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Ideas for an Alternative Monetary Future

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Ideas for an Alternative Monetary Future

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fincen, aml, kyc, bsa, bank secrecy act, financial crimes, zuluaga, money laundering, know your customer, beneficial ownership

A War on Crime or on Business?

Diego Zuluaga/March 21, 2019March 21, 2019 /1 Comment
Since the Bank Secrecy Act (BSA) came into force in 1970, banks and other financial institutions have been subject to extensive reporting requirements on the transactions they perform on customers’ behalf. In subsequent years, notably...
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Modern Monetary Theory, Trillion Dollar Coin, government deficits, monetary policy, fiscal policy

MMT's Big Coin Gambit

George Selgin/March 20, 2019March 20, 2019 /28 Comments
modern monetary theory, endogenous money, fractional reserve banking, money multiplier

Friday Flashback: The Problems with MMT-Derived Banking Theory

Julien Noizet/March 15, 2019March 14, 2019 /4 Comments
Federal Reserve, U.S. Treasury, government debt, Modern Monetary Theory

On Empty Purses and MMT Rhetoric

George Selgin/March 5, 2019March 5, 2019 /43 Comments
Cato Journal, new release, news, monetary policy, financial regulation

New Release: Cato Journal Winter 2019 Edition

Tyler Whirty/February 28, 2019March 2, 2019 /Leave a comment

Money & Politics

fincen, aml, kyc, bsa, bank secrecy act, financial crimes, zuluaga, money laundering, know your customer, beneficial ownership

A War on Crime or on Business?

Diego Zuluaga/March 21, 2019March 21, 2019 /1 Comment
Since the Bank Secrecy Act (BSA) came into force in 1970, banks and other financial institutions have been subject to extensive reporting requirements on the transactions they perform on customers’ behalf. In subsequent years, notably...
Continue reading
Modern Monetary Theory, Trillion Dollar Coin, government deficits, monetary policy, fiscal policy

MMT's Big Coin Gambit

George Selgin/March 20, 2019March 20, 2019 /28 Comments
Federal Reserve, U.S. Treasury, government debt, Modern Monetary Theory

On Empty Purses and MMT Rhetoric

George Selgin/March 5, 2019March 5, 2019 /43 Comments
Green New Deal, Modern Monetary Theory, Stephanie Kelton, Federal Reserve, government debt

The Modern New Deal That's Too Good to be True

George Selgin/February 8, 2019February 9, 2019 /68 Comments
Jerome Powell, Federal Reserve, floor system, monetary policy

The Fed Marches On

George Selgin/January 31, 2019February 4, 2019 /2 Comments

The Fed & Central Banks

Modern Monetary Theory, Trillion Dollar Coin, government deficits, monetary policy, fiscal policy

MMT's Big Coin Gambit

George Selgin/March 20, 2019March 20, 2019 /28 Comments
Modern Monetary Theory has been accused, not always fairly, of more serious shortcomings than you can shake a stick at. Among other things, critics have faulted it for not being all that modern, for passing-off...
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modern monetary theory, endogenous money, fractional reserve banking, money multiplier

Friday Flashback: The Problems with MMT-Derived Banking Theory

Julien Noizet/March 15, 2019March 14, 2019 /4 Comments
Federal Reserve, U.S. Treasury, government debt, Modern Monetary Theory

On Empty Purses and MMT Rhetoric

George Selgin/March 5, 2019March 5, 2019 /43 Comments
Cato Journal, new release, news, monetary policy, financial regulation

New Release: Cato Journal Winter 2019 Edition

Tyler Whirty/February 28, 2019March 2, 2019 /Leave a comment
Alexander Hamilton, antebellum banking, First Bank of the United States, mercantilism, ten dollar bill

Friday Flashback: Alexander Hamilton, Banking Mercantilist

Larry White/February 22, 2019February 22, 2019 /3 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, 2017February 28, 2019 /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, 2017February 28, 2019 /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, 2017February 28, 2019 /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, 2017February 28, 2019 /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, 2017February 28, 2019 /51 Comments

Financial Markets

modern monetary theory, endogenous money, fractional reserve banking, money multiplier

Friday Flashback: The Problems with MMT-Derived Banking Theory

Julien Noizet/March 15, 2019March 14, 2019 /4 Comments
Editor's Note: Since I've been harping on the ways in which Modern Monetary Theory misrepresents institutional realities, I thought it worthwhile to republish the following essay by occasional Alt-M contributor Julien Noizet, from his personal...
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Federal Reserve, U.S. Treasury, government debt, Modern Monetary Theory

On Empty Purses and MMT Rhetoric

George Selgin/March 5, 2019March 5, 2019 /43 Comments
Cato Journal, new release, news, monetary policy, financial regulation

New Release: Cato Journal Winter 2019 Edition

Tyler Whirty/February 28, 2019March 2, 2019 /Leave a comment
monetary conference, unconventional monetary policy, Federal Reserve, Cato Institute

Monetary Policy Ten Years After the Crisis: A Conference Recap

Tyler Whirty/November 30, 2018December 1, 2018 /1 Comment
credit unions, financial innovation, fintech, decentralization, disintermediation

Disintermediation and Decentralization: A Familiar Tune for Credit Unions?

