Monetary Theory

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On the Digital Future of Markets and Money

BitcoinCentral BanksInflationBusiness CyclesMonetary TheoryMoney and Banking

Blog06/14/2022

Digitization will undoubtedly bring great improvements and new opportunities for peoples’ lives. But digitization also has a downside.

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The Hydra-Headed Model of Social Change

Financial MarketsInflationMonetary PolicyMonetary Theory

Blog05/30/2022

Adherents of MMT present their ideas in the form of a hydra. Shoot down one idea and another pops up that is just as preposterous. This is no accident.

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What Happens When Central Banks Attempt to Tighten? Even More Resource Misallocation

Central BanksThe FedInflationMonetary TheoryPraxeology

Blog05/13/2022

Popular economic wisdom says central banks can counter harmful effects of inflation by raising interest rates. Unfortunately, such moves carry their own forms of misallocation of resources and capital.

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Stagflation Comes from Exorbitant Money Creation and Unhampered Government Spending

Economic PolicyInflationKeynesMonetary Theory

Blog05/11/2022

The Keynesian "stimulus" policies were suppose to reinvigorate the economy. Instead, they have brought stagflation.

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Money: What Is It? The More Important Question: Why Is It?

Economic FreedomInflationMonetary PolicyMonetary Theory

Blog05/10/2022

Most people—and especially most economists—not only are ignorant of what money actually is, but how and why it became part of our economy in the first place.

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Contrary to What Some Economists Claim, the Fed Can't Give the Economy a "Neutral" Rate of Interest

Central BanksThe FedMonetary PolicyCapital and Interest TheoryMonetary Theory

Blog05/07/2022

Fed chairman Jerome Powell recently claimed they were "targeting" the "neutral" interest rate. The Fed cannot set or even know that rate, for it doesn't come from government authorities.

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The Fed Gets It Wrong on Money Velocity, Too

The FedInflationMonetary Theory

Blog05/04/2022

Money velocity's role in forcing up prices is misunderstood because today's monetary "authorities" fail to consider how new money is injected into the economy.

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Deflation: Bad for the Government, Good for Producers and Consumers. What's Not to Like?

Booms and BustsCentral BanksInflationBusiness CyclesMonetary Theory

Blog04/13/2022

The "experts" solemnly tell us that deflation is even worse than inflation, and that deflation always will lead an economy into recession. The truth turns such "wisdom" upside down.

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Putin's Inflation? Homegrown Modern Monetary Theory Is to Blame

Central BanksThe FedMacroeconomicsMonetary Theory

Blog04/04/2022

Advocates of modern monetary theory promise a cornucopia of goods and jobs if only the government has the "courage" to print money at will. Sound economic analysis, however, exposes MMT as fraudulent.

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A Review of Nik Bhatia’s Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies

BitcoinThe FedMoney and BanksMonetary Theory

Blog03/28/2022

Nik Bhatia presents a counterintuitive view of how money operates in our current banking system and takes a glimpse into our monetary future.

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