium. This book is a must read, it provides a real vision of where the digital future is taking us.

As President of the American Council for Capital Formation, coming across The End of Moneywas a welcome surprise, indeed. The book is must reading for anyone concerned ab out the economic poicy challenges of the 21st century.