What is Reddit's opinion of Money Mischief: Episodes in Monetary History (Harvest Book)?

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Have to recommend Money Mischief. https://www.amazon.com/dp/B003WUYQ6Y/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1

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So far its only book I've found that talks about monetary history in way that's suitable for non-academics that's simultaneously not super inaccurate. If you've heard of Friedman before you may think it reads like a libertarian manifesto because its authored by him but its more or less just an intuitive look at the history of money and monetary policy in the US.

You need a peer-reviewed journal to tell you that when interest rates go up, the cost of servicing the debt goes up?

Go here: grantspub.com. Download the free Holiday 2013 issue and read the piece Lower the Debt Ceiling

Sorry, it does not include any linear regressions comparing M1 to the price of a whore in Costa Rica, which is what it takes to get peer reviewed these days. But it does include numbers. Consider this:

> On an average net debt of $750.7 billion in the fiscal years 1980 and 1981 (i.e., debt in the hands of the public, excluding the portion held in government accounts), the Treasury bore net interest expense of $68.8 billion; the average interest rate was 9.2%. Compare and contrast the present day. On an average net debt of $10.853 trillion in fiscal years 2011 and 2012, the Treasury bore net interest expense of $224.8 billion; the average interest rate was 2.1%. Had the average rate been 4%, the government would have spent more than 90% as much on interest outlays than it actually did on Medicare.

But the point is, it's the principles that matter, not data points. Economic history rhymes, but if all you know is trivia then you are doomed to stumble from crisis to crisis.

EDIT: Almost forgot. Money Mischief

PPS: Sorry for linking you to Professor Krugman. I thought only he was the only one dumb enough to argue debt doesn't matter.