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Money and Banking: What Everyone Should Know
18 hrs and 9 mins
Money and finance play a deeply fundamental role in your life. Now, let an expert professor lead you in a panoramic exploration of our monetary and financial systems, their inner workings, and their crucial role and presence in your world.
As a guiding theme of these 36 content-rich lectures, you observe the ways in which economies require efficient and evolving financial institutions and markets to fulfill their potential. In building a full view of our financial system, you delve into these and other vital central banks, commercial banks, and the Federal Reserve; interest rates and interest rate policy; bonds and stock markets; and foreign exchange and international banking.
Across the arc of this lecture series, you'll tackle key topics that shed light on the functioning of our financial system as a whole. You study the critical subject of inflation and its relationship to the consumer price index and to excess money growth. You'll investigate the causes and implications of the federal deficit and the national debt. In the international arena, you'll learn about the implications of trade deficits in global economic relationships and the question of monetary policy coordination between nations, weighing the significant benefits to the global economy of cooperation between central banks.
This is a rare chance to gain a grounded understanding of our monetary and financial systems, and to grasp the vital elements of finance that directly affect our way of life, our national concerns, and your own life and future.
Please note that this recording may include references to supplemental texts or print references that are not essential to the program and not supplied with your purchase.
©2012 The Teaching Company, LLC (P)2012 The Great Courses
Money and finance play a deeply fundamental role in your life. Now, let an expert professor lead you in a panoramic exploration of our monetary and financial systems, their inner workings, and their crucial role and presence in your world.
As a guiding theme of these 36 content-rich lectures, you observe the ways in which economies require efficient and evolving financial institutions and markets to fulfill their potential. In building a full view of our financial system, you delve into these and other vital central banks, commercial banks, and the Federal Reserve; interest rates and interest rate policy; bonds and stock markets; and foreign exchange and international banking.
Across the arc of this lecture series, you'll tackle key topics that shed light on the functioning of our financial system as a whole. You study the critical subject of inflation and its relationship to the consumer price index and to excess money growth. You'll investigate the causes and implications of the federal deficit and the national debt. In the international arena, you'll learn about the implications of trade deficits in global economic relationships and the question of monetary policy coordination between nations, weighing the significant benefits to the global economy of cooperation between central banks.
This is a rare chance to gain a grounded understanding of our monetary and financial systems, and to grasp the vital elements of finance that directly affect our way of life, our national concerns, and your own life and future.
Please note that this recording may include references to supplemental texts or print references that are not essential to the program and not supplied with your purchase.
©2012 The Teaching Company, LLC (P)2012 The Great Courses
Audible Audio
First published January 1, 2012
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Displaying 1 - 22 of 22 reviews
September 12, 2015
Another terrific offering from Great Courses. Be prepared....it is a long read (or listen or watch). 36 separate lectures. But you will be rewarded. The lectures are excellent. Well organized, fast paced, engaging, relatively non-technical and complete. I listened to the audio version as I was studying for the CFA exam. I enjoyed every minute and, more importantly, I believe I finished with a much greater understanding of the roles of banking and money supplies in our national and world economies. I highly recommend.
June 23, 2015
I listened to this on audiobook, and I felt I missed some things (in particular, it would have been nice to see all of the charts and graphs). However, I thought it was generally worthwhile, though with some significant reservations:
1. Salemi is an engaging, interesting speaker, and I think I would enjoy taking a class with him (plus, he used to live in Winona, where I used to live!). These lectures provide a very sympathetic and well-informed to the history and current functioning of the financial system. At his best (e.g., when explaining the problems with the gold standard), he does a great job of explaining both why certain views seem a priori plausible, and why they are actually deeply mistaken.
2. While Salemi is certainly not an ideologue (among other things, he seems to supports QE, and seems more fond of Friedman's monetarism than of the most extreme RBC views) he is clearly a "freshwater" economist (and not just because he is University of Minnesota grad). Among other things, he suggests that (a) there is no fundamental difference between fancy, completely opaque derivatives than simple futures options on commodities or currencies--he basically suggests that if we want the latter, we need to have the former. He notes that famous people (e.g., Warren Buffett) disagree, but he doesn't really explain why; (b) he is clearly in favor of the "Washington consensus", and argues that the IMF's and EU's austerity measures are just like those of banks toward individual lenders, and (c) he is strongly in favor of central bank independence from *politics*, but doesn't bother considering the possible benefits of ensuring greater central bank independence from *business*.
