A Primer on
Money and Banking


A Plan for
Monetary Reform







 
   
  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS




 

  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS




 
 
  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS
.




  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS
.



 

  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS
.



 
  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS



  1. UNDERSTANDING MONEY
  2. BANKING SYSTEM
  3. PAYMENT SYSTEMS
  4. FINANCIAL MARKETS
  5. GOVERNMENT FINANCE
  6. POLICY ISSUES
  7. MORE TO THINK ABOUT
  8. REVIEWS AND QUOTES
  9. ON INVESTING
  10. TEST YOUR KNOWLEDGE
  11. FUN ZONE
  12. EXTERNAL LINKS.




1. UNDERSTANDING MONEY Updated
Money Basics 6/17/08
The Money Supply 1/31/05
Money as Credit 7/09/04
The Monetary Base 1/30/05
Money and Government Spending 2/08/13
Some Common Misconceptions 12/3/08
The Big Picture 11/25/04

2. THE BANKING SYSTEM
Introduction to the Banking System 8/26/05
The Federal Reserve System 8/30/06
Fractional Reserve Banking 11/16/12
Banking Basics 1/03/12
Money Center Banks 1/08/04
Bank Liquidity 1/18/99
Bank Capital Requirements 12/11/02
Bank Lending and Reserves 6/23/04
Non-Banks versus Banks 5/17/02
Deposit Insurance and Bank Failures 4/15/00
Y2K and Bank Reserves 9/24/02
The Role of Bank Reserves 2/17/03

3. PAYMENT SYSTEMS
Retail Payments 2/18/05
Credit Cards 2/18/05
Wholesale Payments 6/08/08

4. FINANCIAL MARKETS
The Money Market 10/15/99
Fed Open Market Operations 12/12/02
The Repo Market 6/08/08
Eurodollars 1/21/06
Foreign Exchange 2/10/03
Direct vs Indirect Lending 3/03/02

5. GOVERNMENT FINANCE
Understanding Government Debt
5/02/08
Tracing Fiat Money Flows 2/16/13
Managing Treasury Flow of Funds 2/05/08
Seigniorage 10/10/10
Official Debt and Public Debt 1/31/05
On Government Trust Funds 8/22/05
Anatomy of a Government Bailout 7/01/11

6. POLICY ISSUES
Formulating Monetary Policy 1/07/01
A New Implementation of Monetary Policy? 3/13/11
Formulating Fiscal Policy 2/16/02
The Trade Deficit 3/30/09
The International Dollar Standard 11/29/04
Dollarization 4/13/02
Tax or Borrow? 10/08/07
The Social Security "Crisis" 1/20/08

7. MORE TO THINK ABOUT
Do Deficits Matter? 4/19/10
Money and Inflation 7/02/04
Money in Motion 1/11/07
The Myth of the Money Multiplier 3/17/04
What Happened to the Money? 9/08/03
Are Taxes Really Necessary?
5/07/09
In Defense of Private Banking 2/03/06
Saving and Investment 3/25/05
The Interest Time Bomb 11/2/11
Monetizing the Gold Stock 1/07/08
The Time Value of Money 11/14/07
Counterfeit Money, Who Takes the Hit? 6/08/06

8. REVIEWS AND QUOTES
Another View of Money and Credit 1/31/00
Creditary Economics 4/12/01
Commodity vs Fiat Money, A Unified View 5/29/04
Subway Tokens and Social Security 7/20/00
Minsky's Analysis of Financial Capitalism 10/28/02
The Debt and the Deficit 3/31/99
The Need for a Budget Deficit 11/02/98
The Death of Inflation 1/22/98
The Fault Lines of Monetarism 12/01/99
The Hierarchy of Money 8/14/99
The Credit Theory of Money 11/14/04
Metallism versus Chartalism 8/16/99
The Macroeconomics of Credit Money 1/22/98
Alan Greenspan on Currency Reserves 7/18/03
Warren Buffett On Derivatives 3/15/03
Fifty Years of Central Banking 6/05/02
The Australian Monetary System 11/29/99
The Canadian Monetary System 11/11/04
Suggested Reading 5/06/04

9. ON INVESTING
A Sleep Well Portfolio 8/26/06
Bond Values and Interest Rates 8/26/06
Bonds and the Long Term Investor 1/22/98
Stocks vs Bonds 1/22/98
Treasury Inflation-Protected Securities 8/26/06
Series I Savings Bonds 8/14/05
Yield to Maturity 5/27/00
Yield on "Tax-Free" Muni Bonds 3/16/04
Market Timing 1/22/98

10. TEST YOUR KNOWLEDGE
U.S. Currency Quiz 5/13/09
Money and Banking Quiz 5/31/04
Government Finance Quiz 7/13/04
Long Term Investing Quiz 5/31/04

11. FUN ZONE
Quiz for Executive Ability 4/26/02
Design Principles 10/08/99
The Thermodynamics of Hell 10/03/98
Please Send the Money 10/12/99
The Golden Dollar 5/28/00
Ode to Money 1/22/98
More Doggerel 1/22/98
A Few Poems 4/09/01

12. EXTERNAL LINKS
Background Information 8/22/12
Financial Data - Current and Historical 7/31/13

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Your Host   Unless otherwise noted, the articles on these pages were authored by  William F Hummel