Publisher Description
Milton Friedman demonstrates through historical events the mischief that can result from misunderstanding the monetary system; how, for example, the work of two obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, and how Franklin D. Roosevelt’s decision to appease a few senators from the American West helped communism triumph in China.
He discusses the creation of value, from stones to feathers to gold. He outlines the central role of monetary theory and shows how it can act to ignite or deepen inflation. He explains, in layman’s English, what the present monetary system in the United States—a system without historical precedent—means for your paycheck and savings book, as well as for the global economy.
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“Superb non-technical examples of just how much “money matters”. Fun reading for economic history types as well as people interested in monetary economics. Leftists may enjoy a good exposition of the monetary policies of 19th century American populists (including William Jennings Bryan).
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Don (4 out of 5 stars)