3. While Salemi discusses some aspects of the financial crisis in detail (both the mortgage-backed securities that helped cause it and the fed's response, as well as the "too big to fail" problem), I was left a bit befuddled as to how he thinks we ought to prevent future crises from occurring. Among other things, he suggests that repealing Glass-Steagal was a good idea (and I thought his argument was decent), but doesn't actually talk about what might be a *good* way of regulating financial markets. He also argues that "economists" think that the Fed's primary mandate is/should be inflation, and it would basically be impossible/undesirable to pop bubbles. I don't think either of these things are true, and they are certainly are not uncontroversial.
1. Salemi is an engaging, interesting speaker, and I think I would enjoy taking a class with him (plus, he used to live in Winona, where I used to live!). These lectures provide a very sympathetic and well-informed to the history and current functioning of the financial system. At his best (e.g., when explaining the problems with the gold standard), he does a great job of explaining both why certain views seem a priori plausible, and why they are actually deeply mistaken.
2. While Salemi is certainly not an ideologue (among other things, he seems to supports QE, and seems more fond of Friedman's monetarism than of the most extreme RBC views) he is clearly a "freshwater" economist (and not just because he is University of Minnesota grad). Among other things, he suggests that (a) there is no fundamental difference between fancy, completely opaque derivatives than simple futures options on commodities or currencies--he basically suggests that if we want the latter, we need to have the former. He notes that famous people (e.g., Warren Buffett) disagree, but he doesn't really explain why; (b) he is clearly in favor of the "Washington consensus", and argues that the IMF's and EU's austerity measures are just like those of banks toward individual lenders, and (c) he is strongly in favor of central bank independence from *politics*, but doesn't bother considering the possible benefits of ensuring greater central bank independence from *business*.
3. While Salemi discusses some aspects of the financial crisis in detail (both the mortgage-backed securities that helped cause it and the fed's response, as well as the "too big to fail" problem), I was left a bit befuddled as to how he thinks we ought to prevent future crises from occurring. Among other things, he suggests that repealing Glass-Steagal was a good idea (and I thought his argument was decent), but doesn't actually talk about what might be a *good* way of regulating financial markets. He also argues that "economists" think that the Fed's primary mandate is/should be inflation, and it would basically be impossible/undesirable to pop bubbles. I don't think either of these things are true, and they are certainly are not uncontroversial.
December 2, 2017
It is true that Money and Banking are fundamental in everyone's lives the moment you earn your first dollar or open your bank account until the day you die. Yet, it is fascinating how little time or attention people spend to understand the fundamentals of money, how banking and economy work.
This book is slightly different than the economy or finance books I have read so far. It was designed as a University-level course consisting of content-rich 36 lectures (each 20-40mins with accompanying material) delivered by a world-class Professor of Economics.
Unlike other books on the subject, it did not feel like a dry economics course or book. The lecturer is a very engaging, well-spoken and experienced in delivering concepts to an audience with no background in finance or economy. He loves to use analogies and examples for everything so that the laymen can understand the concept. It certainly isn't aimed at University-level audience. Anyone can follow the author without feeling lost.
What I liked the most about this book is that it does not dive deep into the economics or how money works, but the author takes you through a journey of how the society first established trade and the first "currency", then how the gold standard was created and abandoned all the way to today's financial models and interesting topics such as how Interest works, loans, Central Banks, Inflation, Federal Reserve bank, currency exchange etc. Literally, everything you ever wanted to know about a broad subject in an engaging way.
There were unavoidable times during the middle of the course where he had to illustrate concepts and use economic formulas. I was a bit lost there but it did not take away from the lecture and I was able to safely ignore how he calculates the interest rate or what the inflation rate would be.
Another concept I liked is the fact that he linked all the subjects together in a way to give you a good transition and a bigger picture at the end. He explains how everything affects or is affected by this phenomenon people ignore or not understand when the News presenter talks about "Interest or inflation rate has gone down/up today". It has a massive impact on many things and the author explains that in every opportunity he gets.
