Chinese monetary history, communism, government debt financing, inflationary spiral, The Knowledge Problem

The history of China’s banking system in the first half of the 20th century offers powerful insights into the conduct of monetary policy and the consequences of government intrusion into banking and monetary institutions that are well worth considering today.  Monetary economists and monetary historians would do well to study China’s…

Alexander Hamilton, antebellum banking, First Bank of the United States, mercantilism, ten dollar bill

In this past summer’s controversy over whether Alexander Hamilton’s image should be replaced on the $10 bill, outraged commentators made many extravagant claims on behalf of Hamilton’s wisdom in matters of money and banking policy.  For example, Ben Bernanke blogged that “Hamilton was without doubt the best and most foresighted…