Category: Livres anglais et trangers,Business & Investing,Popular Economics
Modern Money Mechanics Details
This reprint presents Modern Money Mechanics as it was originally published by the Federal Reserve Bank of Chicago in editions ranging from 1961-1992. The last revision, made in 1992, was most recently published in 1994. As a description of our money system since the time of the creation of the Federal Reserve, hard money advocates, political libertarians and others have found the content of this book damning and used it as part of a general critique of American fiat currency. This booklet has been cited by Gary North, Lew Rockwell, the U.S. and U.K. Libertarian parties and many others. It even features in YouTube videos. As a simplified model for fractional reserve banking, Modern Money Mechanics remains an excellent beginning, one that can be read in a single sitting and one that has the advantage of showing us the Federal Reserve presenting itself and its operations to a broad, mass readership.
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Reviews
Ce fascicule de la Banque Fdrale de Chicago (entit de la FED) -en anglais hlas- explique comment le systme bancaire (priv) cre de la monnaie partir de rien. Ainsi, tout fait lgalement, sans cration d'autre mcanisme douteux, l'mission par ltat d'un bon du trsor d'un montant donn, amne la FED crer la mme somme en monnaie -jusqu'ici, tout va bien-, mais celle-ci voyageant de banque en banque par mcanisme de prts/emprunts embots vrifiant simplement la garantie d'une rserve lgale de 10% sur le capital prt entrane par cumul la cration d'une masse montaire pouvant atteindre neuf fois le montant du fond initial (fig. p. 11). Bien entendu, tout cet argent cr partir de rien est soumis un intrt qui doit tre pay par les emprunteurs. Ce systme assure par construction que la somme des dettes contractes ne sera jamais rembourse.
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