I would not recommend this as a light quick read but as a decent introduction to everything money and banking. By the end of it, you will understand the financial babble and terms everyone around you and the News uses.
This book is slightly different than the economy or finance books I have read so far. It was designed as a University-level course consisting of content-rich 36 lectures (each 20-40mins with accompanying material) delivered by a world-class Professor of Economics.
Unlike other books on the subject, it did not feel like a dry economics course or book. The lecturer is a very engaging, well-spoken and experienced in delivering concepts to an audience with no background in finance or economy. He loves to use analogies and examples for everything so that the laymen can understand the concept. It certainly isn't aimed at University-level audience. Anyone can follow the author without feeling lost.
What I liked the most about this book is that it does not dive deep into the economics or how money works, but the author takes you through a journey of how the society first established trade and the first "currency", then how the gold standard was created and abandoned all the way to today's financial models and interesting topics such as how Interest works, loans, Central Banks, Inflation, Federal Reserve bank, currency exchange etc. Literally, everything you ever wanted to know about a broad subject in an engaging way.
There were unavoidable times during the middle of the course where he had to illustrate concepts and use economic formulas. I was a bit lost there but it did not take away from the lecture and I was able to safely ignore how he calculates the interest rate or what the inflation rate would be.
Another concept I liked is the fact that he linked all the subjects together in a way to give you a good transition and a bigger picture at the end. He explains how everything affects or is affected by this phenomenon people ignore or not understand when the News presenter talks about "Interest or inflation rate has gone down/up today". It has a massive impact on many things and the author explains that in every opportunity he gets.
I would not recommend this as a light quick read but as a decent introduction to everything money and banking. By the end of it, you will understand the financial babble and terms everyone around you and the News uses.
"Most of us like money and believe we should have more of it.
Economists think of money as an agreement—a social contract—
among individuals that, if kept, makes our economic lives better
and allows our economies to grow more rapidly. In this course, you’ll
learn much more about money as a social contract, as well as such topics
as inflation and hyperinflation; financial institutions; stocks, bonds, and
derivative securities; and central banks, exchange rates, and monetary
policy coordination among developed nations. The last lecture considers
the challenges that confront our monetary and financial institutions in the
coming years
September 15, 2018
3.5/5.0
April 24, 2023
Money and Banking: What Everyone Should Know by Michael K. Salemi
The Great Courses: Business & Economics
18h 6m narrated by the author, 601 pages
Genre: Economics, Nonfiction, Business, Finance, Personal Finance
Featuring: Banks, Money History, Social Contracts, Main Street vs. Wall Street, Classroom Lectures, Accompanying PDF - 276 Pages, Suggested Reading, Questions
Quotes: "Most of us like money and believe we should have more of it. Economists think of money as an agreement—a social contract— among individuals that, if kept, makes our economic lives better and allows our economies to grow more rapidly. In this course, you’ll learn much more about money as a social contract, as well as such topics as inflation and hyperinflation; financial institutions; stocks, bonds, and derivative securities; and central banks, exchange rates, and monetary policy coordination among developed nations. The last lecture considers the challenges that confront our monetary and financial institutions in the coming years."
Rating as a movie: PG
My rating: 🌟🌟🌟🌟🌟
My thoughts: 📱3% 32:50 Lecture 2: Money as a Social Contract - This is like being in class for real. You may not be entertained, but you'll be educated.
📱17% 3:01:29 Lecture 7: Hyperinflation Is the Repudiation of Money - This is very informative and even interesting, but I'm not taking notes.
📱31% 5:31:50 Lecture 12: Central Banks - This, surprisingly, isn't boring at all.
📱47% 8:28:57 Lecture 18: How Economic Forces Affect Interest Rates - OK, some of these lectures are boring, and some of them are very interesting. It seems that I don't have a problem with explanations and history, but I get a little irritated by too much math.
📱52% 9:29:26 Lecture 20: The Term Structure of Interest Rates - Blah! More math and this time, debt and credit, too. Bedtime. I need to stick to the morning with this one.
