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Money Mischief: Episodes in Monetary History | [Milton Friedman]

Money Mischief: Episodes in Monetary History

What kind of mischief can result from misunderstanding the monetary system? The work of 2 obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, as well as Franklin D. Roosevelt's decision to appease a few senators from the American West who helped communism triumph in China, are just 2 such mishaps cited in this important work by Nobel Prize-winning economist Milton Friedman. This accessible work also provides an in-depth discussion on the creation of value.
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Publisher's Summary

What kind of mischief can result from misunderstanding the monetary system? The work of 2 obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan, as well as Franklin D. Roosevelt's decision to appease a few senators from the American West who helped communism triumph in China, are just 2 such mishaps cited in this important work by Nobel Prize-winning economist Milton Friedman.

This accessible work also provides an in-depth discussion on the creation of value: from stones to feathers to gold; the central role of monetary theory and how it can act to ignite or deepen inflation; and what the present monetary system means for both the domestic and global economy.

©1992 by Milton Friedman; (P)1992 by Blackstone Audiobooks

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3.7 (201 )
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  •  
    James 01-18-09
    James 01-18-09
    HELPFUL VOTES
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    "This book is not unabridged."

    I was disappointed to discover that this well-written and adequately narrated title, listed as "unabridged," has one of its eleven chapters deliberately omitted by the audio producer. The missing chapter, four, explores what might have happened had the U.S. restored both gold and silver as monetary standards during post-war reconstruction in 1873, rather choosing only gold. Earlier and later passages occasionally refer to this missing chapter. More importantly, Friedman's thinking differs from standard wisdom on this issue. An announcement in the recording explains that those wishing to consider the omitted chapter must obtain the printed book and read it for themselves, suggesting that this material is too technical for a general reader. Perhaps Blackstone assumes that advanced readers do not use their products, or that general readers do not know how to skip ahead. Whatever the case, no book should be labeled "unabridged" if it has had a material amount of the author's prose removed.

    52 of 52 people found this review helpful
  •  
    Mark Louisville, CO, United States 02-18-05
    Mark Louisville, CO, United States 02-18-05 Member Since 2005
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    "Lots of that stuff you always wanted to understand"

    This is a very close look at monetary systems from a surprisingly neutral position. Friedman is 100% apolitical in this analysis of the theory and practice of the phenomenon we call money. You'll no longer take it for granted after reading this book. Does it matter that the U.S. dollar is not tied to a gold exchange rate? What causes inflation? Why do currencies fluctuate in value against one another? These questions are answered in at least as much detail as the average reader will care to know. The book is sometimes repetetive and sometimes simply too deep (or maybe I'm just not quite bright enough to keep up with the author). But I felt it was a worthwhile listen, if for no other reason than I can now talk intelligently to my "gold-bug" brother about the subject of money.

    21 of 21 people found this review helpful
  •  
    Erin&Merilee DeSpain Virginia 08-13-05
    Erin&Merilee DeSpain Virginia 08-13-05 Member Since 2001

    Family on the move.

    HELPFUL VOTES
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    "Money, Money, Money!"

    This book delivers a whalloping punch into the art of monetary theory. Going over everything from stone-aged currencies to modern day, this is a guide to understanding how those little things in your pocket work.

    The book is quite dry for the uneconomically inclined. I don't recommend this if you just want to make money either. There aren't any jewels of wisdom here for becoming a millionare just the theory that underpins what makes money work.

    14 of 14 people found this review helpful
  •  
    Jim Findlay, OH, United States 01-17-10
    Jim Findlay, OH, United States 01-17-10 Member Since 2009
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    "Money Mischief"

    Excellent book for understanding money. I thought the audio quality was lacking though. I listen to books with an ipod plugged into my cars' sound system. There is just something about the recorded acoustics or how it was recorded that makes it very difficult to listen to in the car. I had to listen to it through my ipod and earplugs.

    3 of 3 people found this review helpful
  •  
    Robert Denver, CO, United States 11-13-12
    Robert Denver, CO, United States 11-13-12 Member Since 2012
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    "Expendible"
    What could have made this a 4 or 5-star listening experience for you?

    A different subject.


    What could Milton Friedman have done to make this a more enjoyable book for you?

    I think he did a good job with a boring subject.


    What does Nadia May bring to the story that you wouldn’t experience if you just read the book?

    Her performance is clear and easily understood. She does not fade away at the end of sentences!


    If you could play editor, what scene or scenes would you have cut from Money Mischief?

    N/A


    0 of 0 people found this review helpful
  •  
    K. C. McGeeney 06-19-12 Member Since 2012
    ratings
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    6
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    Story
    "Poor narration"
    This book wasn’t for you, but who do you think might enjoy it more?

    The poor narration spoiled the book for me. Not worth buying.


    Would you be willing to try another book from Milton Friedman? Why or why not?

    yes


    How could the performance have been better?

    different narrator


    What reaction did this book spark in you? Anger, sadness, disappointment?

    frustration the narration was so bad


    Any additional comments?

    did I mention the narration?

    0 of 0 people found this review helpful
  •  
    David Concord, CA, United States 05-28-12
    David Concord, CA, United States 05-28-12 Member Since 2010
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    2
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    Performance
    Story
    "Know the subject , not a casual read"
    What did you love best about Money Mischief?

    Great examples with historical fact. A scary subject when Perot ran for President. Tragic now in the 2012 elections. Do we never learn?


    What’s an idea from the book that you will remember?

    Someone always has to pay. There aint no such thing as a free lunch. TANSTAAFL, the Preident should have this on his desk


    Any additional comments?

    Not understanding this subject, dooms us all.

    0 of 0 people found this review helpful
  •  
    Deirdre 03-19-12
    Deirdre 03-19-12
    HELPFUL VOTES
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    "Money: The Root of All Acts"
    What did you love best about Money Mischief?

    Milton Friedman has a way to make the technical aspects of economics, especially monetary policy, into an interesting story. He tells how a monetary standard impacts political power moves. Inflation becomes a character and not just a phenomenon. Clues to historical events are consequences of changes in the money supply.


    What did you like best about this story?

    Friedman examines inflation, money supply and silver purchase programs.


    Was this a book you wanted to listen to all in one sitting?

    This was a book to listen to and consider over a period of time.


    0 of 0 people found this review helpful
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