Monetary Science
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What Is Money Series
“What Is Money?”: Defines money. (Aug. 8, 2010)
“What Are the Functions of Money”: Describes the basic functions of money. (Aug. 18, 2010)
“What Is the Difference Between Commodity and Fiat Money”: Explains the difference between commodity money and fiat money. (Aug. 28, 2010)
“Why Did Gold and Silver Become Money”: Explains why gold and silver are preferable to other things as money. (Sept. 8, 2010)
“Real Bills Doctrine”: Explains the real bills doctrine and answers some objections to it.
Real Bills Doctrine -- Part 1 What Is the Real Bills Doctrine? (Aug. 26, 2013)
Real Bills Doctrine -- Part 2 Are Real Bills Real Money? (Sept. 9, 2013)
Real Bills Doctrine -- Part 3 Can Credit Instruments Function as Money? (Oct. 7, 2013)
Real Bills Doctrine -- Part 4 Should Bills of Exchange Be Allowed as Money? (Oct.23, 2013)
Real Bills Doctrine -- Part 5 Do Banks Create Money Under the Real Bills Doctrine? (Nov. 8, 2013)
Real Bills Doctrine -- Part 6 How Will Bills of Exchange Be Paid? (Nov. 25, 2013)
Real Bills Doctrine -- Part 7 Is the Real Bills Doctrine Inherently Inflationary (Dec. 31, 2013)
Real Bills Doctrine -- Part 8 Does Discount Rate Control Money Supply? (March 20, 2014)
Real Bills Doctrine -- Part 9 Does Real Bills Doctrine Lead to Excessive Notes in Circulation? (February 12, 2014)
Real Bills Doctrine -- Part 10 Is the Real Bills Doctrine Another John Law Scheme? (April 28, 2014)
Real Bills Doctrine -- Part 11 Do Real Bills Eliminate the Need for Savings? (May 15, 2014)
Real Bills Doctrine -- Part 12 Does Fractionalization Occur Under the Real Bills Doctrine? (May 20, 2014)
Reviews and Analyses
“Analysis of the Monetary Reform Act”:Part I, Part II: Identifies flaws in the Monetary Reform Act, which is another fiat monetary reform scheme. (January 2011)
“Analysis of Byron Dale’s Monetary Reforms as Presented in Bashed by Bankers”: Identifies flaws in Dale’s monetary reform proposal. Dale proposes to replace the current monetary system with paper money printed by the U.S. government to build and maintain roads. (July 17, 2009)
“Analysis of the American Monetary Institute’s American Monetary Act”: Identifies flaws in AMI’s proposed monetary act to reform America’s monetary and banking system. AMI proposes to replace the current monetary system with paper money printed by the U.S. government to fund infrastructure including healthcare and public schooling. (July 10, 2009)
“Analysis of Charles Norburn’s Monetary Reforms as Presented in Honest Money”: Identifies flaws in Norburn’s monetary reform proposal. Norburn proposes to replace the current monetary system with paper money printed by the U.S. government modeled after the U.S. note of 1862 without the restrictions placed on it. (July 18, 2009)
“Analysis of Richard Cook’s Monetary Reforms as Presented in We Hold These Truths”: Part I, Part II, Part III, Part IV: Identifies flaws in Social Credit and other recommendations of Cook. Cook is a promoter of governmentally issued fiat money. (March 2010)
“A Review of Rudy Fritsch’s Beyond Mises”: Part I, Part II: Reviews Fritsch’s book, which supports the gold standard and real bills doctrine, with commentary on fiat monetary reformers. (February 2011)
“Anti-Jewish Opposition to the Gold Standard”: Shows that people who oppose the gold standard because of the Protocols of Zion promote a monetary system similar to that promoted by the Protocols. (October 11, 2011)
“Comparison of Three Monetary Systems”: Compares the Treasury Credit Money System (promoted by FREE),the current Federal Reserve System, and the People’s Monetary System. (February 15, 2012)
“Review of Daniel Carr’s ‘FDR’s 1933 Gold Confiscation was a Bailout of the Federal Reserve Bank’”: Refutes Carr’s claim that FDR’s gold confiscation was to bailout the Federal Reserve; shows that it did bailout banks. (January 17, 2013)
“An Analysis of Gods of Money”: Part 1, Part 2: Identifies flaws in Engdahl’s book; most his flaws come from the Lincoln myth and his ignorance of the gold standard and a free market economy. (December 2014)
“An Analysis of Thomas Porter’s The Green Magicians”: Identifies flaws and errors in Porter’s monetary proposals. (January 16, 2015)
“Analysis of Money No Mystery”: Identifies flaws in a proposed fascist monetary system. (July23, 2015)
“Does Money Measure Value and Store Value?”: Argues that Walker is incorrect when he claims in Money that money does not measure value or store value. (August 29, 2018)
“Does the Monetary Unit Determined the Value of Bullion?”: Argues that Weston is incorrect when he claims in Money that the value of the coin determines the value of the gold in coin. (April 12, 2019)
“A Letter: Money and Conspiracy”: Reviews Rittenhouse’s article “Commodities, Fiat, and Theories” and his ideas about money and conspiracies.
