The Fed

John Maynard Keynes derided gold-based money as a "barbarous relic," yet it was gold that enabled a long regime of honest money -- and the advance of civilization.

Wall Street has convinced itself that the Fed will soon engineer a "soft landing" by bringing down inflation without an accompanying recession. They need to rethink their beliefs.

One hardly can imagine a better tool of social control than a digital currency. Not surprisingly, US monetary authorities are moving in that direction.

By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?

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

The US monetary system is out of sorts and out of control. The authors show a path back from the inflation brink to monetary soundness.

One hardly can imagine a better tool of social control than a digital currency. Not surprisingly, U.S. monetary authorities are moving in that direction.

Money supply growth slowed even more in October, and is now back to levels we last saw during the repo liquidity crunch of 2019, and in the days right before the 2007–09 recession. 

It is easy to think of the Fed as a good institution that simply lost its way. In truth, it was a bad idea and a bad institution from its beginning.

The US monetary system is out of sorts and out of control. The authors show a path back from the inflation brink to monetary soundness.