Alexander W. Salter

Ignorance and malfeasance: this is what the American people have been forced to endure from those who govern them. We have no reason to expect things will be different in the future, unless we unequivocally demand it otherwise.

When proposing expansions of government power we must recognize the powers in question will not be wielded by philosopher-kings. They will be wielded by actually existing politicians and bureaucrats, with all their biases and imperfections.

Sanctuary cities, and by extension immigration, are once again a locus of national controversy. There may be good arguments against sanctuary cities. But we haven’t heard any yet.

Judy Shelton, President Trump’s nominee to the Federal Reserve board, got little love in her pre–Valentine’s Day confirmation hearing. (Shelton was previously the director of the Sound Money Project, prior to its moving to AIER.) Regardless of what criticisms may be levelled against Shelton, she is absolutely right about one thing: the Fed is operating […]

Despite the comedy of errors that was the Iowa Democratic Caucus, not to mention the ambiguity of New Hampshire, the national fervor grows. Bernie Sanders’ strong performance makes him the Democratic frontrunner: his odds of winning the nomination stand at 33%, with Michael Bloomberg at a surprising 27%. Sanders’ campaign is notable because he is […]

Under what conditions can we make valid inferences about the state of the economy from macroeconomic data? As it turns out, this seemingly unproblematic procedure becomes difficult when policy makers have got their eye on the data, too. This applies to all macroeconomic policy, but it is especially relevant to monetary policy. Goodhart’s law states, […]

Hydraulic Keynesianism is now usually found in the comparatively unsophisticated realm of the popular press.

If monetary policymakers actually wish to contribute to the public welfare, they need to stop seeing like a state.

Chairman Powell’s ideal operating environment most likely looks the same as every other Fed chair’s operating environment: one where the Fed is left alone to treat the economy like a Lego set.

<p><span id="docs-internal-guid-5073ad5d-7fff-4a5e-779c-0cc8a827601f">We do not want elected officials to police the monetary policy makers. But monetary policy makers have clearly demonstrated that they are incapable of policing themselves. </span></p>