A Short Money Treatise for D.C. Dummies.

The article surveys the history of money and discusses why, in the author's view, the U.S. is misguided in its efforts to persuade China to revalue the yuan upwards. Coins obviated the need for barter in early economies, and eventually led to the introduction of even more convenient paper currencies that were backed by metals such as gold or silver. When currencies could no longer be redeemed for precious metal, though, governments became free to print money at will. The author notes that the link between the yuan and the U.S. dollar has helped trade between China and the U.S. to flourish.