Naked Money: A Revealing Look at Our Financial System
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Charles Wheelan’s wonderfully whimsical, best-selling Naked series tackles the weird, surprisingly colorful world of money and banking.
Consider the $20 bill.
It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot?
In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.
15 illustrations
Publisher : W. W. Norton & Company; Reprint edition (April 11, 2017)
Language : English
Paperback : 368 pages
ISBN-10 : 0393353737
ISBN-13 : 978-0393353730
Item Weight : 2.31 pounds
Dimensions : 5.5 x 0.9 x 8.3 inches
Customers say
Customers find the book to be an easy and intelligently written read. They say it’s a great introduction to money and the banking system. Readers appreciate the fun and interesting anecdotes and occasional footnotes with fun facts. They also mention that the information is informative and relevant.
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13 reviews for Naked Money: A Revealing Look at Our Financial System
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Cirrus1500 –
Good coverage about the basic of money. Not clear about why Fiat money preferred over Gold Standard.
A book I enjoy very much. Very intelligently written. However, there are a few places that the author mentioned about the current fiat money being better than the gold standard, and that even experts do not recommend going back to the gold standard, but the book does not explain clearly why. This viewpoint is just the opposite to that of the other âBitcoin Standardâ book by Ammous, which I am reading now, that argues that the gold standard is far superior to the fiat currency we use today, and it was the suspension of the gold standard that cause the deepening of the Great Depression.I am still trying to find the answer to whether Gold Standard should be better using Fiat Currency or not. Also, I wish it is more updated about the situation in the various regions of the world recently. E.g. how the deflation situation in Japan is, now that all elsewhere in the world are having issues with inflation. Other than that, I enjoy this book very much.
Zane Mann –
Great book on money
I’ve read Wheelan’s book on Statistics as well as this one and they are both great. Wheelan helps break down complex (and often boring) subject matter into easy to digest chapters, with fun and interesting anecdotes. I’d highly recommend either of these books, and I’m looking forward to reading his other “Naked” book on Economics.
Dog Lover –
Not The Economics Your Dad Use to Drive!
I hear the author on a financial show and the topic sounded interesting. He explains the issues in a simplistic and understandable way. I have found only a few parts to be dry but every book is that way. I would recommend reading this bookIn college I took two quarters of Econ but it only solved my insomnia. The author presents the material in a way that will NOT put you to sleep.
Marsha –
Great for many reasons
Here are the reasons it’s great:-It seems unbiased to me. It shares pros and cons in many situations.-It’s entertaining.-It really takes the time to illustrate concepts in a way that helps a lay person understand.He has a few other books. I’ve also read Naked Economics and felt the same way about that one. Great author.
TFS –
Interesting book.
a good read.
Carl D Motes –
Not too hard, not too easy. Just right.
Readers with an interest in banking, macroeconomics and central banking will find this book delightful. I wish I had his examples available when I was a student. He includes enough economic analysis to make it not too easy and enough down to earth examples to make it not too hard. Highly recommended.
Craig Henderson –
If you need a Chicago Liberal’s POV on $, then get the book.
Very informative. Very easy to read. Explains everything that is going sideways in BIDEN’s America .
Merek L Roman –
(Snark + Metaphors ) * Dense Banking Material
Iâm working on my masters in Applied Economics and I really wish I would have read this book before my masters level macro class because this explains The Fed a lot better than any textbook would, and whatâs important is that the author footnotes the points he makes that are much more complicated.As far as his political point of view I believe he presents a pragmatic âcentristâ view of the reality we live in and how the institutions work (and are evolving).Lastly, the chapter on Bitcoin is absolute gold and makes crypto currency theory much easier to understand.
Marcos Luz –
This book is a third of a series. Inedible? No. Worth’s your money and time? Yes, maybe. That’s because If you already read the other two books: (naked statistics and naked economics), there is not so much new information on this third volume. In this case, would recommend this third only if you have some spare time… Having said that, Charles did a good job, using easy language and easy examples to illustrate economics ideas and concepts. As I said before, I am a better me after reading these books. Thanks for that Charles…
Julien L. –
In this book,Charles Wheelan succeed to lift the opaque veil surrounding central banking and money in general. In a very simple way, he succesfully guide us toward the inner working of it, without the use of complicated mathematics.Overall, very fascinating read and would recommand 100%.
kasi –
I never came across an economist with style. Iam very happy that the writer has unapologetically betrayed the machinations of the state organism to best serve the interests of its master……guess…
Bedsman –
Best Economics book I have ever read ! Very clear and up-to-date.Astonished to find that I am the first reviewer of this book on Amazon UK – for real in-depth reviews please see the comments on Amazon US, lots of good reviews of this book already done.
Guru Prasath –
The only thing stopping me from giving 5 stars is the fact that the book is somewhat in a worn out condition. I would have paid a little less for a book in such a condition.