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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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Larry White
About Larry White
Lawrence H. White is a senior fellow at the Cato Institute, and professor of economics at George Mason University since 2009. An expert on banking and monetary policy, he is the author of The Clash of Economic Ideas (Cambridge University Press, 2012), The Theory of Monetary Institutions (Basil Blackwell, 1999), Free Banking in Britain (2nd ed., Institute of Economic Affairs, 1995), and Competition and Currency (NYU Press, 1989). He is co-editor of Renewing the Search for a Monetary Constitution (Cato Institute, 2015), and editor of The History of Gold and Silver (3 vols., Pickering and Chatto, 2000), Free Banking (3 vols., Edward Elgar, 1993), and The Crisis in American Banking (NYU Press, 1993). His articles on monetary theory and banking history have appeared in the American Economic Review, Journal of Money, Credit, and Banking, and other leading professional journals.

White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He has been a visiting research fellow at the American Institute for Economic Research, a visiting lecturer at the Swiss National Bank, and a visiting scholar at the Federal Reserve Bank of Atlanta. He is a co-editor of the online journal Econ Journal Watch, and hosts bimonthly podcasts for EJW Audio. He is also a member of the Financial Markets Working Group of the Mercatus Center at George Mason University.

White holds a BA in economics from Harvard College and a PhD in economics from UCLA.
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Alan Greenspan, Judy Shelton, Federal Reserve, Gold Standard
Commodity Money, News, The Fed & Central Banks

Fear of a Gold Planet

Larry White/June 4, 2019January 2, 2020 /16 Comments

Proposed nominees Stephen Moore and Herman Cain having dropped out of contention, discussion continues over the Trump administration's possible next nomination to the Federal Reserve's Board of Governors. The views of the latest candidate under consideration by the administration, Judy Shelton, have revived a question that commentators…

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gold standard, interest rate target, Stephen Moore, Herman Cain, Lucas critique
Commodity Money, Fiat Money, The Fed & Central Banks

A Gold Standard Does Not Require Interest-Rate Targeting

Larry White/April 18, 2019January 2, 2020 /15 Comments

Stephen Moore and Herman Cain, the two recent nominees to the Federal Reserve Board of Governors, have in the past suggested returning to a gold standard (although Moore now says he favors merely consulting a broad range of commodity prices as leading indicators). In response, a number…

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nominal GDP, zero lower bound, negative interest rates, war on cash
Fiat Money, Money & Politics, The Fed & Central Banks

The Zero Lower Bound is No Reason to Punish Currency Users

Larry White/March 28, 2019March 28, 2019 /5 Comments

John Maynard Keynes once marveled at "how, starting with a mistake, a remorseless logician can end up in Bedlam." (Bedlam was the nickname of a London madhouse.) Keynesian or New Keynesian macroeconomists who start with the mistaken premise that a central bank cannot fight recession except by lowering…

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Alexander Hamilton, antebellum banking, First Bank of the United States, mercantilism, ten dollar bill
Economic History, Free Banking, The Fed & Central Banks

Friday Flashback: Alexander Hamilton, Banking Mercantilist

Larry White/February 22, 2019January 2, 2020 /3 Comments

(Originally appeared on Alt-M on December 30, 2015) *** 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…

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central bank digital currency, retail payments, Davos, financial innovation, central banks
Digital Money, Financial Innovation, The Fed & Central Banks

Efficient "Central Bank Digital Currency" is a Fantasy

Larry White/February 11, 2019February 11, 2019 /5 Comments

In January I had the pleasure of participating on a panel on "The New Financial System: Decentralized?" at the Blockchain Economic Forum in Davos, Switzerland. (Video of the panel is here.) The panel was preceded by a talk by Prof. Nouriel Roubini of the NYU Stern School…

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About Us

Welcome to Alt-M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today's centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates.

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