The Mechanics of Money

Front Matter....Pages i-25
Introduction....Pages 26-28
Front Matter....Pages 29-29
What is money?....Pages 31-33
How money works....Pages 34-38
Three keys to monetary analysis....Pages 39-41
The first key-Payment....Pages 42-47
The second key-Clearing....Pages 48-64
The third key-Reduction....Pages 65-82
Use of the three keys, first example-Banks and Non-banks....Pages 83-87
Use of the three keys, second example-Eurodollars and Eurodollar banks....Pages 88-99
Use of the three keys, third example-Investment on the basis of monetary creation....Pages 100-115
Front Matter....Pages 117-117
Nature abhors a vacuum....Pages 119-123
Monetarists and monetarians....Pages 124-131
The uncertainties of monetary regulation....Pages 132-154
A flaw in monetary thinking....Pages 155-165
The search for a new monetary indicator....Pages 166-180
Monetary creation and inflation....Pages 181-185
The taboo of inconvertibility....Pages 186-224
Front Matter....Pages 225-225
The implications of present-day monetary disorders....Pages 227-228
The International Monetary Fund and its Special Drawing Right....Pages 229-242
An American view of composite currency units....Pages 243-248
Front Matter....Pages 225-225
An extranational payment unit with constant purchasing power: the Eurostable....Pages 249-262
Thirty questions on the Eurostable....Pages 263-289
Epilogue....Pages 291-308
Back Matter....Pages 309-319