Diego Zuluaga/October 17, 2018October 17, 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 /3 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

central bank digital currency, retail payments, Davos, financial innovation, 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...
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Kik, Kin, digital, innovation, cryptos, cryptoassets, cryptocurrencies, decentralization, ICO, SEC, initial coin offering

Protecting Innovation: The Kin Case, Litigating Decentralization, and Crypto Disclosures

Tyler Whirty/February 1, 2019February 1, 2019 /3 Comments
cryptoassets, Kareken-Wallace, currency substitutes, cryptocurrencies

Kareken-Wallace and Cryptoassets: Why Bitcoin and Beam Are Not Perfect Substitutes

Larry White/January 9, 2019January 9, 2019 /Leave a comment

Central Bank Digital Currency Threatens Financial Privacy and Economic Growth

Larry White/December 4, 2018December 4, 2018 /4 Comments
bitcoin, financial privacy, payments systems, private money, Satoshi Nakamoto

Bitcoin After 10 Years

Larry White/October 23, 2018October 23, 2018 /1 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, 2017February 28, 2019 /28 Comments
Blockchain Gold, bitcoin, gold, blockchain, ethereum, gold standard

Blockchain + Gold

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

Free Banking

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

Friday Flashback: Alexander Hamilton, Banking Mercantilist

Larry White/February 22, 2019February 22, 2019 /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...
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free banking, Canadian free banking, fractional reserve banking, Austrian economics, economic history

Bob Murphy on Free Banking in Canada

George Selgin/February 12, 2019February 12, 2019 /52 Comments
AMU, Alternative Money University, monetary economics, students, Cato Institute

Announcing Alternative Money University Round Two

Tyler Whirty/January 10, 2019January 9, 2019 /4 Comments
scottish free banking, bank of england, Bank Restriction Act, specie, free banking

Scottish Banks and the Bank Restriction, 1797-1821, Part 3

George Selgin/November 13, 2018November 14, 2018 /9 Comments
free banking, 100% reserve, public banks, economic history, friday flashback

Friday Flashback: The State and 100 Percent Reserve Banking

George Selgin/November 9, 2018November 9, 2018 /21 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

Irving fisher, monetary disequilibrium, stable money, sound money, monetary reform

Irving Fisher's Search for Stable Money: What We Can Learn

James Dorn/January 17, 2019January 17, 2019 /3 Comments
Irving Fisher’s classic treatise, The Purchasing Power of Money: Its Determination and Relation to Credit, Interest and Crises (1911), still offers valuable insights regarding monetary reform. This post examines some of Fisher’s insights and draws...
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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 /5 Comments
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

Economic Thought

free banking, Canadian free banking, fractional reserve banking, Austrian economics, economic history

Bob Murphy on Free Banking in Canada

George Selgin/February 12, 2019February 12, 2019 /52 Comments
A few months after my April 2018 Soho debate with him concerning whether fractional reserve banking is damaging to an economy's health, Bob Murphy gave a lecture on "Rothbardians vs. 'Free Bankers' on Fractional Reserve...
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AMU, Alternative Money University, monetary economics, students, Cato Institute

Announcing Alternative Money University Round Two

Tyler Whirty/January 10, 2019January 9, 2019 /4 Comments
cryptoassets, Kareken-Wallace, currency substitutes, cryptocurrencies

Kareken-Wallace and Cryptoassets: Why Bitcoin and Beam Are Not Perfect Substitutes

Larry White/January 9, 2019January 9, 2019 /Leave a comment
Walter Grinder, economics, Institute for Humane Studies

Friday Flashback: Walter Grinder Tributes

George Selgin/October 12, 2018October 12, 2018 /Leave a comment

New Release: Cato Journal Fall 2018 Edition

Tyler Whirty/September 28, 2018September 28, 2018 /Leave a comment

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Contributors

  • George Selgin
  • Larry White
  • Hu McCulloch
  • James Dorn
  • Diego Zuluaga

Categories

  • Banking Regulation (48)
  • Booms & Busts (23)
  • Commodity Money (59)
  • Currency Boards (11)
  • Digital Money (77)
  • Economic History (140)
  • Economic Thought (138)
  • Events (41)
  • Fiat Money (54)
  • Financial Innovation (23)
  • Financial Markets (100)
  • Free Banking (199)
  • Inflation & Deflation (60)
  • Monetary Policy Primer (12)
  • Money & Politics (204)
  • News (109)
  • Recommended Reading (90)
  • The Fed & Central Banks (289)
  • Uncategorized (11)

Recent Posts

  • A War on Crime or on Business?
  • MMT's Big Coin Gambit
  • Friday Flashback: The Problems with MMT-Derived Banking Theory
  • On Empty Purses and MMT Rhetoric
  • New Release: Cato Journal Winter 2019 Edition
  • Why Bans Will Not Encourage "Responsible Innovation"
  • Friday Flashback: Alexander Hamilton, Banking Mercantilist

Recent Comments

  • LudwigvonRothbard on MMT's Big Coin Gambit
  • DavidS2 on MMT's Big Coin Gambit
  • DavidS2 on MMT's Big Coin Gambit
  • George Selgin on MMT's Big Coin Gambit
  • George Selgin on MMT's Big Coin Gambit

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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This work by the Cato Institute and the Liberty and Privacy Network is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
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