Free Banking is now Alt-M

Is the Fed on Track?

That’s more-or-less the question that Bankrate.com asked Dean Baker, co-founder of the Center for Economic and Policy Research, and me after last month’s FOMC press release.  Dean said yep.  I said…uh, not really.   Our full answers appeared recently in the online publication’s  “Wealth of Opinions” column.  There’s even a little…

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The House of Representatives Committee on Oversight & Government Reform today passed by voice vote HR 24, the “Federal Reserve Transparence Act of 2014”.  More background and video of the hearing available here.   Text as passed here: H.R.-24-Issa-ANS   Federal Reserve Transparence Act original text     EDIT:  The text of the substitute bill […]

The New York Department of Financial Services (NYDFS) has issued new proposed proposed BitLicense rules and regulations that would curtail not encourage digital currencies like Bitcoin. Many years ago when I first started in Rep. Ron Paul’s office, I initiated and led a fight against a similar anti-money laundering proposal called “Know Your Customer” which […]

John Blundell has died at age 61 of cancer. As an earlier post mentioned, he was one of the attendees of the 1974 South Royalton, Vermont conference that marked the revival of the Austrian School of economics, and he recently wrote a reminiscence of the conference. Here is the Wikipedia article on him. In his […]

I was recently asked to submit a “solution proposal” concerning a panel, on “The New Global Financial Architecture,” in which I’m to take part at this September’s Global Economic Symposium in Kuala Lumpur.  The proposal is supposed to summarize my own scheme for reforming the global financial system, showing, in 700-1000 words, that my plan […]

In a column at Vox yesterday morning, Matt Yglesias gave us 7 reasons to think a gold standard is a terrible idea.  They are not all completely wrong (a low bar, I suppose), but it’s worth exploring exactly what the problems are. 1) A gold standard wouldn’t stabilize inflation His evidence for this is the […]

I have only just become aware of the 2013 book Panic Scrip of 1893, 1907 and 1914: An Illustrated Catalog of Emergency Monetary Issues. The title refers to the U.S. financial panics of those years. The book is available in paper from the usual sources, and Google has a considerably cheaper e-book edition. Here is a review […]

Brooklyn College of the City University of New York recently refused a $10 million grant offer from the Charles G. Koch Foundation. The grant would have strengthened the college’s business program sufficiently to allow it to obtain accreditation from the Association to Advance Collegiate Schools of Business. The dean of the School of Business apparently did not […]

We are just past the 40th anniversary of a conference in South Royalton, Vermont that marked the start of the revival of the Austrian School of economics. John Blundell and Richard Ebeling, who attended, have both offered reminiscences. Almost everyone who would be important in Austrian economics in the United States over the next half […]

New to me, however. 1. “Adam Smith et la banque libre,” by Laurent Le Maux, Brussels Economic Review (Cahiers économiques de Bruxelles), 2002, vol. 45, issue 1, pages 3-36. English abstract: Smith is the forerunner of the free banking theory. Smith develop the law of reflux which asserts that private banks cannot over-issue because the convertibility rule and […]