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[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] Introduction The purpose of this short book is to provide the intelligent layperson a concise yet comprehensive overview of the theory, history, and practice of money and banking, with a focus on the United

The “yield curve” refers to a graph showing the relationship between the maturity length of bonds—such as one month, three months, one year, five years, twenty years, etc.—plotted on the x axis, and the yield (or interest rate) plotted on the y axis.    In the postwar era, a “normal” yield curve has been upward sloping, meaning that investors

During my trip to Haiti , I got into a discussion with my fellow volunteers about the financial crisis. Things were going quite well as we all agreed that the rich investment bankers deserved no taxpayer bailout. However, my hopes were dashed when one of the more intellectual guys suddenly declared the problem was capitalism, and that a