Discussion — Reading 1: Allyn Young

This session covers Reading 1: Four encyclopedia chapters by Allyn Young.

• Young Study Questions

Writing in the 1920s, Young shares his perspective on the nature of money and credit, the importance of a monetary standard, and the purpose of banking. He also runs through a brief history of the United States banking system leading up to the formation of the Fed, and describes workings of the Bank of England and the London money market.

On the course website, Perry Mehrling says:

"There are four chapters in the selection, and that's a lot of reading I know! If you are pressed for time—and who isn't?—focus on the first 'The Mystery of Money' and the third 'Mobilizing Bank Credits'. Come back later to read the other chapters. The second 'Monetary System of the US' is interesting for Young's quite negative views on 'fiat' currency, and the fourth 'Dear and Cheap Money' for his views on international money which anticipate themes we will be addressing in Part Two of the course."

Money and Banking Summer 2023 Reddit Master Thread