Overview
- Offers an extensive investigation of the causes of inflation during the Russia-Ukraine war and Covid-19 pandemic
- Discusses the role of central banks in exacerbating inflation
- Explores the future of the Euro in the context of economic crisis brought about by war, pandemic and recession
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About this book
This book argues that the blame for the ‘Great Pandemic Inflation’ in the US and Europe lies with serious flaws in the actual monetary regime. Money is literally out of control with no solid anchor. In consequence further great inflations lie ahead, whether the proximate cause is another massive supply shock (for example war, trade conflict, resource famine) or fiscal explosion or simply malfunctioning of the corrupted monetary system.
The book draws on monetary principles applied in the laboratory of history – including wars, great recessions, and US wave elections – to make its key points. The choice of monetary principles is eclectic, including insights from Austrian School and previous works of the authors. The historical examples stretch from the 1890s to the present day. The authors do not shy away from use of counterfactual analysis, including how the shocks from the pandemic or Russia-Ukraine War would have played out under a sound money regime.
Questions posed include how a flawed monetary regime has encountered so little political push-back. The answer includes an identification of the sub-groups in the US or global economy who gain from a flawed monetary regime and their wielding of power to protect the status quo. Crucially the book describes how asset inflation, one of the main symptoms of monetary disorder, has weakened opposition to the regime, though ultimately fanning populism due to decades of malinvestment.
This book should have wide appeal to academics in monetary economics, international finance, international relations and history, especially those with a passion for the use of history as laboratory. More generally the book should fascinate a wide range of thinkers close to or in the thick of the global financial markets.
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Table of contents (18 chapters)
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Front Matter
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Monetary Status Quo on Eve of Pandemic
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Front Matter
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Inflationary Combustion
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Front Matter
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The Inflation Mongers
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Front Matter
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Culprits and Scapegoats
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Front Matter
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Waging War with Bad Money
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Front Matter
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Bad Money in US Elections
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Reviews
“The logic of Mr. Brown’s argument should be widely understood. … If prices don’t fall sometimes you can’t have stable prices. … That is what the inflation-mongers want precisely to prevent. They wish to reinflate any periodic tendency of prices to fall.” (Alex J Pollock, The New York Sun, nysun.com, November 13, 2025)
Authors and Affiliations
About the authors
Brendan Brown is a senior fellow at the Hudson Institute and Mises Institute.
The late Philippe Simonnot was Professor of Economics and Law at the University of Paris Sorbonne.
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Bibliographic Information
Book Title: Bad Money
Book Subtitle: Inflation Mongers in War, Pandemic, and Recession
Authors: Brendan Brown, Philippe Simonnot
DOI: https://doi.org/10.1007/978-3-031-95425-2
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2025
Hardcover ISBN: 978-3-031-95424-5Published: 18 September 2025
Softcover ISBN: 978-3-031-95427-6Due: 02 October 2026
eBook ISBN: 978-3-031-95425-2Published: 23 September 2025
Edition Number: 1
Number of Pages: XIX, 211
Number of Illustrations: 1 b/w illustrations
Topics: International Finance, Macroeconomics/Monetary Economics//Financial Economics, Political Economy/Economic Systems