The Curse of Money: Fragments of Monetary History

Author: (USA) Friedman
Publisher:
Publish Date: 2006-07-01
Features: Money cannot be taken lightly; it should be handed over to the central bank. — Excerpted from "A Monetary History" "The Chicago Tribune" called Nobel laureate Milton Friedman "the Oliver Stone of economists," a title that clearly shows that no one, from local small business owners to Wall Street bankers to U.S. Presidents, could escape the influence of monetary economics. In this book, Friedman discusses the creation of value from stones to feathers to gold, outlines the dominant role of money, and reveals how money can cause or exacerbate inflation. Through colorful historical anecdotes, he demonstrates the dangers of misunderstanding monetary economics, such as how the work of two obscure Scottish chemists ruined William Jennings Bryan's presidential prospects and how President Franklin D. Roosevelt's decision to appease a few senators in the U.S. West altered the course of modern Chinese history. Friedman explains in plain language the significance of the current U.S. monetary system to individuals' wages, savings accounts, and the global economy. A vivid and enlightening introduction to monetary theory, a clear exposition of monetarism. — Kirkus Reviews Over the decades of his research on monetary phenomena, Friedman repeatedly noted that seemingly insignificant changes in the monetary system often lead to unexpected results at any time. "If we observe money from different angles, if we study it calmly but deeply, we can fully appreciate both aspects. There is something to admire in both complexity and simplicity that can stand alone, but a full understanding of these aspects is only a partial understanding of the whole." These are the words from the preface of A Monetary History. In this book, Nobel laureate Friedman discusses the creation of value from stones to feathers to gold, outlines the dominant role of money, and reveals how money can cause or exacerbate inflation. Through colorful historical anecdotes, he demonstrates the dangers of misunderstanding monetary economics. Friedman explains in plain language the significance of the current U.S. monetary system to individuals' wages, savings accounts, and the global economy.