📱78% 14:03:04 Lecture 29: The Objectives of Monetary Policy - The mortgage crisis explanation was very good. It was followed by the interest rate policy at the Fed and ECB and it was about to get very good, but my husband woke up and now it's time for breakfast and Survivor. Reading the PDF while listening made a huge difference. This book isn't made for the car.
I'm so glad I took the time for this book. It was very informative. This is is definitely information everyone should be aware of. I'm considering reading more from this series. It features 36 thirty minute lectures.
Recommend to others?: Yes. Don't be intimidated by the size or language. They really break it down.
The Great Courses: Business & Economics
18h 6m narrated by the author, 601 pages
Genre: Economics, Nonfiction, Business, Finance, Personal Finance
Featuring: Banks, Money History, Social Contracts, Main Street vs. Wall Street, Classroom Lectures, Accompanying PDF - 276 Pages, Suggested Reading, Questions
Quotes: "Most of us like money and believe we should have more of it. Economists think of money as an agreement—a social contract— among individuals that, if kept, makes our economic lives better and allows our economies to grow more rapidly. In this course, you’ll learn much more about money as a social contract, as well as such topics as inflation and hyperinflation; financial institutions; stocks, bonds, and derivative securities; and central banks, exchange rates, and monetary policy coordination among developed nations. The last lecture considers the challenges that confront our monetary and financial institutions in the coming years."
Rating as a movie: PG
My rating: 🌟🌟🌟🌟🌟
My thoughts: 📱3% 32:50 Lecture 2: Money as a Social Contract - This is like being in class for real. You may not be entertained, but you'll be educated.
📱17% 3:01:29 Lecture 7: Hyperinflation Is the Repudiation of Money - This is very informative and even interesting, but I'm not taking notes.
📱31% 5:31:50 Lecture 12: Central Banks - This, surprisingly, isn't boring at all.
📱47% 8:28:57 Lecture 18: How Economic Forces Affect Interest Rates - OK, some of these lectures are boring, and some of them are very interesting. It seems that I don't have a problem with explanations and history, but I get a little irritated by too much math.
📱52% 9:29:26 Lecture 20: The Term Structure of Interest Rates - Blah! More math and this time, debt and credit, too. Bedtime. I need to stick to the morning with this one.
📱78% 14:03:04 Lecture 29: The Objectives of Monetary Policy - The mortgage crisis explanation was very good. It was followed by the interest rate policy at the Fed and ECB and it was about to get very good, but my husband woke up and now it's time for breakfast and Survivor. Reading the PDF while listening made a huge difference. This book isn't made for the car.
I'm so glad I took the time for this book. It was very informative. This is is definitely information everyone should be aware of. I'm considering reading more from this series. It features 36 thirty minute lectures.
Recommend to others?: Yes. Don't be intimidated by the size or language. They really break it down.
March 6, 2021
As with most of the Great Courses this audiology was most informative. It was very long. I had been listening to it for quite awhile. The author was very knowledgeable and the course was well organized and well presented. I knocked off a star b/c the material as nearly a decade old and some of the information didn't age well.
February 20, 2020
Wow, this is a very clearly explained avalanche of info (36 lectures) about financial institutions and markets, including central banks, commercial banks, the Federal Reserve, interest rates, bonds and stock markets, foreign exchange and international banking.
December 14, 2012
I thought Salemi's work was generally poor when compared with Fullenkamp's (finance) and Taylor's (economics) within the Learning Company's commerce series. What I liked about it was that Salemi covers topics that would not traditionally be covered in mainstream commerce textbooks such as the origins of money, which helps the learner gain a context for how complexities developed within the financial system, or at least a better understanding of the foundational concepts underpinning it. In Salemi's case, the book is essential because his lecture style is confusedly poor in the DVD. He provides 36 lectures but could have easily covered off those concepts in 24. The book is necessary to work out the kinks of the lectures, and in fact, it may be wise to just read the book and skip his lectures whereas with Fullenkamp and Taylor, both are good. But again, Salemi does cover off some topic areas the other two do not, so for me, it was worth trodding through.
Read
August 10, 2011Was told by a very rich man that if I never read another book on money to make sure I read this one. I listened... and he was right. Easy to read collection of fables with a moral type stories. Makes learning to handle money enjoyable.
