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.

Currencies Depend on Faith, Gold Doesn’t

Currencies Depend on Faith, Gold Doesn’t

In his July 17th Blog, Let's Get Real About Gold, author and Wall Street Journal columnist Jason Zweig likened investor interest in gold with the "Pet Rock" craze of the 1970's, when consumers became convinced that a rock in a box would provide continuous...

The Federal Reserve: Promises vs Track Record

The Federal Reserve: Promises vs Track Record

The biggest deflation in the history of the country came after the Fed was founded, and that deflation contributed to the Great Depression of the 1930s. As for bank failures, they reached levels unheard of before there was a Federal Reserve System.

A Parable on The Deception of Central Banking

A Parable on The Deception of Central Banking

Central banking requires that government bureaucrats act in a way to distort the entire economic system by introducing counterfeit credit into the monetary system in such a way that businessmen are continually fooled into acting in a way that mimics the behavior of businessmen operating in an actual economic boom.

A 1920-21 Recovery Myth

A 1920-21 Recovery Myth

The U.S. was able to recover relatively quickly from at least one deep slump despite authorities’ refusal to resort to either fiscal or monetary stimulus.

Free Banking and The Dollar

Free Banking and The Dollar

While I’m all for monetary freedom and competition, I’m also for reforming the U.S. dollar, which for me means freeing it from control by discretionary central bankers.

We Are All Free Banking Theorists Now*

We Are All Free Banking Theorists Now*

If even economists who’ve never heard of free banking, or who dismiss both it and the people who take it seriously, nevertheless subscribe to some free banking theories of their own, where do their theories come from?

Why is the Gold Standard Urgent?

Why is the Gold Standard Urgent?

After President Nixon’s gold default in 1971, many people advocated a return to the gold standard. One argument has been repeated: consumer prices are rising. While this is true, it wasn’t compelling in the 1970’s and it certainly doesn’t fire people up today. Rising...

The Wrong Idea About Inflation

The Wrong Idea About Inflation

I write often about inflation, and often emphasize that it is not about rising prices. It is important that we define our concepts correctly. Inflation is monetary counterfeiting. Here is a quick graph I made to underscore the point that although the quantity of...

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