The End of Money and the Struggle for Financial Privacy (Hardcover)

~ Richard W. Rahn (Author)

Editorial Reviews

Review

"Richard Rahn is that rare, rare bird, an economist who can explain arcane matters in easy-to-understand language. Get the latest dope, in plain language, on the world banking and currency crisis, the techniques and importance of "foreign" bank accounts, and how modern technology may spell the ultimate demise to intrusive and totalitarian governments." -- Henry G. Manne, founder of the Law and Economics Center, and former Dean of George Mason University Law School

"Richard Rahn persuasively argues how the coming digital money revolution will make lower tax rates and radical tax simplification inevitable." -- Jack Kemp, Co-Founder of Empower America

"The End of Money is a call to arms to defend individual liberty. Than demonstrates how inextricably linked financial privacy is to our fundamental freedoms, and why we must fight for it." -- Mack F. Mattingly, former US Senator and Ambassador

Product Description

Imagine a world in which: you make all of your purchases without ever handling currency - bills or coins - or even writing checks; most money is issued privately and digitally, rather than by governments; inflation is largely a relic of the past; you choose which transactions you wish to be on record and which you wish to be anonymous. This world is not science fiction, but the world that increasing numbers of people will come to enjoy over the next couple of decades, according to the new book, The end of Money, by Discovery Institute Senior Fellow Richard W. Rahn.

Technology has fast outpaced governments' ability to maintain control of electronic finance. Advances in fiberoptics, encryption, and smart-card technologies make it ever easier to transfer funds from one person to another anywhere around the globe almost instantaneously, and without the use of paper and coins. Global financial networks and systems allow any asset whose value is recognized and guaranteed by a reliable financial institution to be instantly transferred from one person to another.

Private institutions are already developing "digital dollars" that will someday reduce transaction costs and monetary instability, thus leading to grater economic efficiency and higher standards of living. Unfortunately, this new world f digital money is fiercely resisted by many government officials. The full benefits of digital money will not be realized unless people are left free to move their financial assets around the globe in a private fashion.

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Product Details

• Hardcover: 224 pages
• Publisher: Discovery Institute (January 20, 1999)
• Language: English
• ISBN-10: 0963865420
• ISBN-13: 978-0963865427
• Product Dimensions: 9.3 x 6.3 x 0.8 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.8 out of 5 stars  See all reviews (12 customer reviews)
• Amazon.com Sales Rank: #991,504 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

10 of 10 people found the following review helpful:

5.0 out of 5 stars Serious & interestinganalysis of money and financial freedom, February 10, 1999

By	David R. Burton (Mason Neck, VA USA) - See all my reviews

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

9 of 9 people found the following review helpful:

5.0 out of 5 stars advanced economics for the pro & the simpleton like me, October 5, 1999

By A Customer

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.

5 of 5 people found the following review helpful:

5.0 out of 5 stars Bold and Intriguing Forecasts, July 14, 2000

By	Roy Davies (Exeter, UK) - See all my reviews

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.