Quack doctor tries to sell snake oil.

In the latest installment in his series, "Understanding Money Mechanics," Bob Murphy takes on Market Monetarism, and Scott Sumner's case for having central banks practice NGDP level targeting in particular.  A commentator there writes, "I hope George S. pipes up to defend MM! Seeing the other side…

fed independence, alternative currencies, fed, federal reserve, cato monetary conference

  From President Trump lobbing invectives against Federal Reserve Chairman Jerome Powell on Twitter to progressives clamoring for the Federal Reserve to use monetary policy to finance social projects, our central bank's independence looks increasingly tenuous. Recently, Chairman Powell called for an internal "strategic review" of how…

Milton Friedman (1951, 1960) provided influential back-of-the-envelope estimates of the costs devoted to extracting gold under what he called a "strict" gold standard. I have criticized those estimates elsewhere (White 1999, pp. 42-48) for exaggerating the volume of gold reserves used by actual gold-standard economies, and thus…