A monetary history of the United States, 1867-1960

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1. jeffreyrogersSep 2022
   Money Creation in the Modern Economy. By Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate. Bank of England Quarterly Bulletin. Q1, 2014.

   The Man Who Knew: The Life & Times of Alan Greenspan. By Sebastian Mallaby.

   The Courage to Act: A Memoir of a Crisis and its Aftermath. By Ben Bernanke.

   Lombard Street: A Description of the Money Market. By Walter Bagehot.

   The Future of Money. By Eswar Prasad.

   (The following two are mentioned at the end of the article)

   “A Monetary History of the United States, 1867-1960” by Milton Friedman and Anna Schwartz.

   “The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster” by Lawrence Ball.

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2. sonimanNov 2020
   According to Wikipedia the most famous book on the depression, Friedman and Schwartz's A Monetary History of the United States, 1867–1960 offers a single cause for the great depression, falling money supply. That might be right or wrong, I don't know. But I know that Housel's "it was a lot of things" is lazy thinking that sounds like wisdom.
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3. jganetskJan 2017
   Few things wrong in your post:

   > So your scenario of paying off debt for one year just pushes the inevitable out one year.

   There is enough debt out there that the poor can spend many years paying it off.

   > Raising the minimum wage eventually has a similar effect. Ask yourself why a loaf of bread isn't $0.05 any more (it surely was sometime in the past 200 years). The obvious answer is inflation. But why? Why did prices increase over time? What economic pressure caused that?

   Milton Friedman and Anna Schwartz wrote A Monetary History of the United States, 1867-1960, where they made the claim "inflation is always and everywhere a monetary phenomenon" [1] Thus, the reason why a loaf of bread isn't $0.05 anymore is because of the expansion of money supply, not because of raising minimum wage. The article suggests financing basic income through tax revenues -- and even doing so without raising the deficit. It is not suggesting expanding money supply. Milton Friedman himself even supported the kind of basic income described in the article, which he called a "negative income tax" [2]

   [1] https://en.wikipedia.org/wiki/Monetarism

   [2] https://en.wikipedia.org/wiki/Milton_Friedman#Social_securit...

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