Part 1 – Money (August 8, 2019)
Part 2 – Conspiracy (August 17, 2019)
Historical Money
“Massachusetts Notes: The Perfect Money”: Gives a history of the Massachusetts notes, which were issued between 1690 and 1750. (Aug. 29, 2009)
“Assignat: The Nearly Perfect Money”: Gives a history of the assignat, which were issued in France between 1789 and 1796, and its effects on France. (Sept. 6, 2009)
“America’s First Flirtation with Fiat Money”: Gives a brief overview of the first Bank of the United States, causes and financing of the War of 1812, and treasury bills issued to finance the war. (May 24, 2009)
“National Banking System”: Discusses the National Banking Act and the banking system that it established, its features, and its flaws and the conspiracies involved. (Dec. 18, 2009)
“The Continental": Gives a brief history of the Continental, which was used to finance the Revolutionary War, and some of its effects. (April 17, 2011)
“The Silver Dollar 1873-1900" (Part I, Part II, Part III, Part IV): Shows that the silver dollar between 1873 and 1900 was fiat money; exposes the results; focuses on the Coinage Act of 1873, Bland-Allison Act in 1878, Sherman Act, and Gold Standard Act of 1900. (Sept. 2011)
“The U.S. Note, 1862-1879" (Part 1, Part 2, Part 3, Part 4): Gives a brief history of the U.S. note, greenback, with an emphasis on who benefited and who lost and on the proponents and opponents. (Sept. and Oct. 2014)
“America’s Adulteration of the Gold Standard”: Describes America’s adulterated gold standard. (December 5, 2017).
Poor Articles
One thing that I have learned from writing these Poor articles is that most of the stupid notions that today's economists have run deep into the nineteenth century. One would have thought that today's economists would have corrected the errors of these early economists instead of amplifying them.
“Poor on the Velocity of Money”: Discusses the velocity-of-money concept and Poor’s disagreement with it. (January 20, 2017)
“Poor on Aristotle”: Reviews Poor’s discussion of Aristotle’s concept of money. (May 5, 2017)
“Poor on Law”: Reviews Poor’s discussion of John Law’s concept of money. (June 1, 2017)
“Poor on Hume”: Reviews Poor’s discussion of David Hume’s concept of money. (June 28, 2017)
“Poor on Stewart”: Reviews Poor’s discussion of Dugald Stewart’s concept of money. (July 25, 2017)
“Poor on Huskisson”: Reviews Poor’s discussion of William Huskisson’s concept of money. (August 29, 2107)
“Poor on Ricardo”: Reviews Poor’s discussion of David Ricardo concept of money. (October 2, 2017)
“Poor and Rist on Tooke”: Reviews Poor’s and Rist’s discussion of Thomas Tooke’s concept of money. (October 28, 2017)
“Poor on McCulloch”: Reviews Poor’s discussion of James McCulloch’s concept of money. (November 25, 2017)
“Poor on Macleod”: Reviews Poor’s discussion of Henry D. Macleod’s concept of money. (December 21, 2017)
“Poor on Gilbart”: Reviews Poor’s discussion of James Gilbart’s concept of money.(January 14, 2018)
“Poor on Fawcett”: Reviews Poor’s discussion of Henry Fawcett concept of money. (February 7, 2018)
“Poor on Jevons”: Reviews Poor’s discussion of W. Stanley Jevons’ concept of money. (March 18, 2018)
“Poor on Price”: Reviews Poor’s discussion of Bonamy Price’s concept of money. (April 11, 2018)
“Poor on Bown”: Reviews Poor’s discussion of Francis Bown’s concept of money. (May 5, 2018)
“Poor on Sumner”: Reviews Poor’s discussion of William Sumner’s concept of money. (May 29, 2018)
Gold Standard
"What is the Gold Standard?": Described the true gold standard. (July 22, 2013)
"Returning to the Gold Standard": Offers recommendations for returning to the true gold standard. (Feb. 15, 2015)
"Is the Price of Gold Fixed Under the Gold Standard": Shows that the price of gold is not fixed under the gold standard. (May 11, 2015)
