Naked Money: A Revealing Look at What It Is and Why It Matters

Naked Money: A Revealing Look at What It Is and Why It Matters

Charles Wheelan / Jul 21, 2019

Naked Money A Revealing Look at What It Is and Why It Matters Consider the bill It has no 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

  • Title: Naked Money: A Revealing Look at What It Is and Why It Matters
  • Author: Charles Wheelan
  • ISBN: 9780393069020
  • Page: 171
  • Format: Hardcover
  • Consider the 20 bill.It has no 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 theConsider the 20 bill.It has no 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 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 , 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.

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    • ☆ Naked Money: A Revealing Look at What It Is and Why It Matters || ☆ PDF Read by ☆ Charles Wheelan
      171 Charles Wheelan
    • thumbnail Title: ☆ Naked Money: A Revealing Look at What It Is and Why It Matters || ☆ PDF Read by ☆ Charles Wheelan
      Posted by:Charles Wheelan
      Published :2018-010-21T23:48:46+00:00

    About "Charles Wheelan"

      • Charles Wheelan

        Charles Wheelan is a senior lecturer and policy fellow at the Rockefeller Center at Dartmouth College He joined the Dartmouth faculty fulltime in June of 2012.Wheelan s most recent book, Naked Statistics Stripping the Dread from the Data, was released by W.W Norton in January of 2013 Three weeks later, it reached the New York Times bestseller list for hardback nonfiction The San Francisco Chronicle called it a brilliant, funny new book The New York Times described Wheelan as the Dave Barry of the coin flipping set From 2004 to 2012, Wheelan was a senior lecturer in public policy at the Harris School of Public Policy at the University of Chicago He taught several courses on understanding the policy process for Master s students For the 2004 05 academic year, he was voted Professor of the Year in a Non Core Course by the Harris School student body.In the fall of 2005, Wheelan created and taught the inaugural International Policy Practicum IPP , in which 12 students studied economic reform in India for an academic term followed by a 10 day trip to Bangalore and Delhi to meet with economists, politicians, educators, civic leaders, and other experts Subsequent IPPs have visited Brazil Jordan and Israel Turkey Cambodia and Rwanda and Madagascar.In March of 2009, Wheelan ran unsuccessfully for Congress as the representative from the Illinois 5th District in the special election to replace Rahm Emanuel In its editorial assessing the race, the Chicago Sun Times wrote, Voters will find a ballot filled with impressive and thoughtful candidates especially Charlie Wheelan, a University of Chicago lecturer who combines a razor sharp mind with a boatload of charm and an impressive expertise in economics and foreign policy We expect great things from Wheelan in the future Prior to joining the faculty at the University of Chicago, Wheelan was Director of Policy and Communications for Chicago Metropolis 2020, a business backed civic group promoting healthy regional growth in the Chicago area.From 1997 to 2002, Wheelan was the Midwest correspondent for The Economist His story on America s burgeoning ex convict population was the August 10, 2002, cover story He has written freelance articles for the Chicago Tribune, the New York Times, the Wall Street Journal and other publications.Wheelan s first book, Naked Economics Undressing the Dismal Science, was published by W.W Norton Company in 2002 The book, an accessible and entertaining introduction to economics for lay readers, was released in paperback in September 2003 and is now published in 13 languages, including Arabic and Hebrew The Chicago Tribune described Naked Economics as clear, concise, informative and gasp witty In 2007, Naked Economics was selected by 360 Degrees of Reading as one of the 360 books that every college bound student should read, alongside authors ranging from Sophocles to Malcolm X Naked Economics was also selected as one The 100 Best Business Books of All Time by 800 CEO READ.Wheelan is also the author of 10 Things No Commencement Speaker Has Ever Said and An Introduction to Public Policy, a comprehensive textbook on public policy published by W.W Norton in November of 2010.Wheelan holds a Ph.D in public policy from the University of Chicago, a Master s in Public Affairs from Princeton University, and a B.A from Dartmouth College He lives in Chicago with his wife and three children.


    1. Surprisingly enjoyable book on monetary policy. I still can't get a handle on exchange rates, but I understand much better the role of a central banking system and why moving back to the gold standard is silly/unworkable.Unfortunately lost this (physically) about 3/4 the way through :( Might grab from the library and finish at a future date

    2. “Naked Money,” by Charles Wheelan, has a primary goal and two secondary goals. The primary goal, admirably accomplished, is to simply, but not simplistically, explain monetary policy. One secondary goal, also well accomplished, is to defend fiat money against those who call for going back to a currency backed by gold or some other physical asset. The other secondary goal, less well accomplished, is to justify aggressive government action, in particular by central banks, to shore up the Ameri [...]

