A primer on money, banking, and gold by Peter L. Bernstein

A primer on money, banking, and gold by Peter L. Bernstein

By Peter L. Bernstein

One of many finest monetary writers of his new release, Peter Bernstein has the original skill to synthesize highbrow background and economics with the speculation and perform of funding administration. Now, with vintage titles corresponding to Economist on Wall highway, A Primer on cash, Banking, and Gold, and the cost of Prosperity—which have forewords through monetary luminaries and new introductions via the author—you can get pleasure from the very best of Bernstein in his prior Wall road days.

With the proliferation of economic tools, new components of instability, and cutting edge capital industry recommendations, many economists and traders have overlooked the basics of the monetary system—its strengths in addition to its weaknesses. A Primer on cash, Banking, and Gold takes you again to the start and kinds out the entire pieces.

Peter Bernstein skillfully addresses how and why advertisement banks lend and make investments, the place funds comes from, the way it strikes from hand handy, and the serious position of rates of interest. He explores the Federal Reserve process and the implications of the Fed's activities at the total economic climate. yet this ebook is not only concerning the earlier. Bernstein's novel point of view on gold and the buck is necessary for latest choice makers, as he offers large perspectives at the way forward for cash, banking, and gold on the earth economy.

This illuminating tale concerning the middle of our economy is vital examining at a time whilst advancements in finance are extra very important than ever.

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Extra resources for A primer on money, banking, and gold

Example text

On the other hand, since this money will either remain for a long time or at least for a specified period, the banker needs to hold only a small cash reserve against it and, in fact, can lend or invest it on a relatively long-term basis.

Rather, the very largest part of the money in our bank accounts today, which we received yesterday and may be spending tomorrow, originally came into being when some commercial bank officer approved a loan to a customer or decided to invest in a marketable security. ∗ ∗ The use of the adjective “commercial” is extremely important. indd 39 7/16/08 10:01:26 AM a p r i m e r o n m o n e y, b a n k i n g , a n d g o l d And we now begin to look at these proverbially starch-collared, fishy-eyed businessmen from a new viewpoint.

He therefore decides to step up his production schedules and to produce an additional 10 million pencils on which he expects to generate $100,000 in extra sales in the coming year. But first he is going to have to look around for the money to finance the additional production. He will have to obtain extra amounts of wood, lead, and rubber. He may need new workers or will have to pay his present staff for overtime work. He may even need a new plant or additional machinery. One way or another, he will have to find some way of paying for this expansion, since his customers, whether retailers or wholesalers, will probably pay him only thirty days or so after receiving the merchandise he has shipped to them.

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