The Money Revolution How to Finance the Next American Century 1st Edition by Richard Duncan 1119856264 9781119856269

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ISBN 10: 1119856264

ISBN 13: 9781119856269

Author: Richard Duncan

Learn how the United States can stop and reverse its relative economic decline in this fascinating analysis of American Money, Credit and Capital In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country’s geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. In this book, you will find: An important new history of the Federal Reserve that details the transformation of the country’s central bank from the passive lender of last resort created by its founders in 1913 into the world’s most powerful economic institution today. A fascinating discussion of the evolution of money and monetary policy in the United States over the past century. An examination of the role that credit has played in generating economic growth, especially since Dollars ceased to be backed by Gold five decades ago. A detailed description of the country’s capital structure and its dangerous deficiencies. An urgent call-to-action for the United States to begin a multi-trillion-dollar investment program targeting industries of the future. The Money Revolution: How to Finance the Next American Century is a page-turning read ideal for anyone interested in the future of the United States. Its gripping thesis offers anyone with a personal or professional interest in America’s economy, financial system, or geopolitical position in the world an engrossing intellectual journey.

The Money Revolution How to Finance the Next American Century 1st Table of contents:

PART I: Money

Introduction

CHAPTER 1: The Power of the Fed

The Power to Create Credit

In the Beginning

The Fed’s Balance Sheet: Two Snapshots

Furnishing an Elastic Currency

Providing Credit

Federal Reserve Credit and the Monetary Base

Constraints

Conclusion

Appendix One

Appendix Two

Notes

CHAPTER 2: 1914 to 1920: World War I

The Balance Sheet

Notes

CHAPTER 3: 1920 to 1930: After the War

The Balance Sheet

Conclusion

Notes

CHAPTER 4: 1930 to 1941: The Great Depression

Total Assets

The Great Depression

Gold

Gold Coverage

Excess Reserves

Notes

CHAPTER 5: 1941 to 1945: World War II

War Financing

Balance Sheet

Federal Reserve Credit and Commercial Bank Credit

Deposit Creation by Commercial Banks

Bretton Woods

Conclusion

Notes

CHAPTER 6: 1945 to 1971: The Bretton Woods Era

Assets

Balance Sheet

Federal Reserve Credit

The End of Gold-Backed Money

Notes

CHAPTER 7: 1971 to 2007: After Gold

Assets

Liabilities

Conclusion

Notes

PART II: Credit

Introduction

CHAPTER 8: Credit Creation by the Banking System

Commercial Banks Create Money, Too

How the Process Works

Two Factors Determine How Much Credit Banks Can Create

Credit Creation by Commercial Banks: 1914 to 2007

Why Bank Credit Grew Much Faster than Bank Reserves

Notes

CHAPTER 9: Credit Creation by the Financial Sector

Creditopia

The Non-Bank Financial Sector Creditors

Funding Through Credit Creation

Credit Without Reserves

Appendix

Notes

CHAPTER 10: Credit Creation by ForeignCentral Banks

The Financial Sector Is Not Alone

The Rest of the World

The Liquidity Gauge

Notes

CHAPTER 11: Creditism

A Credit Bonanza

The Debtors

Credit and Wealth

Credit Creation, Not Savings

Creditism’s Achilles’ Heel

Notes

CHAPTER 12: 2007 to 2016: Crisis and Response

Introduction

Meltdown

Saving the Financial System Through Discounting Operations

Reflating the Economy Through Open Market Operations

Why QE Worked

The Fed Was Helped by Other Central Banks

Four Charts

Conclusion

Notes

CHAPTER 13: Creditism Between the Crises

Creditism in Crisis

Financial Sector Debt

Non-financial Sector Debt

Insufficient Credit Growth

Asset Price Inflation

Tightening

Capitulation

Notes

CHAPTER 14: Pandemic

The Policy Response

The Details: 2020 vs. 2008

Notes

CHAPTER 15: Inflation

A Century of Inflation

1919 to 1929

The 1930s

The 1940s

The 1950s

The 1960s

The 1970s

The 1980s

The 1990s

2000 to Mid-2008

Mid-2008 to 2019

2020 to Mid-2021

Notes

PART III: The Future

Introduction

CHAPTER 16: America Must Invest

Why a Large-Scale Investment Program Is Possible

Why a Large-Scale Investment Program Is Necessary

How Much to Invest?

Which Industries to Target

How to Structure the Investments

Government Sharing in the Profits

Conclusion

Notes

CHAPTER 17: Inadequate Investment

Capital Grows

Investment

The Competition

What’s to Be Done?

Note

CHAPTER 18: R&D: The Future Depends on It

Current Investment in R&D

Allocation

Types of R&D

International Comparisons

The Second Great Divergence

Notes

CHAPTER 19: America Can Afford to Invest

Estimates for Government Debt and GDP

The CBO’s Pre- and Post-Pandemic Projections

Investing in the Future

Extremely Conservative Assumptions

Toward a More Realistic Scenario

What If Government Debt Is Higher?

Notes

CHAPTER 20: Monetize the Debt

Financing the Investment Program at No Cost

Seigniorage and Bank Reserves

The Fed’s Balance Sheet Projected to 2031

What Could the Negative Consequences Be?

Appendix

Notes

CHAPTER 21: An Investment Revolution

Introduction

Government Investment in R&D

Working Miracles

America’s New Manifest Destiny

Notes

Conclusion

About the Author

Bibliography

Books

Acts of Congress

Papers

Other Sources

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