Naked Money: A Revealing Look at Our Financial System

This is exactly the book I needed to explain the workings of the monetary system. It is divided into two parts: what money is, and why it matters. In the first part, he explains the characteristics of "money" (in whatever form it takes) and talks about the advantages and disadvantages of a currency backed by a commodity (e.g. the gold standard) versus a fiat currency (most modern currencies, which are not backed by physical items). He also explains the basic workings of financial systems and how they can go wrong. Also included is an explanation of bitcoin and other "cryptocurrencies." The second part examines historical financial crises and bubbles, including the 2008 financial crisis, and explains the attempts to resolve the crisis. show more It ends with some thoughts on whether we could have a repeat of the 2008 financial crisis and what the financial system of the future might look like.

Overall, I found this book highly informative. It did suffer from some repetition that could have been edited out (e.g. constantly repeating the Federal Reserve's "dual mandate"), but in a way I appreciated the repetition; it helped reinforce the concepts I was learning and made me feel smart to recognize them. And while the book discusses the Japanese deflation and Greece's recent troubles with the euro, most of the book is US-centric. That is to be expected from an American economics professor, but it is something to keep in mind if you're thinking about reading this book. I feel much more financially literate after reading this book and would recommend it if you're looking for a clear introduction to this subject field. show less

I never had economics, so this book was an eye opener. Well written, interesting sidelights that kept you reading, and very worrisome because it was written before what we are going through now. He takes you through previous financial crises and fixes, ends by saying we are getting better at this-- but I'm not sure what he'd say about the latest issues. Well worth reading!

This book was an informative overview of money and its role in the global economy. The topics were filled with anecdotes and some humor which was entertaining, but sometimes became a distraction. I liked the last sections of the book on Bitcoin, Japan's decline, and China, but other parts seemed disorganized and confusing. There are several sections of the book where it would start to discuss a topic like the Great Depression and then it would say, 'more on that later'. After awhile, I had a hard time recognizing whether I had read a section or not.

Overall, this book gave me a much better understanding of money and the importance of organizations like the Fed. Definitely something to read if you're curious about those topics.

4.5, easy and fun read if you've had exposure to economics. Great analogies spaced throughout the book helped to reenforce core ideas (a great way to learn fwiw). I'll be trying another in this series soon!

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.

Explains money in an engaging way that makes sense. I listened to the audio which had great narration as well.

Excellent. Manages to explain complex phenomenon well.