Treasury did not print money and had to redeem its notes in gold or silver? How is it that government can print money and control interest rates? Did the framers of the Constitution intend this? That is what this book is about. And it is a very timely telling the story from perspective of key people in our history starting with Alexander Hamilton and moving forward from there. What this book shows is that the Tea Party and other conservative arguments espoused today are not new.
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We have had experience with a gold standard albeit fractional , a bimetal standard gold and silver , not printing money to finance wars and more recently, printing a lot of money to finance wars, no central bank and now a central bank. All have their problems and, through history's lens, we can see what the people at the time thought about the various approaches. Much of this will resonate today and may suggests solutions to our financial problems. I would read them in reverse order rather than in the order listed if you are really interested in exploring the subject.
Mises is a little tough going but it is all downhill from there.
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If you get bogged down, go right to The Mystery of Banking. One caveat, while the author of this book, which I highly recommend, and of the first two books listed above are great at illuminating the practical problems and forces that led to significant economic upheavals in money and banking in the U. These authors, but not Mises and Rothbard, follow the conventional wisdom which is that printing money and loosening credit is the best way to deal with a banking and economic crisis. Maybe it is and maybe it isn't.
But the real question is how can these problems be avoided or at least if unavoidable, how can we minimize their severity? It seems to me that any economic system, such as ours, that requires that vast majority of society to work and add to the economic pie before sharing in it by working to acquire and spending money while allowing a special group, banks, to create money out of thin air if you don't understand how this works, be sure to read the Mystery of Banking or any book explaining the fractional reserve banking which is practiced throughout the world is suboptimal because if favors some citizens over others.
This may be good for a monarchy or dictatorship but not for a democracy. Government favoritism undermines the public spirit and social cohesion. In addition to being inherently unfair and, as far as I can see, unnecessary, the creation of money out of thin air injects false demand signals into the market because this money looks the same as the money earned by people who worked for it.
The unspoken assumption about money is that those who have it earned it by adding to the economic pie. Money created out of thin air creates apparent demand as if the money were earned by productive workers when that is not the case. Those who receive money created out of thin air have not added to the economic pie before taking a piece of it.
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If everyone could do that, there would be no pie. Permitting banks to lend money that they create out of thin air, rather than money earned and deposited with them, can cause a much larger measure of misallocation of resources than would otherwise be the case because because it creates false demand signals via bidding up prices with thin air money that fuels bubbles.
This misallocation of resources manifest itself in larger swings in the business cycle bigger booms and busts such as in the stock bubble, in , and real estate bubble, during the past decade. This is just as true when the government spends money it creates out of thin air as when banks do it. When government spends money it does not have and has not borrowed or taxed, it creates apparent rather than real demand which would represented by dollars that were earned by taxpayers and then acquired by government through taxes or borrowing.
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It creates inflation - more money chasing the same amount of goods. This issue of creating money out of thin air to support expenditures was well know to our forefathers. It discussed in this book, The Money Men.
At the outset of the Civil War, the financially strapped Union had to raise money to support the Civil War. The Money Men shows you what they did and who and how it was done. It is quite an interesting story all by itself. Read The Money Men and enjoy! One person found this helpful. Thoughtfully written and clearly articulated. I am becoming a big fan of this author and look forward to reading more of his work. Highly recommended to anyone interested in American history or fundamentals of economics.
Typically, Brands is able to bring his subjects alive like no other. Unfortunately, "The Money Men" is a very brief glimpse at five loosely associated men The result of Brands work is an overview of the formation of the banking industry in the United States. I would approach "The Money Men" as a way to decide if you would like to tackle one of the more complete books on the subject This is an outstanding price - and definitely worthy of a place in your library at this price! The Money Men and American Colossus are complementary books to our history. Banking and financing of the great 19th century entrepreneurs is discussed in The Money Men.
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Ford are shown for their contributions to USA. These are not dry books; instead they give a more inside understanding of the men, their personalities and their methods. See all 28 reviews. Most recent customer reviews. Published 1 year ago. Published on December 14, Published on October 11, Published on July 3, Published on June 26, Published on February 26, Published on November 16, Published on November 8, Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.
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Amazon Music Stream millions of songs. Amazon Drive Cloud storage from Amazon. Alexa Actionable Analytics for the Web. AmazonGlobal Ship Orders Internationally. References in periodicals archive? Call for calm at Airdrie. The American business partners spearheading the buy-out of the Swans, moneyman Steve Kaplan and US sports executive Jason Levien, are thought to have held talks with officials in London to undergo the socalled 'fit and proper persons' test.
And, after Khan failed to produce the kind of glittering statement against Chris Algieri to get the Moneyman running for cover, his trainer Virgil Hunter reckons the Brit will have to raise his game. Khan can show the Money. The moneyman has bought bar and club chain Intertain, which owns five Jongleurs comedy clubs including the Broad Street venue, 26 Walkabout Australian-themed pubs and six other bars across the UK. Failed Rover bidder buys comedy club. If you haven't heard it this week don't worry, the Moneyman will be back later in the year complete with heavy breathing and nerve-wracking silences.
On the day the project's moneyman , Russell Franklin Jackson , arrives, chaos breaks loose - or rather the super-smart sharks do. Deep Blue Sea Five, 9pm. The interview provided some background on Adelson—a beguiling figure to many—including some insights about his business, his views on the Obama administration, and what it means to be the go-to moneyman in American politics.