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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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Recent

The Narrow Bank: A Follow-Up

George Selgin/September 14, 2018September 14, 2018 /1 Comment
In my last post I wrote about the lawsuit TNB USA Inc has filed against the New York Fed, which has refused to grant the would-be bank a Master Account. I argued that, despite its...
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New York Fed, master account, TNB inc, narrow banking, ioer

The Skinny on The Narrow Bank

George Selgin/September 10, 2018September 12, 2018 /2 Comments
Euro, Eurozone, Italy, fiscal money, European Central Bank

Italy's Macroeconomic Problems Cannot Be Remedied By Issuing a Domestic Quasi-Money

Larry White/September 6, 2018September 6, 2018 /2 Comments
Bitcoin, Bitcoin energy use, payments systems

Why Bitcoin is Not an Environmental Catastrophe

Diego Zuluaga/September 4, 2018September 6, 2018 /2 Comments
Fritz Machlup, fractional reserve banking, credit creation, bank credit, Alt-M Classics

Alt-M classics: Fritz Machlup on the Proper Limits of Bank Credit Expansion

Fritz Machlup/August 31, 2018August 31, 2018 /10 Comments

Money & Politics

New York Fed, master account, TNB inc, narrow banking, ioer

The Skinny on The Narrow Bank

George Selgin/September 10, 2018September 12, 2018 /2 Comments
Dedicated Alt-M readers may recall my having reported here several years ago the suit filed by Colorado's Four Corner's Credit Union against the Kansas City...
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Euro, Eurozone, Italy, fiscal money, European Central Bank

Italy's Macroeconomic Problems Cannot Be Remedied By Issuing a Domestic Quasi-Money

Larry White/September 6, 2018September 6, 2018 /2 Comments
SWIFT, payment system, international payments

Europe's SWIFT Problem

JP Koning/August 24, 2018August 23, 2018 /1 Comment
gold standard, interwar gold standard, Great Depression, Great Recession, monetary policy

World War I, Gold, and the Great Depression

Hu McCulloch/August 23, 2018August 23, 2018 /8 Comments
Phillips curve, unemployment, real wages, Federal Reserve, productivity

Eppur Si Muove, or, How Not to Explain Stagnant Real Wages

George Selgin/July 24, 2018July 25, 2018 /26 Comments

The Fed & Central Banks

The Narrow Bank: A Follow-Up

George Selgin/September 14, 2018September 14, 2018 /1 Comment
In my last post I wrote about the lawsuit TNB USA Inc has filed against the New York Fed, which has refused to grant the would-be bank a Master Account. I argued that, despite its...
Continue reading
New York Fed, master account, TNB inc, narrow banking, ioer

The Skinny on The Narrow Bank

George Selgin/September 10, 2018September 12, 2018 /2 Comments
Euro, Eurozone, Italy, fiscal money, European Central Bank

Italy's Macroeconomic Problems Cannot Be Remedied By Issuing a Domestic Quasi-Money

Larry White/September 6, 2018September 6, 2018 /2 Comments
Federal Reserve, Jay Powell, Jackson Hole, monetary economics, nominal GDP, NGDP targeting

Powell's Jackson Hole Speech Should Give NGDP Advocates Optimism

Tate Lacey/August 29, 2018August 29, 2018 /2 Comments
gold standard, interwar gold standard, Great Depression, Great Recession, monetary policy

World War I, Gold, and the Great Depression

Hu McCulloch/August 23, 2018August 23, 2018 /8 Comments

Monetary Policy Primer

commodity money, monetary policy primer, federal reserve, fiat money, alternative monetary policy, monetary alternatives

A Monetary Policy Primer, Part 12: Monetary Alternatives

George Selgin/October 31, 2017November 1, 2017 /28 Comments
This primer is supposed to introduce readers to the workings of the present U.S. monetary system. So it's only natural that it should take established...
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lender of last resort, bank runs, panics, monetary primer

A Monetary Policy Primer, Part 11: Last-Resort Lending

George Selgin/August 8, 2017August 24, 2017 /16 Comments
monetary rules, discretionary monetary policy, time-inconsistency problem, stable spending, NGDP targeting

A Monetary Policy Primer, Part 10: Discretion, or a Rule?

