Should the U.S. government create a digital dollar?

Proposals for "central bank digital currency" (CBDC) come in two basic types: account-based and token-based. I have been critical of proposals for an account-based system. Until recently, there didn't seem to be much active interest in a token-based system. But now comes a significant token-based proposal in…

The boy who cried wolf.

Back in May 2009, Paul Krugman published a column titled "The Big Inflation Scare." In it, he complained about the "inflation fear-mongering" going on at the time. "Suddenly," Krugman wrote, "everyone is talking about inflation. Stern opinion pieces warn that hyperinflation is just around the corner. …But…