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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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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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currency, money, war on cash, high denomination currency, black money
Fiat Money, Money & Politics

More Evidence of the High Collateral Damage of a War on Cash

Larry White/January 26, 2018June 19, 2022

The leading arguments for banning large-denomination currency notes are those made in a much-cited working paper by Peter Sands and at book length by Kenneth Rogoff. They have been rebutted persuasively by Pierre Lemieux and Jeffrey Hummel in their respective reviews of Rogoff’s book. I have previously…

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Bitcoin standard, gold standard, bitcoin, gold, synthetic commodity money
Commodity Money, Digital Money, Fiat Money

How a Bitcoin System is Like and Unlike a Gold Standard

Larry White/January 11, 2018June 19, 2022

Many commentators have compared Bitcoin to gold as an investment asset. “Can Bitcoin Be Gold 2.0?,” asks a portfolio analyst. “Bitcoin is increasingly set to replace gold as a hedge against uncertainty,” suggests a Cointelegraph reporter. Economists, by contrast, are more interested in considering how a monetary…

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Economic History, Free Banking, The Fed & Central Banks

Hayek on the Creation of Moral Hazard by Central Banks

Larry White/December 7, 2017June 19, 2022

Some years ago I published a paper on the banking theory and policy views of the important twentieth-century economist Friedrich A. Hayek, entitled “Why Didn't Hayek Favor Laissez Faire in Banking?”[1] Very recently, working on a new paper on Hayek’s changing views of the gold standard, I…

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Blockchain Gold, bitcoin, gold, blockchain, ethereum, gold standard
Commodity Money, Digital Money, Financial Innovation

Blockchain + Gold

Larry White/October 26, 2017June 19, 2022

The Bitcoin system has the great virtue of securely sending value directly from stranger to stranger. It is open to anyone, anywhere in the world. The sender does not need to trust the recipient, nor any bank or other institution, to accurately record the transfer. The Bitcoin…

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Fiat Money, Money & Politics, News

India's Failed Demonetization Program and Its Retreating Economic Defenders

Larry White/September 28, 2017June 19, 2022

Dormant for a while, the debate over India’s demonetization program of last fall has been revived by new evidence. The new evidence on note returns and GDP vindicates the critics, and has the defenders in strategic retreat. To recap: On November 8, 2016, India’s Prime Minister Narendra…

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Recent Posts

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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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