George Selgin/May 11, 2017August 24, 2017 /10 Comments
Inflation Expectations, interest on reserves, interest rate targeting, natural rate of interest, QE

A Monetary Policy Primer, Part 9: Monetary Control, Now

George Selgin/January 10, 2017August 24, 2017 /30 Comments
asset bubbles, Great Recession, inflation targeting, monetary policy, NGDP targeting

A Monetary Policy Primer, Part 8: Money in the Latest Great Muddle

George Selgin/January 4, 2017August 24, 2017 /50 Comments

Financial Markets

The Narrow Bank: A Follow-Up

George Selgin/September 14, 2018September 14, 2018 /1 Comment
In my last post I wrote about the lawsuit TNB USA Inc has filed against the New York Fed, which has refused to grant the would-be bank a Master Account. I argued that, despite its...
Continue reading
Federal Reserve, Jay Powell, Jackson Hole, monetary economics, nominal GDP, NGDP targeting

Powell's Jackson Hole Speech Should Give NGDP Advocates Optimism

Tate Lacey/August 29, 2018August 29, 2018 /2 Comments
SWIFT, payment system, international payments

Europe's SWIFT Problem

JP Koning/August 24, 2018August 23, 2018 /1 Comment
Federal Reserve, Donald Trump, monetary policy, fiscal policy, Fed independence

Donald Trump's Real Influence on Fed Policy

David Beckworth/August 15, 2018August 15, 2018 /4 Comments
U.S. Treasury, financial innovation, fintech, financial technology, financial regulation

The Treasury's Fintech Report: Key Takeaways

Diego Zuluaga/July 31, 2018 /Leave a comment

Fiat Money

Herbert Spencer, Private money, free banking, Alt-M Classics,

Alt-M classics: Herbert Spencer on Currency and Banking

Herbert Spencer/June 29, 2018June 29, 2018 /2 Comments
[I'm pleased to introduce with this entry a new  Alt-M series, consisting of occasional classic essays or excerpts from longer works concerning alternative monetary arrangements. As a fitting introduction to the series I've chosen the...
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private money, monetary history, private banknotes, bitcoin, financial stability.

Bitcoin: More Trustworthy than Some Academic Critics

Larry White/February 22, 2018March 26, 2018 /5 Comments
currency, money, war on cash, high denomination currency, black money

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

Larry White/January 26, 2018January 26, 2018 /6 Comments
Bitcoin standard, gold standard, bitcoin, gold, synthetic commodity money

How a Bitcoin System is Like and Unlike a Gold Standard

Larry White/January 11, 2018January 11, 2018 /24 Comments
Milton Friedman, optimum quantity of money, interest on excess reserves, interest on reserves, monetary base

Optiquandary: A Practical Problem with Friedman’s “Optimum Quantity of Money”

Hu McCulloch/November 30, 2017December 3, 2017 /19 Comments

Digital Money

Bitcoin, Bitcoin energy use, payments systems

Why Bitcoin is Not an Environmental Catastrophe

Diego Zuluaga/September 4, 2018September 6, 2018 /2 Comments
The environmental impact of cryptocurrencies looms large among the many concerns voiced by sceptics. Earlier this year, Agustín Carstens, who runs the influential Bank...
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cryptocurrencies, cryptoassets, bitcoin, securities regulation, howey test, howey coin, sec, securities and exchange commission

Should Cryptocurrencies Be Regulated like Securities?

Diego Zuluaga/June 25, 2018June 25, 2018 /2 Comments
ecash, digital money, Federal Reserve, central banks, financial innovation

The Computer-Glitch Argument for Central Bank eCash

George Selgin/June 7, 2018June 7, 2018 /8 Comments
cryptocurrency, cryptoassets, Bitcoin, financial regulation

Are Cryptoassets as Risky as Policymakers Think?

