Free Banking is now Alt-M

  (Last month, the Chilean webzine El Libero interviewed Larry White about Bitcoin and other cryptocurrency topics.  Here is the English translation of Larry’s conversation with Juan Pablo Couyoumdjian.)   1.  Bitcoin is a class of “crypto-currency,” but what, exactly, are these crypto-currencies?  How do they emerge?  And why? LHW:…

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Remove Lew, Not Hamilton

On June 17th, Treasury Secretary Jack Lew shocked many, including former Chairman of the Federal Reserve Ben Bernanke, when he proclaimed that Alexander Hamilton (1755-1804) – the first and foremost Treasury Secretary – would be demoted and share the ten-dollar bill with a yet unnamed woman.  Undaunted by wide-spread criticism,…

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Alt-M Redux: Incredible Commitments: Why the Euro is Destroying both Europe and Itself

(Every now and then, it seems worthwhile to re-post a seemingly pertinent item from our archives.  Thus the ongoing Greek crisis inspires me to air once more a post I wrote in 2012 concerning the flaws of Europe’s currency system that had already begun to set the stage for the events of…

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Why free-banking?

The need for and convenience of a central bank are usually taken for granted.  To say that a central bank is a good institution and, therefore, needed, is not enough.  Unfortunately, the assumption that central banks are necessary seems to weigh more heavily than the facts that suggest otherwise. Good…

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Europe's Hard Choice

In Monday’s Financial Times, columnist Gideon Rachman presented a grim outlook for Greece and the European Union.  He argues there are no good outcomes.  There are three options.  First, the EU can make concessions to Greece.  Second, the EU can stand firm and allow Greece to leave the Euro.  Third, the…

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Driverless Money

Last week I happened to be contemplating a post having to do with driverless cars when, wouldn’t you know it, I received word that the Bank of England had just started a new blog called Bank Underground, the first substantive post on which had to do with — you guessed…

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"The New Mediocre Is Not Good Enough"

Commissioner Christopher Giancarlo of the Commodity Futures Trading Commission delivered the morning keynote address at the Cato Institute’s Center for Monetary and Financial Alternatives’ recent Capital Unbound summit in New York.  His remarks applied the principles of individual liberty, limited government, and peace—principles that Cato’s namesake, Cato the Younger, steadfastly…

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