Bank note

I've often drawn attention here to the virtues of the Canadian banking system, especially as it was between the passage of Canada's first Bank Act in 1871 and the establishment of the Bank of Canada in 1935. After the Scottish banking system that flourished between 1716 and…

Bitcoin

Many economists acknowledge that ordinary private goods and services need to “pass the market test”—generate revenue in excess of expenses—to show that consumers’ benefits (revealed by a willingness to pay) exceed producers’ outlays. But they make an exception when it comes to monetary instruments and payment systems….

Bank

Saule Omarova Beth and Marc Goldberg Professor of Law Cornell Law School Ithaca, NY Dear Professor Omarova, As you probably know, I'm among the critics of the plan for "democratizing money" that you outline in your forthcoming Vanderbilt Law Review article. I disagree with it enough to…

Many observers are treating China’s plan for a central bank digital currency (CBDC) as a strictly progressive, technical move that other nations should emulate.  The United States, in particular, is concerned that China already has a large head start, which may threaten the dollar’s dominance as a…

Bretton Woods

August 15, 2021 marks the 50th anniversary of the day President Richard Nixon “closed the gold window,” ending the postwar Bretton Woods international monetary system. It is an appropriate moment to reconsider the internal inconsistencies of the Bretton Woods system. As its contemporary critics understood, Bretton Woods…