March 15, 2018
More in depth on banking than I thought, but comprehensive. Learned a lot, but probably best taken one lecture at a time rather than just listening straight through.
February 2, 2025
The material begins with basic economic principles, establishing a solid foundation for readers. It delves into inflation by outlining its causes—demand-pull and cost-push factors—and discusses its broader economic implications.
The discussion on GDP highlights its components and significance as an indicator of economic health. The material also addresses national debt, exploring its origins and sustainability, while emphasizing the importance of supply and demand in understanding market dynamics.
Furthermore, the text delves into fractional reserve banking, explaining its role in money creation and monetary policy.
A good read for anyone interested in economics.
The discussion on GDP highlights its components and significance as an indicator of economic health. The material also addresses national debt, exploring its origins and sustainability, while emphasizing the importance of supply and demand in understanding market dynamics.
Furthermore, the text delves into fractional reserve banking, explaining its role in money creation and monetary policy.
A good read for anyone interested in economics.
February 15, 2021
A solid read. Gotten a bit old today, but that is always a problem with things on current affairs. Mostly served as a reminder of basic stuff and few cool graphs/ functions, would probably recommend as entry level reading for people interested in the topic. Some of the lessons are a bit too repetetive going around the same basic problem, but that is probably part of the job. All in all one of the weaker things on Great Courses, but hey, still pretty great.
November 20, 2019
Lots of good stuff to make me a better Financial Advisor.
Plus make better decisions about my own finances.
As well as better know which politicians to vote for, because they better understand money and banking and its impact on our economy.
The fact that each lecture is just 30 minutes, makes it easy to absorb even the topics with which I am least familiar, in more digestible size chunks.
Plus make better decisions about my own finances.
As well as better know which politicians to vote for, because they better understand money and banking and its impact on our economy.
The fact that each lecture is just 30 minutes, makes it easy to absorb even the topics with which I am least familiar, in more digestible size chunks.
March 1, 2020
I listened to the audiobook, I have a degree in economics and this was somewhat to be known for the undergraduate exam of "financial institutions".
3 or 4 chapters out of 36 were useful to me, the reminder, not so much. It doesn't deep dig into the important topics imho.
Overall I wouldn't recommend if somebody has a degree in economics, if you don't, I think it's a 3.5/5 on goodreads.
3 or 4 chapters out of 36 were useful to me, the reminder, not so much. It doesn't deep dig into the important topics imho.
Overall I wouldn't recommend if somebody has a degree in economics, if you don't, I think it's a 3.5/5 on goodreads.
Read
June 21, 2019Interesting lecture series. How the Federal Reserve attempts to maintain stable inflation and encourage full employment, how money is created or "soaked up", quantitative easing, the 2008 financial crisis, and a bit about the IMF.
January 28, 2018
It gives you a good understanding of basic economics as well as national and international economic policies.
November 24, 2015
Audio presentation featuring 36 half-hour lectures on Money and Banking by leading professional, and a doctored professor, in the field of macroeconomics.
I liked the speaker - he has a no-nonsense aspect to his voice, and he seemed very comfortable with the material (and there is a lot of it).
Here's a list of the lectures:
LECTURE 1
The Importance of Money
LECTURE 2
Money as a Social Contract
LECTURE 3
How Is Money Created?
LECTURE 4
Monetary History of the United States
LECTURE 5
Local Currencies and Nonstandard Banks
LECTURE 6
How Inflation Erodes the Value of Money
LECTURE 7
Hyperinflation Is the Repudiation of Money
LECTURE 8
Saving—The Source of Funds for Investment
LECTURE 9
The Real Rate of Interest
LECTURE 10
Financial Intermediaries
LECTURE 11
Commercial Banks
LECTURE 12
Central Banks
LECTURE 13
Present Value
LECTURE 14
Probability, Expected Value, and Uncertainty
LECTURE 15
Risk and Risk Aversion
LECTURE 16
An Introduction to Bond Markets
LECTURE 17
Bond Prices and Yields
LECTURE 18
How Economic Forces Affect Interest Rates
LECTURE 19
Why Interest Rates Move Together
LECTURE 20
The Term Structure of Interest Rates
LECTURE 21
Introduction to the Stock Market
LECTURE 22
Stock Price Fundamentals
LECTURE 23
Stock Market Bubbles and Irrational Exuberance
LECTURE 24
Derivative Securities
LECTURE 25
Asymmetric Information
LECTURE 26
Regulation of Financial Firms
LECTURE 27
Subprime Mortgage Crisis and Reregulation
LECTURE 28
Interest Rate Policy at the Fed and ECB
LECTURE 29
The Objectives of Monetary Policy
LECTURE 30
Should Central Banks Follow a Policy Rule?
