The Monetary System -- Table of Contents -- List of Figures -- List of Tables -- Acknowledgements -- Foreword And Introduction -- Chapter 1 From Antiquity to Modern Times -- Monetary Development Over 5000 Years. What History Explains and Comparison within New Contexts -- The Origin of Money -- From Antiquity to Modern Times -- A Metallic System Allowing Intrinsic Measurement Stamping: Ingots to Coinage -- Grounding the Guarantees of Stamping: From an All-Metallic System to Paper Bills -- The Rise and Fall of Civilizations -- What Can We Learn from Ancient and More Modern History? -- Questions and Answers -- Chapter 2 Modern Times - Liberation and Growth of the Money Supply. The Facts Presented in Monetary Units and Resulting Regulatory Needs -- Monetary Evolution Backed by Economic Growth -- Development of a Global Financial Market Economy -- Citizens Emerging in the Process of Financialization -- The Realities -- Causes Underlying Emerging Macroeconomic Realities -- Resulting Needs for Standardization, Regulation and Supervision -- Questions and Answers -- Chapter 3 Past and 21st-Century Money Analysis -- Defining "Today's Money" -- Money Defined by its Functionality -- The First Function: Price Setting - Money as a Measurement Standard-Based Source of Information -- The Second Function: A Payment and Trading Instrument -- The Third Function: A Reserve -- Links between Monetary Functions -- The Intrinsic Definition of Money -- A Trifunctional Monetary Support System -- How To Ground Trust In Money: Audited Financial Statements For Government and Central Banks -- Seignorage and the Privilege of Issuing and Stamping Money -- Traditional Seignorage in General -- The Modern Seignorage Privilege -- Legal Tender and Seignorage -- Evolution of Money into a Segregated Intermediation Tool with Imprecise Frontiers.

Linguistic Definition of the Word "Money" -- Money Today -- The Demise of Traditional Conceptual Approaches -- The Operational Scope of Money and its Use -- The Extension of Money with Disintermediation -- Direct Financing and Hedging of Risk -- Replacement of Bank Loan Financing by Securitization and the Impact of Pro-cyclical Effects -- The Origin of Securitization -- The Securitization Concept and Its Implementation -- Securitization Financing via Trust-Derived "Shadow Capital" Originating from Retirement Accounts, Direct Savings and Trade Deficits -- Guarantees on Receivables: A Securitization Multiplier -- Extending the Field of Debts and Guarantees -- Deviations from Effective Risk Control: The CDS Case -- Towards the Full Liberation of Money from Any Referential -- Guarantees and the Extension of Monetary Instruments Liberated from Unified Backing and Issuance Constraints -- Monetary Effects of Guarantees -- Shadow or Parallel Banking Systems -- Before Accounting for Any Transaction - The Sampling Topic. The Mix Up between Numbers and Formulae -- Questions and Answers -- Chapter 4 The Contemporary Basis for Money Expression: Accounting Ledgers -- Book Balances are Either Money or Potential Money -- A Single Worldwide Language -- Accounting and Financial Statements -- The Consistency-Based Principle of Bookkeeping -- The "Double-Posting" Principle -- Consequences of the Basic Accounting Principles -- Concepts and Rules to Report Exchanges and Determine the Image of Financial Statements -- The Image Presented by Financial Statements Influences the Analysis of Economic Data and Transactional Exchanges -- Direct Systematic Impact of Accounting Standards -- Double-Entry Consequence -- Value Consequence -- Where Misleading Standards Generate Distorted Images -- Valuation Incertitude in Accounting Standards.

The Appraisal Spark Plug that Drives a Continued "Fair Value" Crisis -- Monetary Aspects of Financial Statements -- The Necessary Approach in Accounting: A Hierarchy of Dangerousness -- Degrees of Contagion ("Interconnection") -- The Fair Value Conceptual Mistake Contributes to Instability and Distrust -- A Need for Mathematical Approaches -- Questions and Answers -- Chapter 5 The Regulation and Observation Limits Already Accepted, Compared with the Realities of Modern Exchanges -- Monetary Regulation and Follow-up -- A Retrospective Analysis of Classic Money in Operation -- Governmental and Central Bank Monetary Operations -- Inception, Monopolies and Measurement Aggregates as Classical Mechanisms for Issuing Money -- Traditional Monetary Aggregates -- Monetary Aggregates in Central Banks -- Accepted Concepts that Complement Traditional Monetary Analysis - Limits and Evolution -- From the Known Money Multiplier through the Banking System to a New Perspective -- Traditional Regulatory Measures to Ensure Banks' Stability Limits -- Money Issuance through Central Bank Interventions -- The Investment Multiplier -- Following Up on Regulating Money Issuance in a Changed Economic Environment. Monetary Supervision: An Ancient Question -- The Present-Day Non-utility of Classical Aggregates -- New Forms of Monetary Exchange -- The Driving Role of Monetary Velocity -- Are Central Banks Prerequisite Institutions that Should Remain Independent from Sovereign Authority? -- New Policies to Stabilize the Banking System -- The Insufficiencies of the Current System for Satisfying Information Needs -- Questions and Answers -- Chapter 6 Redefining the Monetary System and Measurements of Monetary Flow - Towards M5 and M6 -- At the Core of the Issue: The Definition of Currency -- The New Environment: Broadening the Definition of Currency.

