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The Mystery Of Banking Paperback – February 23, 2012
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Top Customer Reviews
The serious flaw deals with free banking, his ideal model. In the main text, he provides Scotland in the early 1800s as his only real-world example. Then, in an appendix, he admits that he was duped by poor research and that the Scottish system was not free after all. Fine and good, but he does not then provide a better example to prove his hypothesis. One is left to assume that free banking has either never been tried (quite likely) or never worked in the way his theories suggest.
This book is especially timely with the recent financial issues facing the US.
Some of the main questions he explores are: What is money? What is the money supply and how much of it do we really need? How do modern commercial banks work? What is the purpose of the central bank and how does it operate? And how did all of this evolve into the current system that we have today, which itself was only possible with the power of government. Murray also explains the nature of the business cycle(boom and bust), and how the business cycle is a direct result of the inherent nature of the banking system, and not the result of free markets or capitalism like everyone assumes. Murray filters out all of the financial and economic jargon used in the media that only confuse the wide public, as well as many economists themselves.
I think most readers will be shocked to learn how a modern bank works and will immediately feel the urge and need to spread the information to others. I think many bankers themselves will be shocked to learn how the broad theory of operation itself is actually hidden from the common bank employee. In the context of the current financial turmoil, the reader will immediately grasp the vast ignorance among the public, politicians, and many so called experts. This is simply a must read for the ordinary person, the banker, as well for the professional economist.
Most Recent Customer Reviews
Outstanding overview on the mechanics of fractional reserve banking and how the current system creates the booms and busts of the business cycle.Published 2 days ago by Osten R.
This was the third book in a series which I read to try and understand the gobbledegoop that was my previous level of knowledge and the light bulb finally clicked. Read morePublished 3 months ago by Raymond A. Dumas
It contains an excelent chapter on the origin of bankingPublished 3 months ago by sebastian benavides
When reading this book you have to really take your time and read it(sometimes you need reread the chapter). Read morePublished 4 months ago by Amazon Customer
A long book on the benefits of the gold standard. Over and over again. This is not modern economics. Read morePublished 7 months ago by Finchus Maximus
Although published 25 years ago, this inexpensive ($3.82 when I bought it) book about banking is definitely as relevant today as it was when written. Read morePublished 8 months ago by systemguy