    3. Excellent. This is not a personal finance book, but rather a deeply informative book about what money is and how it works, what banks are and how they work and what happens when they stop working; it even goes a little bit into why that happens. This naturally includes a lot of difficult concepts such as inflation, deflation, central banking (i.e. The Fed), Bitcoin and etc. which are explained in a fun, humorous, easy to understand way, without an obvious political bias and with a positive outlo [...]

    4. Probably 4 stars for the layperson, I get a lot of exposure to monetary policy at work. That said, author does a fine job explaining fiat money, prices/inflation, central banks, and exchange rates. His explanation of the Great Depression (France hoarded gold while the US had tight monetary policy, causing an artificial shortage of reserves) includes the example of George Bailey in "It's a Wonderful Life" which is quite relevant and accurate. In the US, there wasn't enough currency to go around, [...]

    5. I like the book for its neat overview on multiple fronts which include but not limited to Inflation, Euro, US-China and Bitcoin. Most of the book was interesting with the help of analogies, I liked the way he explains things in a simple way because this is a dry subject to some and it can get bland easily. I, however, have to disagree with his assessment on Bitcoin, I think Bitcoin is here to stay and thrive as it is decentralized and valuable.

    6. This is a lowish 3 stars, but then I'm not the target audience. I read this book for a class, a class involving other books that contained more advanced discussions of monetary policy. That made all the material in this one seem overfamiliar and basic. If I were coming at this without that background, I suspect I would have found it more engaging: if you want to learn the fundamentals of exchange rates, the central banks like the Federal Reserve, and other elements of monetary affairs, this is p [...]

    7. One of the better books on economics. The author brings some wit to the dreary jargon associated with international trade, banking, and Wall St. machinations. Excellent commentary on why the once worshipped gold standard has fallen by the wayside and why it would not be practical to revive it. Very good analysis on the U.S.-China trade and currency relationship and the perils for both should it hit turbulent times. Also extensive coverage on why mild inflation is good (mostly) and why deflation [...]

    8. I really enjoyed listening to this. Not only the author does a great job at explaining the role of currencies throughout history and in modern days, it also covers modern issues, such as the dependency relationship between the U.S. and China and the financial crisis of 2008. The amount of material covered by this book and its importance to understanding modern economic and financial systems make it worth reading more than once.

    9. Great nutshell economic history, but not much discussion about the debates about all of these things. It's billed as an explanation, but many of these principles are hotly contested and are by no means settled principles. But it's still worth a read.

    10. This book is a great introduction into monetary policy and why it is important. It is simple enough for most people to get through it and has enough detail to keep everyone entertained.

    11. Loved this book just as much as Naked Economics if not more. Why don’t all Americans know this stuff? It would drastically improve our personal and political decisions. I want to put the entire book in quotations and tell you to read it, but in case you don’t want to do yourself the favor, here are some highlights:“There is a fundamental structural, feature of banking, which if not guarded against leads to such crisis.” (Pp 72-3). The historic tendency was to see a crisis, crash, or pain [...]

    12. I love Charles Whelan. Picking up Naked Economics: Undressing the Dismal Science my sophomore year of high school opened my eyes to the beauty and challenges of the discipline. Whelan's writing is accessible, whimsical, and helps illuminate the fundamentals of his craft. From rai stones to pouches of mackerel to the good old-fashioned dollar, Whelan reminds us that monetary systems come in all shapes and sizes, and, like all free markets, are predicated on the belief of its users.I appreciated h [...]

    13. This was a incredibly interesting book to read about money (notwithstanding the title), Charles Wheelan does an absolutely incredible job of breaking down what I considered boring and dry economic terms like stagflation, inflation, and deflation into an incredible look at what money is and what it takes to keep money flowing in a healthy economy. Honestly, I didn't know that so much was involved, especially from the perspective of the Federal Reserve, which is what the book tends to focus on.Cha [...]

    14. Great book. Money policy and economics is not something that I ever understood before. This book strips away all the mystery and gets to the bare, simple structure of barter, trading, swapping and market-making and how politics and manipulation have made such a mess of things today. There was some complex and advanced discussion of macro and micro economics which I would like to further educate myself on later on. Right now, I just want to focus on the basics of economics. Because I liked this a [...]

