Free Banking

(Originally appeared December 7, 2014 on freebanking.org, Alt-M’s predecessor blog) (*And we always have been.) *** Yesterday, while giving Cato’s interns an impromptu talk about my work, I found myself saying something that seems worth putting in writing. This was that the difference between me and Larry…

The post <span class=”friday”>Friday</span> <span class=”flashback”>Flashback:</span> We Are All Free Banking Theorists Now* appeared first on Alt-M.

The leading arguments for banning large-denomination currency notes are those made in a much-cited working paper by Peter Sands and at book length by Kenneth Rogoff. They have been rebutted persuasively by Pierre Lemieux and Jeffrey Hummel in their respective reviews of Rogoff’s book. I have previously…

The post More Evidence of the High Collateral Damage of a War on Cash appeared first on Alt-M.

Many commentators have compared Bitcoin to gold as an investment asset. “Can Bitcoin Be Gold 2.0?,” asks a portfolio analyst. “Bitcoin is increasingly set to replace gold as a hedge against uncertainty,” suggests a Cointelegraph reporter. Economists, by contrast, are more interested in considering how a monetary…

The post How a Bitcoin System is Like and Unlike a Gold Standard appeared first on Alt-M.

(Originally appeared  December 21, 2014) As is usual this time of year, my mom and brother, and a close friend or two, asked me to share with them some of the items I’d included in the list they assumed I’d already mailed to the North Pole, as…

The post <span class=”friday”>Friday</span> <span class=”flashback”>Flashback:</span> A Free Banker’s Christmas Wish List appeared first on Alt-M.

Some years ago I published a paper on the banking theory and policy views of the important twentieth-century economist Friedrich A. Hayek, entitled “Why Didn’t Hayek Favor Laissez Faire in Banking?”[1] Very recently, working on a new paper on Hayek’s changing views of the gold standard, I…

The post Hayek on the Creation of Moral Hazard by Central Banks appeared first on Alt-M.