A Primer on Money, Banking, and Gold

One of the foremost financial writers of his generation, PeterBernstein has the unique ability to synthesize intellectual historyand economics with the theory and practice of investmentmanagement. Now, with classic titles such as Economist on WallStreet, A Primer on Money, Banking, and Gold, and The Price ofProsperity—which have forewords by financial luminariesand new introductions by the author—you can enjoy some of thebest of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas ofinstability, and innovative capital market strategies, manyeconomists and investors have lost sight of the fundamentals of thefinancial system—its strengths as well as its weaknesses.A Primer on Money, Banking, and Gold takes you back to thebeginning and sorts out all the pieces.Peter Bernstein skillfully addresses how and why commercialbanks lend and invest, where money comes from, how it moves fromhand to hand, and the critical role of interest rates. He exploresthe Federal Reserve System and the consequences of the Fed'sactions on the overall economy. But this book is not just about thepast. Bernstein's novel perspective on gold and the dollar iscritical for today's decision makers, as he provides extensiveviews on the future of money, banking, and gold in the worldeconomy.This illuminating story about the heart of our economic systemis essential reading at a time when developments in finance aremore important than ever.