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Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better Hardcover – August 20, 2023

by Lyn Alden (Author)
4.9 4.9 out of 5 stars 1,106 ratings
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A Comprehensive Overview of the Past, Present, and Future of Money

Broken Money explores the history of money through the lens of technology. Politics can affect things temporarily and locally, but technology is what drives things forward globally and permanently. The book's goal is for the reader to walk away with a deep understanding of money and monetary history, both in terms of theoretical foundations and in terms of practical implications.

From shells to gold, from papyrus bills of exchange to central banks, and from the invention of the telegraph to the creation of Bitcoin, Lyn Alden walks the reader through the emergence of new technologies that have shaped what we use as money over the ages. And beyond that, Alden explores the concept of what money is at its very foundation to give the reader a framework to analyze and compare different types of monetary technologies and monetary theories.

The book also takes a distinctively human look at how money impacts the lives of real people, and how new monetary technologies shape the power structures within society.

In the modern era, energy abundance and technological enhancements have broadly improved human well-being, but the global monetary system has been slow to keep up. There are over 160 active currencies in the world, each with a local monopoly over its own country, and with little or no acceptance elsewhere. Many of them are rapidly diluted, which continually devalues the savings and the wages of the billions of people who live and work within those jurisdictions. Being born in the "wrong" country makes saving money far harder than it needs to be.

Nigeria has a population of over 200 million people and has averaged 13% annualized inflation over the past decade. Egypt cut its currency in half relative to the dollar twice over the past decade, which instantly devalued the savings and wages of its 100 million citizens. Dozens of countries have experienced at least triple-digit year-over-year inflation within the past four decades, including Brazil that outright hyperinflated in the 1990s while it was the fifth most populous country in the world.

Europe and Japan had $18 trillion worth of negative-yielding bonds in 2019, right before a wave of inflation wiped their purchasing power away. In 2021, the chairman of the U.S. Federal Reserve dismissed the idea that the sharp rise in the money supply from the pandemic stimulus would lead to price inflation. By 2022, as major inflation emerged, the chairman rapidly changed his outlook and tightened monetary policy so quickly that it led to the failure of some of the largest banks in the country.

How did we get to this point? Why isn't our money better than this in the 21st century? Broken Money answers these questions by examining the current mix of technology that has led to these limitations, and then explores emerging technologies that may be able to provide us with a monetary system that is fit for the modern era.
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  1. Print length
    538 pages
  2. Language
    English
  3. Publication date
    August 20, 2023
  4. Dimensions
    6 x 1.54 x 9 inches
  5. ISBN-13
    979-8988666301
  6. See all details
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Product details

  • ASIN ‏ : ‎ B0CG83QBJ6
  • Publisher ‏ : ‎ Timestamp Press (August 20, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 538 pages
  • ISBN-13 ‏ : ‎ 979-8988666301
  • Item Weight ‏ : ‎ 2.18 pounds
  • Dimensions ‏ : ‎ 6 x 1.54 x 9 inches
  • Customer Reviews:
    4.9 4.9 out of 5 stars 1,106 ratings

About the author

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Lyn Alden

Lyn Alden

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Lyn Alden is an independent investment and macroeconomic analyst that provides research for retail and institutional investors at lynalden.com. With a background that blends engineering and finance, she specializes in analysis of energy systems and monetary systems. In addition to her research publications, Lyn also serves on the board of directors for Swan.com and is an advisor to the venture capital firm ego death capital.

Customer reviews

4.9 out of 5 stars
4.9 out of 5
1,106 global ratings
Great in-depth book
5 Stars
Great in-depth book
I actually bought the hard copy of this book to share with friends and family. I had listened to the audible version of this before, but I also like to see the graphs and figures that are only referenced in the audio version. Lyn did a lot of research and references a lot of studies, historical data, and past authors in this book and she gives you a very in-depth history of currencies and the monetary systems they were used in through the ages up to recent years including bitcoin. Now along with “Richest Man Of Babylon”, this book is on my kids home school curriculum albeit this book is a lot more advanced and probably requires a older teenager (high school/college age) to grasp and understand it.
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Top reviews from the United States

