Home Page

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	11/26/06
The Money Supply	1/31/05
Money as Credit	7/09/04
The Monetary Base	1/30/05
Some Common Misconceptions	2/11/06
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	5/08/08
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	2/18/05


4. FINANCIAL MARKETS
Fed Open Market Operations	12/12/02
The Repo Market	12/31/02
Eurodollars	1/21/06
Foreign Exchange	2/10/03
Direct vs Indirect Lending	3/03/02


5. GOVERNMENT FINANCE
Recycling Money	7/18/06
Managing Treasury Flow of Funds	2/05/08
Seigniorage	8/20/07
Government Spending	1/25/02
Deficit Spending and the Money Supply	2/04/08 new
Financing the Current Account Deficit	7/30/06
Official Debt and Public Debt	1/31/05
Government Debt versus Private Debt	10/19/06
On Government Trust Funds	8/22/05
Understanding Government Debt	1/02/08 new


6. POLICY ISSUES
Formulating Monetary Policy	1/07/01
Formulating Fiscal Policy	2/16/02
The Trade Deficit	8/25/06
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
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?	4/17/07
Money in a Cashless System	12/12/06
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 new
The Time Value of Money	11/14/07 new
Counterfeit Money, Who Takes the Hit?	6/08/06
A Plan for Monetary Reform	12/06/07


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 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
The Money Market	10/15/99
Warren Buffet 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	5/31/04
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	2/19/08
Financial Data - Current and Historical	2/06/08
Personal Websites	12/29/05

DISCUSSION GROUP ON UNDERSTANDING MONEY
If you would like to join this internet group, please request an invitation at wfhummel@gmail.com

YOUR HOST Unless otherwise noted, the articles on these pages were authored by William F Hummel