Money vs. monetary base: A basic yet critical distinction

posted by
June 28, 2011
Liberty & Power
by Robert Higgs  
Posted in Commentary

"As more and more people have taken an interest in monetary affairs — especially in the Fed and its various operations — in recent years, many people have joined the discussions related to these matters, especially on the World Wide Web. In reading these posts over the years, in particular in reading the comments on a post I placed recently at The Beacon, I have been struck by the frequency with which the writers reveal that they do not understand a basic conceptual matter in regard to money, monetary policy, and the Fed." (06/26/11)  

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