Monetary Theory

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A Short Essay on Sound Monetary Policy

Money and BanksGold StandardMonetary Theory


In a market economy, gold is sound money. There is no need for monetary authorities when gold rules.

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Father Time versus Central Bankers

Central BanksThe FedMonetary PolicyU.S. EconomyMonetary TheoryMoney and Banking


Only Father Time helps us cut through the policy nonsense and understand interest rates conceptually.

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Rothbard on Gold

HayekGold StandardMonetary Theory

At a time when inflation once again ravages the dollar, we recall Murray Rothbard's wisdom in his article "The Case for a Genuine Gold Dollar."

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Ben Bernanke's Nobel Prize: The Committee Rewards an Arsonist for Claiming to Fight the Fire He Started

Booms and BustsMonetary TheoryMoney and Banking


Former Fed chairman Ben Bernanke and two other economists have received the Nobel in economics this year. Their work on banking is weak on causality and fails to recognize the damage done by the central bank.

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The Velocity of Money Circulation Is Another Economic Myth

KeynesMonetary PolicyMonetary Theory


Anyone who has taken a Keynesian-based macroeconomics course remembers the equation of exchange: MV = PY. This equation, however, is buried in fallacious economic thinking.

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History Repeats Itself: Abandoning Sound Money Leads to Tyranny and Ruin

The FedInflationProgressivismGold StandardMonetary Theory


The current bout of inflation is the latest disaster in a string of disasters caused by government debasement of once sound money.

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Cryptocurrency as Money—Store of Value or Medium of Exchange?

BitcoinMonetary TheoryPraxeologyValue and Exchange

Standard neoclassical definitions of money call it a means of exchange and a store of value. But is this correct?

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On the Digital Future of Markets and Money

BitcoinCentral BanksInflationBusiness CyclesMonetary TheoryMoney and Banking


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

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