The Fed’s Doomsday Prophet Has a Dire Warning About Where We’re Headed
Thomas Hoenig doesn’t look like a rebel. He is a conservative man, soft-spoken, now happily retired at the age of...
Financial Regulators Ignore the Costs of Regulation
The U.S. financial regulatory agencies are tasked with stabilizing the financial system. They pursue this mission by monitoring the operations...
The President’s Working Group for Regulating Stablecoins: An Alternative Approach
Stablecoins are a relatively new means of exchange within the payments system. They have many of the characteristics of money,...
Money and the Constitution
Ratified between 1771 and 1781, the Articles of Confederation remained in force until they were superseded by the Constitution in...
Should the Federal Reserve Issue a Central Bank Digital Currency?
During Federal Reserve Chairman Jerome Powell’s July 2021 congressional testimony, several elected members encouraged Powell to fast-track the issuance of...
The End of Bretton Woods, Jacques Rueff, and the “Monetary Sin of the West”
August 15, 2021 marks the 50th anniversary of the day President Richard Nixon “closed the gold window,” ending the postwar...
Central Bank Digital Currency: To What Effect?
Digital currencies are not new to the financial system, but innovations around them are changing how payments are made, what...
Paul Krugman’s Ad Hominem Defense of Central Banking
One of the sorriest aspects of almost all political discussions nowadays is how often they seem to degenerate into rude...
