Economic History
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Politics, Not Markets, Makes Banking Unstable
“Banking reform should rank high on our list of policy priorities, but moving away from fractional reserves shouldn’t be a part of the conversation.” ~ Alexander William Salter
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Monetary Policy and that Old-Time Fiscal Religion
“Nominal income targeting can potentially restore the old-time fiscal religion. Like the classical gold standard, this approach stabilizes total spending in the economy, rendering counter-cyclical fiscal policy unnecessary and ineffective.” ~ Bryan P. Cutsinger & Louis Rouanet
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The Unquestioned Monopoly
“Despite the arguments made against monopoly and the arguments made in favor of competition, there is one monopoly that largely goes unquestioned. I’m referring, of course, to the monopoly over currency issuance.” ~ Joshua R. Hendrickson
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Volcker and the Great Inflation: Reflections for 2022
“Volcker’s victory over runaway inflation was not permanent, because the temptation to governments and their central banks of excessive printing, monetization of government deficits, and levying inflation taxes is permanent.” ~ Alex J. Pollock
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No, This Is Not 1970s Style Stagflation
“The FOMC’s current policy stance has precipitated a recession that may modestly deepen as it tardily-but-effectively pursues its commitment to restraining inflation.” ~ James L. Caton
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Modern Day Bills of Exchange
“Bitcoin, or cryptocurrency more generally, allows us to look at issues related to exchange, money, payments, and finance through a new lens.” ~ Joshua R. Hendrickson
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Did Ben Bernanke Implement QE before the 2008 Financial Crisis?
“The Bernanke Fed was practicing QE much earlier than is widely thought. This early QE experiment, likely intended to stabilize short-term inflation expectations, transformed monetary policy prior to the crisis.” ~ James L. Caton
