Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. Although central banks will move gradually, unforeseen circumstances could trigger…
As regular Alt-M readers know, I've been saying for over a year now that, despite their promise to "normalize" monetary policy, Fed officials have been determined to maintain the Fed's post-crisis "floor" system of monetary control, in which changes to the Fed's monetary policy stance are mainly…
The Winter 2018 edition of the Cato Journal is out! For 38 years, the Cato Journal has published articles by leading scholars that explore libertarian public policy ideas. The current edition features articles on the welfare state, school choice, and — most importantly for loyal Alt-M readers…
During the Western Han Dynasty (206 B.C. – A.D. 9), the question of monetary freedom was vigorously debated. There were as yet no banks or paper money in China — money consisted solely of coin. Private mints competed with government mints, either in the shadow market or…
According to a new national poll just released by the Cato Institute, Americans know very little about the Federal Reserve. Not surprising. But among those who are familiar with its work, most think it should not be setting interest rates. The poll, conducted in collaboration with YouGov,…