Since the passing of Milton Friedman, I have worried that his pro-Capitalistic rhetoric and all he was able to achieve would melt away. Of course, it is too soon to be able to understand whether this will happen or not. To continue my education from the great Milton Friedman, I read “Money Mischief: Episodes in Monetary History” by him.
For those of you who wish that they took a class in macroeconomics in college or maybe are just interested in money this is a must read. For all others, they may find it hard to get through.
Friedman does a great job of covering topics like the Gold Standard, the Silver Standard/movement, bimetallism, the change to a fiat currency, pegging currencies, and inflation. When I studied macroeconomics, I felt like much of my education in money was incomplete. This book completed it. This book can get overly technical for the non-economist at times but learning about monetary systems is technical within itself.
I highly recommend this book and the continuing education of what Dr. Friedman has done for the current state of economic policy in the world. The one topic that Friedman covers that I think is important is the Silver movement. Most people learn about this movement in high school and the Wizard of Oz is based off of it.
My absolute favorite quote from the book was,
“As a result, the U.S. silver purchase program must be regarded as having contributed, if perhaps only modestly, to the success of the communist revolution in China.”