cracking dollar

In a thought-provoking article published by the IMF in April, Ruchir Agarwal and Miles Kimball argue for moving away from a “paper money standard” and toward an "electronic money standard." The promised benefits include shorter recessions and lower average inflation. These benefits are said to result from…

Twice now,  on this forum back in 2013, and on Twitter more recently (see here and here), I've taken Yale economics professor Gary Gorton's publications to task for misrepresenting the historical record of private currency systems. In particular, I've criticized him for claiming, on the basis of evidence…

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The Fed's long-awaited report on central bank digital currencies is finally out. Although the report makes it clear that the Fed has no immediate plans to issue a digital currency, it does point to the approach the Fed would be inclined to take were it to do…

Hyperinflation

"The fateful errors of popular monetary doctrines which have led astray the monetary policies of almost all governments would hardly have come into existence if many economists had not themselves committed blunders in dealing with monetary issues and did not stubbornly cling to them." —Ludwig von Mises,…