Diego Zuluaga/April 27, 2018April 27, 2018 /Leave a comment
ICOs, network effects, initial coin offerings, tokens, cryptocurrencies, sec, securities and exchange commission, utility token, bitcoin, blockchain, ICO

The Legal Status of ICOs: New Insights from Economic Theory

Diego Zuluaga/April 10, 2018April 10, 2018 /Leave a comment

Commodity Money

cryptocurrency, sovereign cryptocurrency, Petro, Venezuela, blockchain

Venezuela's Petro: Fool's Oil

Diego Zuluaga/March 23, 2018March 22, 2018 /1 Comment
Venezuela has the largest oil reserves in the world. Crude exports earn the country 95 per cent of its foreign exchange. That figure used to be lower, but relentless nationalization and the government’s insistence on...
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Bitcoin standard, gold standard, bitcoin, gold, synthetic commodity money

How a Bitcoin System is Like and Unlike a Gold Standard

Larry White/January 11, 2018January 11, 2018 /24 Comments
wampum, colonial america, currency competition, thanksgiving, economic history, currency, inflation

Friday Flashback: Thanksgiving: A Celebration of American Currency Competition

Bradley Jansen/November 24, 2017November 24, 2017 /1 Comment
commodity money, monetary policy primer, federal reserve, fiat money, alternative monetary policy, monetary alternatives

A Monetary Policy Primer, Part 12: Monetary Alternatives

George Selgin/October 31, 2017November 1, 2017 /28 Comments
Blockchain Gold, bitcoin, gold, blockchain, ethereum, gold standard

Blockchain + Gold

Larry White/October 26, 2017October 26, 2017 /24 Comments

Free Banking

private money, Bank of International Settlements, history of money, free banking, Bitcoin

Some Things a Central Bank's Banker Doesn't Know About Monetary History

Larry White/July 26, 2018July 26, 2018 /8 Comments
In February 2018 Agustin Carstens, the General Manager of the Bank for International Settlements in Basel, gave a speech at Goethe University in Frankfurt entitled “Money...
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Herbert Spencer, Private money, free banking, Alt-M Classics,

Alt-M classics: Herbert Spencer on Currency and Banking

Herbert Spencer/June 29, 2018June 29, 2018 /2 Comments
Canadian banking system, free banking, scottish free banking, bank of canada

Entry into Canadian Banking, 1870-1935

George Selgin/May 8, 2018May 10, 2018 /3 Comments
free banking, Diamond and Dyvbig, Alternative Money University, monetary education, economic education

Friday Flashback: We Are All Free Banking Theorists Now*

George Selgin/February 2, 2018February 3, 2018 /32 Comments
banking regulation, deregulation, Scottish Free Banking, misunderstanding financial crises, Dodd-Frank Act

Is Bank Deregulation Dangerous?

George Selgin/January 23, 2018January 22, 2018 /18 Comments

Currency Boards

Bitcoin, Blockchain, cryptocurrencies, currency board, Tether

Dollar-Denominated Cryptocurrencies: Flops and Tethered Success

Larry White/April 6, 2017April 5, 2017 /20 Comments
A well-known obstacle to the greater popularity of Bitcoin as a medium of payment is the high volatility of its exchange value. This volatility results from its built-in quantity commitment: because the number of Bitcoins...
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A lot of data, and good-bye

Kurt Schuler/December 31, 2014December 19, 2015 /5 Comments

Why don't we have that for free banking?

Kurt Schuler/April 12, 2014December 19, 2015 /1 Comment

It was 20 years ago today…

Kurt Schuler/April 2, 2014December 19, 2015 /Leave a comment

Have we got your back?