    15. Wheelan precisely and concisely defines money as a unit of account, a store of value, and a medium of exchange. In a sense it is equivalent to credit. By definition banking will arise spontaneously. The role of central banking is to be a lender of last resort and stabilize prices. Monetary policy however has its limitation in preventing or minimizing financial crisis: sound regulatory mechanisms and fiscal policies are also required. He tell explains why Abeconomics may not actually work, why th [...]

    16. The best book in the 'Naked' series - Wheelan hits his stride and drops the pretense of trying to trick you into becoming interested in the subject matter with overly simplistic analogies. The first part lays out the theory behind modern monetary policy (his view is pretty similar to Ray Dalio's, but with more macroeconomic detail); the second walks through a number of examples (the Great Depression, Japan's lost decades, the crisis in '08, etc.) Some weird points on the viability of the Eurozon [...]

    17. In which the author explains in plain language what money really is & why it matters. Sounds simple but along the way I got to understand how economies work; China, Japan, even bitcoins. Of course it's one thing to understand how money works, yet another to actually earn/accumulate lots of it - now that's the book I need to read next.

    18. A fascinating book just like the other two Naked ones by Mr Wheelan. Money does matter. So do central bankers and financial regulators because our financial system is inherently subject to surges of exuberance and despair. At least some central bankers deserve respect for stopping problems before they happen or deteriorate.

    19. Lighthearted explanation of all things monetary. Other than being a bit of a fanboy of the Fed, seemed like a well-balanced book. It helped me understand a lot of things I've been meaning to figure out.

    20. Great book to understand money Such an easy book to understand such a complex system. Great book if you want to understand what the money is

    21. I was ambivalent about reading this, since I know how money works, but Charles Wheelan's other stuff was good (Naked Economics: Undressing the Dismal Science and Naked Statistics: Stripping the Dread from the Data). I'm glad I did; not only is the writing engaging, but Wheelan found some topics that almost anyone with an interest in monetary policy will enjoy. That includes both of my economist friends!A lot of basics are covered, including why inflation is bad and deflation is worse, real vs. n [...]

    22. If Part 2 had been the whole book, I could easily have rated it 5 stars! The second half of the book gives great insight into Europe, China, and the differences between the Great Depression and Great Recession. It was interesting, engaging, and about as entertaining as an economics book can be.But Part 1 is a necessary part of the book for those completely unfamiliar with monetary policy and how it works. It's extremely dry material, but that's not necessarily Wheelan's fault. However, he didn't [...]

    23. This was a very good refresher on the basic nature of money and monetary policy written in an easy to read style. Wheelan adds humor and interesting historical anecdotes to liven up the more mundane aspects of money, banking, and governance. The book starts by covering the three basic functions of money in society, the pitfalls of too much inflation (or deflation), and the function of prices. Then, the deeper concepts of banking, financial crises, and central banking are covered. Wheelan does a [...]

    24. This is the best Wheelan book I have read due mostly to the historical aspect of monetary policy that is covered. I'd recommend this to anyone who is ever been curious about past recessions, exchange rates, of the Federal Reserve.

    25. Every one should read this book. Every single one of you. Anyone who has ever had an opinion about monetary policy; anyone who has ever worried about inflation; anyone who suffered through the financial crisis (and anyone fearing it will happen again); anyone who has ever complained that their interest rate was too high (or too low); anyone who has ever considered voting for Ron Paul.Basically anyone who uses money. This book will teach you more about how the financial system, both in the US and [...]

    26. I AM BUYING THIS BOOK.Why is this relevant? Because I live in NYC, where real estate and bookshelf space is at a premium, and I liked this book so much I'm going to buy it!Wheelan does a great job laying out in layman's terms, with a touch of humor, the function of money, central banking, and a high-level walkthrough of the various financial crises that have plagued the world in recent history, most notably Japan's lost decades, Grexit and ongoing questions of Euro sustainability, and of course [...]

    27. I really liked this book and will read his others-- I have no background in this area and found it clear and engaging. I feel a lot better informed about money, the Fed, global and domestic policies and politics.

    28. Thoughtfully written as an excellent introduction to the many concepts of money, the argument for the federal reserve (and the cruciality of political independence), and the consequences of poor monetary policies. Humorous and easy to understand. I'd recommend starting with this book before digging into other more detailed books on the 2008 financial crisis (Timothy Geithner's THE STRESS TEST and Ben Bernanke's THE COURAGE TO ACT are both insightfully written accounts by two key players of the c [...]

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