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…

Close

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…

Oil pump jacks at sunset sky background. Toned.

Ever since Federal Reserve Chairman Jerome Powell described cyclical or COVID-related elements of inflation as "transitory" (an ambiguous phrase now retired), critics repeatedly seized on year-to-year changes in price indexes as evidence that inflation was instead accelerating every month. As I have noted before, however, the stubborn…

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…

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,…