Overview

The 2008 Financial Crisis shook the global economy with aftershocks lasting a decade. New pressures are reshaping the financial landscape, which challenge the U.S. dollar's role as the world's reserve currency. Recently, the U.S. yield curve remained inverted for two consecutive years (2022-2024); aggressive tariffs were implemented in 2025; debt tokenization is gaining momentum, while government officials discuss weakening the U.S. dollar. Meanwhile, the U.S. government debt has surpassed $37 trillion, and bond investors question its long-term sustainability. We face the looming risks of yield curve control, currency instability, and even a currency reset. This textbook bridges past lessons with today's challenges. A cryptocurrency chapter was added to explain how digital assets compete with the traditional financial system, which could disrupt it. The book also examines the potential for Treasury bills to influence money creation through money market mutual funds, money market deposit accounts, and stablecoins, such as Tether. An experienced instructor wrote this textbook after distilling years of lecture notes into a concise and accessible resource. It is designed for a course in Money & Banking, International Finance, or a hybrid course that combines the two. Additionally, financial analysts and economists will find it a valuable reference guide, providing clear explanations of how governments and central banks influence exchange rates, interest rates, and global capital flows.

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9781479159765

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Ken Szulczyk, a U.S. citizen, earned his doctorate in May 2007 from Texas A&M University, specializing in environmental and natural resource economics. He extensively travels across the world and has lived in four foreign countries: Bosnia and Herzegovina, Kazakhstan, Kyrgyzstan, and Malaysia. He moves from place to place, teaching economics and searching for the perfect place to retire. Ken Szulczyk has published five peer-reviewed articles in biofuels and bioenergy. He also wrote three non-academic books: The Rise of the Insane State, The Big Adventure in Little Bosnia, and The Second American Revolution. The Rise of the Insane State explains why the United States is experiencing anemic, weak economic growth while the other two books are novels.

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