A Tract on Monetary Reform

In the wake of World War I, the book examines how the erratic value of money has become a hidden tax on workers, savers and entrepreneurs alike. It argues that the conventional view of currency as a stable measuring‑rod is a myth, and that the ever‑shifting standard of value fuels unemployment, speculative windfalls and costly risk‑premiums for producers. By dissecting the hidden fourth cost of production—risk—the author shows how monetary instability wastes a sizeable portion of a nation’s wealth.

The author then proposes a clear, fact‑based framework for monetary reform, suggesting that a more dependable unit of account could ease the burden of risk and restore confidence in savings and investment. He challenges the entrenched conservatism of banking institutions, insisting that a scientific, transparent approach to currency can be devised and adopted. The early chapters lay out the problem and hint at practical steps toward a sounder monetary system, inviting listeners to rethink how money shapes everyday life.