In December 1946, Clark Warburton published an article in the Political Science Quarterly titled, “Monetary Control under the Federal Reserve Act,” which was reprinted in chapter 14 of his landmark book, Depression, Inflation, and Monetary Policy (1966). He argues that the Federal Reserve’s failure to prevent the…
Not long ago, the CMFA staff and I were preparing to officially launch The Menace of Fiscal QE, my book aimed at countering efforts to have the Fed undertake or otherwise fund off-budget government spending programs. Then came the crisis. Of course our plans were dashed. But…
Members of the House Financial Services Committee made some progress on monetary reform this past week by introducing three new bills on November 7th and 8th, which are to be marked-up in Committee on Tuesday — along with a host of other financial services related bills. The…
America's Bank, Roger Lowenstein's 2015 book on the founding of the Fed, is, as I said in reviewing it for Barron's, both well-written and well-researched. Few pertinent details of the story appear to have escaped Lowenstein's notice. However, in assembling and interpreting these details, Lowenstein appears not to…
With Puerto Rico’s continuing fiscal strains, some commentators have suggested that one avenue to give Puerto Rico breathing room would be the purchase of Puerto Rican municipal debt as part of Open Market Operations by the Federal Reserve. The most prominent proponent of this plan is Renssalaer…