New Monetary Aggregates Define Extended Concepts of Money -- Defining New Classes of Monetary Aggregates: M5 and M6 -- M5/M6 and their Derivatives M5'/M6': Determining Definitions and Uses -- Segregation and Derived Aggregates: M5' and M6' -- The Utility of M5 and M6 Aggregates -- From a Practical Point of View, What are the Data Limitations for Determining the Values of New Monetary Aggregates? -- What Information Will These New Aggregates Yield? -- A New Aggregated Conceptual Approach Allowing Operational Transactions and Financial Ones to be Reconciled -- The Resulting Breakthrough -- Defining New Money - The Difference Between Shadow Banking Money, Virtual Money and the New Aggregates -- Legal Segregation between Different Types of Money, Depending on Underlying Guarantees and Transferability -- Shadow Banking is Different from Virtual Money -- Questions and Answers -- Chapter 7 The Monetary System -- International Exchanges - Interactions and Monetary Zone Coherence -- General Framework -- Description of the Current Operational System: Distinction between National and International Systems -- The Current International System -- The International Set-up -- The International Monetary Fund -- The Bank for International Settlements -- The World Bank Group -- The World Trade Organization -- International Coordination -- G5 to G20 -- The G20's Reasons to Exist -- The Coordination of Goals Assigned to the G20 -- Troika -- Micro- and Macro-prudential Surveillance Agencies' Framework -- Coordination Issues Inside the Eurozone as Opposed to International -- The European Stability Mechanism and the European Central Bank -- The Banking Union -- The Fiscal Policy Coordination Issue Compared with the USA -- The Growing Issues of the Size of the Monetary Zones - Research for Optimum -- The Monetary Interaction of Systems.

General Interaction: Scale Economies Resulting from Monetary Integration and Political Obstacles -- International Microeconomic Regulation Coordination Specifics -- Transnational Realities about Financial Instruments' Markets and Systemic Risk Measurement -- Handling the Social Obstacles of Monetary Unification -- The Answer to Heterogeneity -- Europe and the USA -- The US Answer to Inequalities -- The EU Answer to Inequalities -- The General Monetary Policy on Both Sides: Reinforce Equity, Regulate Transparency - A Dead End -- The Disputed Strategy: Addressing Macroeconomic Imbalances -- Allocated Roles and Goals in the International Monetary Set-up -- Today's International Situation and Issues -- Questions and Answers -- Chapter 8 What is the Conceptual Essence of Contractual Money, Constraints and Implications? -- The Intrinsic New Conceptual Views on Money -- Resilient Open Questions in a New Environment -- Stability and Guarantees -- Money as a Measurement Instrument: The Need for Stability -- Money Guarantees and Trust -- One Key Consequence of the New Set-up: The Final Trap -- The Emergence of a New Seignorage -- Spreading the Seignorage Rights between Chartered Financial Institutions Accepted to Trade Instruments and the Central Banks' Right to Drive Values -- Social Roles of Money: Transferable, Reserve or Bubble? How to Determine Sociological Thresholds from Different Dimensions -- Modelling the Monetary Windbag Analysis -- A Tentative Formula: STD (Serval-Tranié-Douady) -- Debt versus Equity Instruments: The Need for Big Data -- Questions and Answers -- Chapter 9 The New Nature of Money in Electronic Times -- New Horizons Concerning Exchanges, Time and Guarantees -- Time: A Different Dimension -- Social Time and Anticipation -- Speed Efficiency, Risks and Market Switches -- Transparency Effect and Risk of Centralization: The CCP Example.

Money Accumulations and Interactions.