LECTURE 31
Extraordinary Tools for Extraordinary Times
LECTURE 32
Central Bank Independence
LECTURE 33
The Foreign Exchange Value of the Dollar
LECTURE 34
Exchange Rates and International Banking
LECTURE 35
Monetary Policy Coordination
LECTURE 36
Challenges for the Future
Some of it mundane, some eye-opening - on balance, necessary information to understand (an minimum) and leverage how money works on the macro scale.
Website of the course has lots of details: http://www.thegreatcourses.com/course...
I liked the speaker - he has a no-nonsense aspect to his voice, and he seemed very comfortable with the material (and there is a lot of it).
Here's a list of the lectures:
LECTURE 1
The Importance of Money
LECTURE 2
Money as a Social Contract
LECTURE 3
How Is Money Created?
LECTURE 4
Monetary History of the United States
LECTURE 5
Local Currencies and Nonstandard Banks
LECTURE 6
How Inflation Erodes the Value of Money
LECTURE 7
Hyperinflation Is the Repudiation of Money
LECTURE 8
Saving—The Source of Funds for Investment
LECTURE 9
The Real Rate of Interest
LECTURE 10
Financial Intermediaries
LECTURE 11
Commercial Banks
LECTURE 12
Central Banks
LECTURE 13
Present Value
LECTURE 14
Probability, Expected Value, and Uncertainty
LECTURE 15
Risk and Risk Aversion
LECTURE 16
An Introduction to Bond Markets
LECTURE 17
Bond Prices and Yields
LECTURE 18
How Economic Forces Affect Interest Rates
LECTURE 19
Why Interest Rates Move Together
LECTURE 20
The Term Structure of Interest Rates
LECTURE 21
Introduction to the Stock Market
LECTURE 22
Stock Price Fundamentals
LECTURE 23
Stock Market Bubbles and Irrational Exuberance
LECTURE 24
Derivative Securities
LECTURE 25
Asymmetric Information
LECTURE 26
Regulation of Financial Firms
LECTURE 27
Subprime Mortgage Crisis and Reregulation
LECTURE 28
Interest Rate Policy at the Fed and ECB
LECTURE 29
The Objectives of Monetary Policy
LECTURE 30
Should Central Banks Follow a Policy Rule?
LECTURE 31
Extraordinary Tools for Extraordinary Times
LECTURE 32
Central Bank Independence
LECTURE 33
The Foreign Exchange Value of the Dollar
LECTURE 34
Exchange Rates and International Banking
LECTURE 35
Monetary Policy Coordination
LECTURE 36
Challenges for the Future
Some of it mundane, some eye-opening - on balance, necessary information to understand (an minimum) and leverage how money works on the macro scale.
Website of the course has lots of details: http://www.thegreatcourses.com/course...
February 13, 2015
I feel like it went too far in depth for it to be something that everyone should know. I did get an idea about how the financial system works but also a whole lot of details that added a level of confusion on top. His explanation of the many types of bonds is a good of example of that.
In the end, I felt that it was long and a bit of a chore to go through. Perhaps if I was more interested in the financial market, bonds, or interest rates it would have been a more enjoyable experience.
In the end, I felt that it was long and a bit of a chore to go through. Perhaps if I was more interested in the financial market, bonds, or interest rates it would have been a more enjoyable experience.
February 18, 2014
A decent introduction into currency, banks, and the financial responsibility of governments. Not too in-depth so those interested in any particular topic may want to look elsewhere.
August 17, 2016
Learnt a lot.
May 17, 2017
Audio book. Well worth the time
Displaying 1 - 22 of 22 reviews