Starting with the April 2021 release, virtually every monthly Consumer Price Index (CPI) report has indicated some form of abnormally high inflation. For instance, the April CPI rose 4.2 percent over the previous 12 months, the largest year-to-year increase since the period ending September 2008. Similarly, the…

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…