Kurt Schuler/March 25, 2014December 19, 2015 /17 Comments

Inflation & Deflation

Federal Reserve, Donald Trump, monetary policy, fiscal policy, Fed independence

Donald Trump's Real Influence on Fed Policy

David Beckworth/August 15, 2018August 15, 2018 /4 Comments
A lot of ink was spilled last month over President Trump's criticism of the Fed raising interest rates. Observers worried that those criticisms meant the President was...
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NGDP target, nominal GDP, Federal Reserve, operating framework, price level target

Price Level Targeting: A Step in the Right Direction

Tate Lacey/June 12, 2018June 12, 2018 /5 Comments
great recession, financial crisis, fomc, federal reserve, interest rates, inflation targeting, NGDP targeting

Anniversary of a Fed Blunder

George Selgin/April 30, 2018April 30, 2018 /8 Comments
Bill Niskanen, dual mandate, lender of last resort, monetary policy, Phillips Curve

Bill Niskanen: Monetary Policy Radical

George Selgin/December 21, 2017January 21, 2018 /18 Comments
wampum, colonial america, currency competition, thanksgiving, economic history, currency, inflation

Friday Flashback: Thanksgiving: A Celebration of American Currency Competition

Bradley Jansen/November 24, 2017November 24, 2017 /1 Comment

Economic Thought

Fritz Machlup, fractional reserve banking, credit creation, bank credit, Alt-M Classics

Alt-M classics: Fritz Machlup on the Proper Limits of Bank Credit Expansion

Fritz Machlup/August 31, 2018August 31, 2018 /10 Comments
[Having drawn attention in my last post to Fritz Machlup's superb 1940 book, The Stock Market, Credit, and Capital Accumulation, it occurred to me...
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fractional reserve banking, reserve requirements, Austrian economics, business cycle theory, Federal Reserve

Fractional Reserve Banking and "Austrian" Business Cycles, Part III

George Selgin/August 28, 2018August 28, 2018 /12 Comments
Federal Reserve, monetary policy, fractional reserve banking, Austrian Business Cycle Theory

Fractional Reserve Banking and "Austrian" Business Cycles, Part II

George Selgin/August 21, 2018August 30, 2018 /14 Comments
Austrian Business Cycle Theory, banking theory, central banks, fractional reserve banking, money supply

Fractional Reserve Banking and "Austrian" Business Cycles, Part I

George Selgin/August 16, 2018August 18, 2018 /54 Comments
monetary policy, normalization, Federal Reserve, Fed, 2008 financial crisis

New Release: Monetary Policy in an Uncertain World

James Dorn/August 9, 2018August 8, 2018 /1 Comment

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Contributors

  • George Selgin
  • Larry White
  • Kevin Dowd
  • James Dorn
  • Jeffrey Rogers Hummel
  • Tate Lacey
  • Hu McCulloch
  • Julien Noizet
  • Gerald O'Driscoll
  • Diego Zuluaga

Editors

  • George Selgin
  • Chuck Moulton
  • Bradley Jansen

Categories

  • Banking Regulation (41)
  • Booms & Busts (23)
  • Commodity Money (59)
  • Currency Boards (11)
  • Digital Money (72)
  • Economic History (132)
  • Economic Thought (133)
  • Events (37)
  • Fiat Money (54)
  • Financial Innovation (16)
  • Financial Markets (95)
  • Free Banking (191)
  • Inflation & Deflation (59)
  • Monetary Policy Primer (12)
  • Money & Politics (197)
  • News (99)
  • Recommended Reading (86)
  • The Fed & Central Banks (275)
  • Uncategorized (11)

Recent Posts

  • The Narrow Bank: A Follow-Up
  • The Skinny on The Narrow Bank
  • Italy's Macroeconomic Problems Cannot Be Remedied By Issuing a Domestic Quasi-Money
  • Why Bitcoin is Not an Environmental Catastrophe
  • Alt-M classics: Fritz Machlup on the Proper Limits of Bank Credit Expansion
  • Powell's Jackson Hole Speech Should Give NGDP Advocates Optimism
  • Fractional Reserve Banking and "Austrian" Business Cycles, Part III

Recent Comments

  • Darius on The Narrow Bank: A Follow-Up
  • Dwain Dibley on Fractional Reserve Banking and "Austrian" Business Cycles, Part I
  • George Selgin on Fractional Reserve Banking and "Austrian" Business Cycles, Part I
  • Dwain Dibley on Fractional Reserve Banking and "Austrian" Business Cycles, Part I
  • George Selgin on Fractional Reserve Banking and "Austrian" Business Cycles, Part I

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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