Robert Pahl
5.0 out of 5 stars Outstanding
Reviewed in the United States on April 8, 2024
Verified Purchase
Lyn's analysis of monetary history is extraordinarily complete, yet exceptionally accessible to the average person. Her proposition that the increased speed of transactions caused the downfall of sound money is unique and profound. Her analysis of our monetary future is honest and unbiased. Great read for anyone attempting to gain insight in these changing times.
2 people found this helpful
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Gary
5.0 out of 5 stars Great book on the history, technology, and governance of money!
Reviewed in the United States on May 4, 2024
Verified Purchase
The book presents the past, present, and possible future of money. The author makes a compelling case for how nations continue to abuse the wealth of citizens through the debasement of fiat currencies and how Bitcoin could change that going forward. The book is both a history of money (first half) and a bullish presentation and explanation of Bitcoin, how it works, and how it's different from other cryptocurrencies and any other historical money. Well-written and worth the 494 pages to read.
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Seattlite
5.0 out of 5 stars fascinating, clearly writting, incredibly important
Reviewed in the United States on April 29, 2024
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Our money system favors the rich and almost inevitably leads to economic disaster. Broken Money explains how money evolved, how our money system functions and lays out the problems. An excellent, very readable and important book.
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paul
5.0 out of 5 stars The Only Solution That Gives You Control
Reviewed in the United States on October 10, 2023
Verified Purchase
Bitcoin could be, perhaps should be, a global-game-changer. Lyn Alden does a fine job of placing Bitcoin in larger contexts: technological, historical, economic, political. Her perspective is that of an engineer evaluating a new tool that has come on the market. By the end, she has compared Bitcoin to historical solutions (gold), current solutions (fiat), and other proposed solutions (other crypto). Only Bitcoin provides the functionality of a strong currency (value that cannot be debased, ease and speed of exchange, privacy, freedom from manipulation, and ability to operate across time and distance). Her historical analysis is necessary so that readers understand what the attributes of a universal currency should be and what vulnerabilities led - over time - to the failure of previous econo-politico-financial monetary solutions.

Implicitly, she asks, "Does Bitcoin meet the need?" "Does it avoid previous and recurring difficulties?" "Does it create new problems?" "Are there other crypto solutions that are just as good, but cheaper, safer, easier to implement, more acceptable to users, or more acceptable to regulators or governments?" This book is a 500+ page "software review." After years of research, thought, and due diligence, Ms. Alden concludes that Bitcoin could be a much-needed improvement and should be supported/adopted. She recounts her own journey, from moderate skepticism to cautious support. She believes that fiat currencies and the current global system of petro-dollars has/is/will fail most people in the world. She believes that proof-of-stake currencies are mortally flawed and that stable coins simply digitize the economic unfairness of fiat currency. All that is left on her workbench is Bitcoin (and a few much smaller proof-of-work currencies). Since Bitcoin has already attained considerable size, use, and acceptance, she recommends it. Her recommendation is not absolute, but considered and conditional. Alden is an engineer. She understands the evolution of tools, systems and technologies. She is pragmatic. Bitcoin is the best tool currently available. If the current fiat currency/national bank/petro-dollar system is imploding (I agree it is), drastic change is a required. Economic and political forces advocate for their version of a new system (just as such forces did at Bretton Woods). Alden asks us to see that for what it is and reject the status quo's self-serving digital solutions. She asks us to embrace Bitcoin since it is the only solution that can give us, "the other 99%," some "control of the ledger."

I am less optimistic than Alden. I consider her evaluation of the global monetary crisis and Bitcoin's potential value sound. But I do not trust that most people or most companies will refuse the strongly marketed digital solutions offered by governments, regulators, and banks. Most people (sad to say) value convenience, personal costs, and immediate benefits more than privacy, public cost, and long-term benefits. Bitcoin should survive and grow, but it is unlikely to become a single, universal currency. Alden has little faith in public institutions. Sad. Apparently, I have little faith in people (even sadder). Or at least in their ability to resist popular trends.

The book is a must read for investors and onlookers, academics and non-academics, anyone who wants to understand the reinvention of money. The book's straightforward style and organization make it accessible and easy to translate. Even if Bitcoin fails to replace our current, flawed system, it can and should serve as a critical/useful alternative.
50 people found this helpful
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Patrick Hyland
5.0 out of 5 stars Great Book ! Must read !
Reviewed in the United States on March 17, 2024
Verified Purchase
A great book on the past, present, and future of money. It explains how banks leverage money and delves into the history that led to our present fractional reserve banking system. The book also highlights the dangers of currency debasement controlled by central banks, accompanied by numerous insightful graphs and charts.
The book is meticulously researched, and I am extremely pleased with my purchase. It offers something for everyone and is particularly valuable for those interested in learning more about Bitcoin. This timely book is an easy read that can significantly expand your knowledge of finance. Overall, it is a truly exceptional read.
5 people found this helpful
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Arlington, VA
5.0 out of 5 stars Best Book About Money
Reviewed in the United States on April 18, 2024
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This is a timely, accessible, well written and researched masterpiece on the origins, purpose and problems presented by different types of monies.
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Dr. Warren Coats
4.0 out of 5 stars mixed
Reviewed in the United States on April 15, 2024
Verified Purchase
The second half of this book on Bitcoin is rich, informative, and well presented with a good discussion of tradeoffs and pros and cons. But it is all about the means of payment (technology of distributive ledgers etc.) and nothing about money (what is being paid—dollars, gold, SDRs, bitcoin). The first half, which is more about money, is less enlightening.
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Greg Nimis
5.0 out of 5 stars Wow!
Reviewed in the United States on February 3, 2024
Verified Purchase
I am 60 years old and am dumbfounded by what I did not know and learned by reading this book. I consider myself above average in knowing how the US monetary system works - but WOW!.

