To start things off the students took a review quiz on the fundamentals of banking prior to the Federal Reserve. As a class we then reviewed the nasty cycle of the U.S. Treasury borrowing from the Federal Reserve, and the whirlwind of debt and interest.
In order to better picture the effects of inflation/deflation, we discussed the principle of ratios, particularly the ratio of aggregate economic goods to the whole money supply, and the effect of their respective growth rates.
