Currency

  • Small Change: Let’s Put Pennies and Nickels to Rest

    “If we don’t have the vision and political will to do something as unambiguously beneficial as to stop minting pennies and nickels, then perhaps ‘vision and political will’ aren’t going to give us the better future we want.” ~ Art Carden

    Small Change: Let’s Put Pennies and Nickels to Rest
  • De-dollarization Has Begun: Redux

    “Given the increasing use of the dollar as a means of imposing sanctions, some foreign powers see a pressing need to develop the capability to transact outside of US-dollar-based systems. We are witnessing the development of financial contingency plans.” ~ Peter C. Earle

    De-dollarization Has Begun: Redux
  • A CBDC Would Not Be Money in the Sense Used in the Constitution

    “A CBDC is not money because it is not a physical-bearer instrument, but rather by its very nature is trackable and cancellable, like a check or credit card payment.” ~ Robert E. Wright

    A CBDC Would Not Be Money in the Sense Used in the Constitution
  • De-dollarization Has Begun.

    “The dollar, in some shape or form, will likely be around for a long time. Perhaps very long. But by weaponizing dollar dominance and permitting expanding mandates to disorient US monetary policy, the dollar’s fate as the lingua franca of world commerce over the long haul may already be sealed.” ~ Peter C. Earle

    De-dollarization Has Begun.
  • The Tragedy of the Monetary Commons

    “While relatively well-functioning governments have managed to find mechanisms that mitigate the problem, it seems unlikely that Argentina and Brazil will be able to prevent a tragedy of the monetary commons given their history of money and fiscal mischief.” ~ Bryan Cutsinger

    The Tragedy of the Monetary Commons
  • The Political History of Money

    “In The Currency of Politics, Stefan Eich has written a valuable and very interesting review of specific monetary debates in their historical settings during centuries of thought about the nature of money as it is entwined with politics.” ~ Alex J. Pollock

    The Political History of Money
  • King Dollar’s Uncertain Throne

    “With continuing dollar appreciation the likelihood of trade tensions and protectionism increase, as do the possibilities of organized labor agitation. King Dollar is secure for now, but as in all palaces – intrigues persist.” ~ Peter C. Earle

    King Dollar’s Uncertain Throne
  • Modeling the Money Supply

    “We have to be very careful about generalizing across money and banking regimes. Many features of one system don’t translate to others. Depending on the ‘rules of the game,’ the supply of money responds to the price of money in very different ways.” ~ Alexander William Salter

    Modeling the Money Supply
  • How Common Has Private Currency Been?

    “Private banknotes can still be found in Scotland, Northern Ireland, Hong Kong, and Macau, where they have not yet been banned or taxed out of existence.” ~ Lawrence H. White

    How Common Has Private Currency Been?
  • Paul Krugman and the “Ersatz” Theory of Private Currencies

    “Private paper currencies, including notes issued by ordinary commercial banks without the benefit of official guarantees, have never been driven to extinction by the mere presence of official alternatives.” ~ George Selgin

    Paul Krugman and the “Ersatz” Theory of Private Currencies
  • The US-China Currency Rivalry: Choosing Sides

    “Whether China’s currency will shave off a sizable portion of the dollar’s global usage is yet to be seen. Still, there is no doubt that the world is entering a new monetary rebalancing.” ~ Ethan Yang & Dorothy Chan

    The US-China Currency Rivalry: Choosing Sides