Should the U.S. government create a digital dollar?

Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in…

Money-market mutual funds (MMMFs) have had a turbulent couple of weeks. On March 18, the Federal Reserve System created a Money Market Mutual Fund Liquidity Facility (MMLF) to "assist money market funds in meeting demands for redemptions by households and other investors." What's the source of the…

gold, bimetallism, silver, gold standard, bitcoin

When Bitcoin's price spiked in 2017, so did public mentions of the cryptocurrency, as measured by a Google n-gram plot. When William Jennings Bryan promoted bimetallism during his run for President in 1896, mentions of bimetallism similarly spiked. Noting this parallel, economist Robert Shiller compares the two…