The monetary system
- tags
- Economics
<&wang2021> offers a modern account of the monetary system, and although it touches on the Eurodollar a little bit, it is motly US-focused. Reading through this comprehensive account, or any articlet that touches on the topic, I can’t help but think “how the hell did we get to something so complicated and so fragile?”. This is where a little bit of history cannot hurt. The excellent Monetary Mechanics newsletter has a series on the history of the monetary system that does a good job at explaining how we moved from one system to the next.
Define what a monetary system. Regulates how you can create money via monetary creation policies.
Online #
- <&murau2020> modern account of the offshore eurodollar system
- <&wang2021> is a good modern account of the monetary system, with a focus on the US.
- <¯o2021> history of the lending-deposit system
- <¯o2021a> history of the private Fed Funds market
- <¯o2021b> history of the Eurodollar banking system I
- <¯o2021c> history of the Eurodollar banking system II
- <¯o2021d> history of certificates of deposits (CDs)
- Monetary Mechanic’s Issue 42 history of bank holding companies (BHCs)
- <¯o2022a> history of commercial paper (CP)
Books #
- Wang, Central Banking 101
- Warren Mosler, Soft Currency Economics II
- Michael Howell, Capital Wars: the rise of global liquidity
- North, Money and Liberation: The Micropolitics of Alternative Currency Movements
- Eich, The Currency of Politics: The Political Theory of Money from Aristotle to Keynes
- Stell, The Battle of Bretton Woods
- Ingham, The Nature of Money
- Cassi, The world of private banking
- Goldstein, Money: The True Story of a Made-Up Thing
- Weatherford, The History of Money
- Feruson, The Ascent of Money
- Xu, Empire of Silver: A new Monetary History of China
- Presad, The future of money: how the digital revolution is transforming currencies and finance