"Extinguishing Debt": Shows that gold extinguishes debt while bank notes and government notes merely discharge debt by transferring the debt to the bank or government. (July 1, 2016)
Objections to the Gold Standard
“There Is Enough Gold”: Answers people who oppose the gold standard because there is not enough gold. Shows that more than enough gold (and also silver) exists to accommodate world trade and commerce several times over. (May 30, 2009)
“Response to Dale’s Analysis of ‘There Is Enough Gold'”: Answers issues raised by Dale in his analysis. Gives more details on the gold standard and real bills doctrine and how money comes into existence without government or banks. (Sept. 19, 2009)
“Is Gold Too Easy to Manipulate?”: Answers people who oppose the gold standard because it is to easy to manipulate. Shows that gold is not easily manipulable. (June 5, 2009)
"You Cannot Eat Gold": Answers people who oppose the gold standard becuase gold cannot be eaten. (Sept. 20, 2016)
"Is the Gold Standard Is Antiquated?": Argues that the gold standard is not antiquated. (December 30, 2016)
"Slowness of Gold to Adjust to Needs": Refutes this argument against the gold standard. (January 30, 2017)
"Gold is Sterile": Argues that gold is not sterile but severs a useful purpose even when it is not circulating. (February 28, 2017)
“Gold Miners and the Gold Standard”: Shows that gold under the gold standard is not at the mercy and whim of the gold industry. (March 30, 2017)
“Gold Confiscation”: Discusses the possibility of gold confiscation by the government. (May 14, 2017)
Paper Money
"Bank Notes and the Real Bills Doctrine": Explains the relationship of bank notes and the real bills doctrine. (Feb. 3, 2016)
"Do Bank Notes Cease Representing Merchandise?": Argues that bank notes never cease representing merchandise under the real bills doctrine. (Feb. 15, 2016)
"Difference Between Bank Notes and Government Notes": Explains the difference between bank notes and government notes. (March 3, 2016)
"Paper Money and the Gold Standard": Shows that the gold standard does not exclude the use of paper money. (September 16, 2017)
“Inconvertible Paper Money: The Ideal Money”: Discusses arguments presented in favor of inconvertible paper money that it is superior to metallic coin and identifies flaws in these arguments. (November 10, 2018)
Other Monetary Articles
“Gold and Silver as Fiat Money”: Shows that gold and silver can be used as fiat money or incorporated into fiat monetary schemes. (June 23, 2009)
"Gold-Exchange Standard": Explains the gold exchange standard and identifies some of its flaws. (March 18, 2011)
“Difference Between Real Money and Fiat Money”: Explains the difference between real money and fiat money. (October 18, 2015)
"Gold-Backed Currencies": Argues that merely backing a currency with gold is meaningless and is not a gold standard and that a county does not need to stockpile gold to return to the gold standard. (May 20, 2016)
"Constitutional Money": Explains what the US Constitution declares to be money. (September 30, 2016)
“Land-Backed Currency”: Shows that land-backed currency is low quality currency. (March 11, 2017).
“Discounting Accommodation Bills”: Argues that discounting accommodation bills is not acceptable under the real bills doctrine. (June 10, 2017)
“Why Silver Fell in the 1870s and Gold Rose in the 1970s”: Explains why silver fell in value (price) in the 1870s while gold rose in value (price) in the 1970s. (July 7, 2017)
“Should the Silver Standard Accompany the Gold Standard?” Argues to that the silver standard should accompany the gold standard to protect it from degenerating into a fiat monetary standard. (August 3, 2017)
“Rist on Mollien’s Idea About Bank Notes”: Presents Rist’s discussion of Mollien’s ideas about bank notes. (October 29, 2019)