It has never before been more crucial for investors to understand the way our modern monetary system affects the capital markets. Huge fortunes have been made in recent years as a direct consequence of this awareness, billions have been lost by those who've failed to make the right connections. With Pragmatic Capitalism , Roche has written the definitive book on the topic--investors of all experience levels are advised to read this to get up to speed." --Joshua M. Brown, author, Backstage Wall Street , The Reformed Broker blog, and on-air contributor to CNBC   " Pragmatic Capitalism takes an ambitious and engaging tear through our often misguided perceptions about markets, money and behavior. Cullen brings investors back to reality by smartly forcing a no nonsense gut check. Ignore his wisdom, and life is harder."     - Michael W.

Covel, President, Trend Following   "Cullen Roche explodes all the myths that might hurt the performance of small or big investors in the financial markets. He explains in simple terms why investors can rely on neither mainstream macroeconomic theory nor the efficient market hypothesis. He shows how the monetary system truly works, such as the likely impact of public budget deficits or quantitative easing on price inflation and interest rates."-- Marc Lavoie , Professor of Econonics, University of Ottawa   "Chapters 7 and 8 should be required reading for all investors, economists and politicians (and anyone else wanting to understand the macroeconomic system). Cullen has done the world a great (and rare) service by seeking to talk about the economy as it actually is, rather than how it should be." -- James Montier, Analyst, GMO ,  and author of The Little Book of Behavioural Investing   "In Pragmatic Capitalism , Roche combines sensible advice for investors with a lucid primer on the role of money, banks and central banking in the modern world." -- James Galbraith,   Professor at University of Texas, Austin.