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Paper Money Paperback – February, 1982

4.3 out of 5 stars 11 customer reviews

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Product Details

  • Paperback
  • Publisher: Dell Pub Co (February 1982)
  • Language: English
  • ISBN-10: 0440168910
  • ISBN-13: 978-0440168911
  • Product Dimensions: 6.7 x 4.3 x 1.2 inches
  • Shipping Weight: 1.6 ounces
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon Best Sellers Rank: #1,130,039 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Paperback
"Adam Smith", author of the engrossing and witty book "The Money Game" and the entertaining, if not enthralling "Supermoney", returns to the scene to write this rather dull treatise on the 1970's.
While he retains a bit of the wit and sparkle of his earlier books, "Smith" becomes quickly bogged down by OPEC, a force he can understand but not comprehend. His understanding comes from the historical perspective - he writes an informative and enlightening, though not entertaining, history of the organization. However, he tends to focus on the purchasing power of the OPEC countries, rather than realizing that OPEC had reached a peak in it's power by the time his book was published. Granted, we cannot expect Mr. Smith to have predicted what would happen to OPEC. On the other hand, he surely cannot have thought that the US would be reduced to supplying military equipment to the new Arabic superpowers (this, he implies, is essentially the only way we can attain anything approaching an import/export balance with Saudi Arabia).
A few chapters are spent on real estate, the market for which Mr. Smith thinks is now controlled by speculators and people attempting to hedge against inflation. He decides that the long bull market in housing has finally ended. Alas for Mr. Smith's reputation, it has yet to do so, with the median price for a home increasing every year since his book was written (as it had done every year before).
Mr. Smith, however, manages to redeem himself near the end of the book, when he makes his stock market prediction. At the time he wrote the book, the Dow was at 900. He predicted that within ten years, it would rise to 2700, an amazingly accurate guess.
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Format: Hardcover
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.")
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Format: Hardcover Verified Purchase
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.
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Format: Paperback
I first read this book back when it came out, and have reread it twice over the years since. It's lessons continue to be relevant. I have to say that some of the other reviews I've read here, leave me scratching my head as to how they could find it boring, or complain in one case that the book gets boughed down talking about OPEC. Gold, the oil industry, OPEC, and their effects on the economy are the whole point of the book! Like anything else, I guess, you take out what you put in. So, don't read this book if you aren't interested in knowing how these worked then, and continue to work now in shaping the economic realities we all struggle to coexist with.
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Format: Hardcover Verified Purchase
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.
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Format: Hardcover Verified Purchase
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!
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