Money & Banking

Trump’s Politicizing of Monetary Policy Won’t Fix the Federal Reserve’s Failings

Trump’s proposed reform would make the Fed an arm of the White House. It would be a step in the wrong direction.

A Tragic Half Century Without Gold Money

A Tragic Half Century Without Gold Money

The gold standard wasn’t suspended because it caused the Great Depression or bank failures, nor did it disappear in 1971 because it “didn’t work.” It’s been gone because fiscal alchemists couldn’t expand the gold supply as they expanded government.

The New Deal and Recovery, Part 8: The NRA

The New Deal and Recovery, Part 8: The NRA

The 1933-37 recovery fell far short of reversing the collapse the U.S. economy suffered between 1929 and 1933, and that this disappointing outcome was the result of New Deal policies aimed at boosting wage rates. The resulting higher wage rates prevented the revival of spending from sponsoring a corresponding revival of employment.

The New Deal and Recovery, Part 5: The Banking Crisis

The New Deal and Recovery, Part 5: The Banking Crisis

To understand how the world’s largest economy ended up shutting-down its entire banking system, one must first be aware of a long-standing defect of that system and of how it led, first to the proliferation of small and under-diversified banks, and then to as many bank failures.

The New Deal and Recovery, Part 4: FDR’s Fed

The New Deal and Recovery, Part 4: FDR’s Fed

If ever an administration had control over Fed policy, and monetary policy more generally, FDR’s was it. It follows that, if monetary policy did less than it should have to end the Great Depression, the Roosevelt administration must bear a good share of the blame.

Gold and Free Banking versus Central Banking

Gold and Free Banking versus Central Banking

In the absence of government regulation and monopoly control, a free monetary and banking system would exist; it would not have to be created, designed, or supported. A market-based system would naturally emerge, take form, and develop out of the prior system of monetary central planning. 

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