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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	6/06/08
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	4/12/09
Banking Basics	6/04/03
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
Recycling Money	10/29/08
Managing Treasury Flow of Funds	2/05/08
Seigniorage	12/26/08
Official Debt and Public Debt	1/31/05
On Government Trust Funds	8/22/05
Anatomy of a Government Bailout	10/3/08 new


6. POLICY ISSUES
Formulating Monetary Policy	1/07/01
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
The Case for a Single National Depository	4/26/09
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?	5/7/09
In Defense of Private Banking	2/03/06
Saving and Investment	3/25/05
The Interest Time Bomb	5/04/07
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	4/12/09
Financial Data - Current and Historical	4/07/09
Personal Websites	12/29/05

MONOGRAPH - A Plan for Monetary Reform

10/14/08

DISCUSSION GROUP ON UNDERSTANDING MONEY
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YOUR HOST Unless otherwise noted, the articles on these pages were authored by William F Hummel