Foreword by Paul A. Volcker ix New Introduction xv Original Introduction xxv Part One The Money Problem Chapter 1 Why Worry about Money and Gold? 3 Chapter 2 Spending and Financing 8 Chapter 3 The Price of Money 16 Part Two The Creation of Money Chapter 4 Money in Hand and Money in the Bank 29 Chapter 5 The Business of Banking 39 Chapter 6 Bank Credit and Money 49 Part Three The Control of Money Chapter 7 The Federal Reserve System 69 Chapter 8 Federal Reserve Tools of Control 84 Chapter 9 Reserve Requirements 105 Chapter 10 Currency: A Complication 120 Part Four Gold Chapter 11 Gold at Home 133 Chapter 12 Gold Abroad 142 Part Five Theory in Practice Chapter 13 The Experience of 1938 to 1945 163 Chapter 14 The Experience of 1945 to 1963 176 Chapter 15 The Experience of 1966 188 Conclusion Money and Gold in the Future 203 Appendix Reading the Weekly Federal Reserve Statement 215 Bibliography 227 Acknowledgments 231 Index 233
PETER L. BERNSTEIN is founder and President of Peter L. Bernstein, Inc., established in 1973 as publishers of Economics & Portfolio Strategy and consultants to institutional investors around the world. He is also the author of ten books, including three recent volumes from Wiley?Against the Gods: The Remarkable Story of Risk, The Power of Gold: The History of an Obsession, and Capital Ideas Evolving.
"This book reveals and discusses the link that still exists between money and gold." (Finance & Management Faculty, October, 2008)