The book is complete in the sense that it covers not just the history of money (currency) but the current situation as well, right up through 2023. It makes informed guesses as how our current system may change as well, given the massive creation of base and broad money supply.

For those interested in crypto-currency and the proposed Central Bank Digital Currency (CBDC) currently being debated - it will give a clear understanding of what these things are, could be, and their impacts on citizens of the world.

There are sections of the book that can be technical, but the author lets you know them and when you can skip over those sections - for those people that are not "that" interested in the details. So I found the book to be excellent for both people that just want to learn more and also those that want to use this book as a source to know the details.

I found the writing excellent. The author definitely has talent.

I cannot recommend the book more!
19 people found this helpful
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Top reviews from other countries

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Paul Morgan
5.0 out of 5 stars A lot to read
Reviewed in Canada on March 25, 2024
Verified Purchase
I was not expecting the text to be almost 500 pages and the font is small. I skimmed a few sections and am just getting started on a more thorough read. Looking forward to it and I've always found her ability to convey ideas very easy to understand - even for me. This is a particularly relevant time for the topic.
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Mr. M
5.0 out of 5 stars Well explained finance and economics!
Reviewed in Mexico on September 22, 2023
Verified Purchase
Very readable, distilled economic commentary. Definitely changed my perspective on where the US dollar is going and it's negative impact on the majority of the developed world over the last century.
One person found this helpful
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Envío rápido
5.0 out of 5 stars Envío rápido
Reviewed in Spain on April 29, 2024
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Muy bien
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Gyorgi
5.0 out of 5 stars A great book about money and our current financial system
Reviewed in Germany on April 19, 2024
Verified Purchase
This book is very well written and covers with the origins of money, the different schools of thought on monetary theory up and todays financial system. It covers all kinds of money used in the past, present and discusses some potential paths for the future. There is a very useful part on todays banking system, that discusses how different forms of QE work, and how it does or doesn't impact the monetary base and the downstream effects of these forms of money printing.
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Roberto
5.0 out of 5 stars THE book to understand money, old and new money
Reviewed in Italy on March 19, 2024
Verified Purchase
I already knew Lyn's style and as a fellow Engineer I like her pragmatic, data and fact based approach.
I read her free and paid research since a few years and she has been able to describe well what was going on even in these turbulent times, explaining with clear words even very complex topics.

Her research, especially the macro part, but also the analysis of single titles, helped me to become a better investor and understand much better what economic forces are shaping our world.

I have loved all chapters of this book, the historical ones and the descriptive ones all alike.
I think that a lot of people will find extremely useful the explanation of how FIAT money (the dollars or euros you have in your pocket) is created and destroyed and who benefits and how, depending on the decisions of the central banks.

If you want to understand what your government is doing with your money and why keeping them in the bank or under the mattress is not a great idea I suggest you have a good read of this masterpiece of clarity. Then you can act with knowledge on how to preserve your hard earned money.
Customer image
Roberto
5.0 out of 5 stars THE book to understand money, old and new money
Reviewed in Italy on March 19, 2024
I already knew Lyn's style and as a fellow Engineer I like her pragmatic, data and fact based approach.
I read her free and paid research since a few years and she has been able to describe well what was going on even in these turbulent times, explaining with clear words even very complex topics.

Her research, especially the macro part, but also the analysis of single titles, helped me to become a better investor and understand much better what economic forces are shaping our world.

I have loved all chapters of this book, the historical ones and the descriptive ones all alike.
I think that a lot of people will find extremely useful the explanation of how FIAT money (the dollars or euros you have in your pocket) is created and destroyed and who benefits and how, depending on the decisions of the central banks.

If you want to understand what your government is doing with your money and why keeping them in the bank or under the mattress is not a great idea I suggest you have a good read of this masterpiece of clarity. Then you can act with knowledge on how to preserve your hard earned money.
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