What is the root cause of inflation? For millennia, the waywardness of inflation has vexed economists and financial experts alike yet neither individuals nor nations have succeeded in coming to grips with it. Across the world the common man is bewildered and exasperated by this baffling phenomenon and left holding the short end of the stick. No matter what the remedial measures adopted by experts, Inflation will just not be Tamed. Written by a non-economist in a style readily comprehensible by lay, this book delves into the world of money, commerce, banking and finance to wring out the shocking truth about inflation. These pages will indelibly alter the reader’s perception of money and leave the worlds of banking and economics shaken and stirred.
Money value falls, inflation affects Nation's economic security, foreign investment required, RBI changes interest rates etc are bits of news we come across. Very few have taken the pain to know what is happening and why in detail. Even fewer understand it. We always blame the government for commodity price hike or any price hike for that matter.
Mohammed Saif, in his book Cents and non-cents addresses the nemesis of inflation in a simpler language enabling the laymen comprehend the issue.
The initial part of the book is about Mirth a mythical land. Authors shows how inhabitants of myth evolved economically from barter system to the present scenario. While the story is interesting as an introduction, towards the second half of the book when the discussion becomes serious, mirth becomes a distraction forcing the reader skip a few pages.
The book is a mix of text book material and a fictional account. Author introduces the terms Break Even Domino Effect, Interest Multiplier Effect, Reverse Robinhood effect etc with the readers. The methodology of narrationis such that any person without any knowledge of accounting and finance can understand the point. Author tries to put forth the fact that interest is an evil and the problems related to inflation can be nullified by an interest free society. While he convincingly put forth his argument, the feasibility of the same is doubtful.
Instead of writing a book which looks like a journal, author has presented an easily comprehensive yet informative book.
Reviewed for the publisher
Disclosure of Material Connection: I received this book as a complimentary copy in exchange for a honest review. I was not required to write a positive review. The opinions I have expressed are my own.
About the author
Mohammed Saiful Islam is a graduate in Pure Sciences. He then studied Chartered Accountancy before taking up a career in banking. His predilection for academic pursuits steered him towards assignments as diverse as Industrial Engineering, Business Management,Information Technology and Enterprise Risk Management. This extensive exposure has added value to this book. Saif has travelled extensively and lived in many places across India. Post-retirement he has taken up writing as a full-time occupation.