26. March 2023

Category: Investing


August 16, 202212min
Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the norm, even if the state stamped their ruler’s face on the coin.” Some strong disagreement (and some strong support) followed the tweet. The most categorical criticism asserted: “Money is and always […]


August 15, 202232min
Senator Rob Portman (R-OH), the ranking member of the Senate Homeland Security and Governmental Affairs Committee, released a new minority staff report on July 26 contending that, for more than a decade, China has made “a sustained effort . . . to gain  influence over the Federal Reserve,” and that the Fed has failed “to […]


August 9, 202228min
It was supposed to be a debacle. As the Second World War drew to a close, the nation’s leading economists feared that, once the armed services demobilized, at least 8 million men and women, perhaps many more, would be unemployed. That meant an unemployment rate of 12 percent—almost as high as the rate before Hitler […]


July 21, 202224min
In December 1946, Clark Warburton published an article in the Political Science Quarterly titled, “Monetary Control under the Federal Reserve Act,” which was reprinted in chapter 14 of his landmark book, Depression, Inflation, and Monetary Policy (1966). He argues that the Federal Reserve’s failure to prevent the Great Depression was “a result, in part, of […]


July 21, 202231min
(As many Alt-M readers will know, my interest in Bitcoin goes back to its earliest days, and even before that: like my grad school mentor and regular Alt-M contributor Lawrence White, I took part in the 1990’s “cypherpunk” movement that prefigured Bitcoin’s development. Not quite two years after Bitcoin’s January 2009 launch, when one Bitcoin […]


July 21, 202221min
In a thought-provoking article published by the IMF in April, Ruchir Agarwal and Miles Kimball argue for moving away from a “paper money standard” and toward an “electronic money standard.” The promised benefits include shorter recessions and lower average inflation. These benefits are said to result from eliminating the “zero lower bound” to nominal interest […]


July 21, 20227min
The distinguished contributors to Populism and the Future of the Fed examine populist demands to expand the Fed’s mandate and the threat to the demarcation between fiscal and monetary policy.  All the essays, except those by Charles Plosser and me, stem from Cato’s 39th Annual Monetary Conference, which took place virtually on November 18, 2021. […]


July 21, 202248min
(Although my contributions to this series have so far been more-or-less in their proper order, this one isn’t:  it occurred to me only relatively recently that it would be worthwhile to take stock of the overall progress of the recovery up to the outbreak of the Roosevelt Recession before delving into that episode. Had I […]