Tom Duncan
at Sound Money Project
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“A Comparison of Three Institutions for Monetary Policy When Central Bankers Have Private Objectives”
“How do different institutional arrangements for the central bank perform when central bankers have private objectives and society’s objectives vary with time? This paper evaluates three benchmark monetary institutions from a constitutional perspective: (i) a contract with an inflation- or monetary target announcement; (ii) an inflation rule, (iii) the laissez faire policy, i.e., the absence of…
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“Burry of ‘The Big Short’ Bets on Farmland, Gold After Profits on Subprime”
“Gold is also a favored investment as central banks issue debt and devalue their currencies, he said. Governments haven’t adequately addressed the causes of the financial crisis and may be sowing the seeds for future problems by borrowing, he said. In the U.S., lawmakers showed they didn’t understand how to prevent another crisis when they…
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How Long Until Financial Reform Kills Small Firms and Drives Big Firms to Hong Kong?
“This week, financial advisors have been informed of some new disclosure and reporting rules. As expected, the impact of the Dodd/Frank Bill is already foreshadowing a ridiculous amount of additional paperwork – mostly silly work as one of my colleagues would call it. Financial regulation is a double-edged sword and changes were necessary, no arguments…
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“Dallas Fed Chief Not Keen on Buying Long-term Securities”
“Fisher said a more pressing problem is that recent fiscal and regulatory policies are not necessarily conducive to economic growth – a message he hears from many business contacts. “The prevailing sentiment is that politicians and officials who craft and enforce taxes and rules have been doing so in a capricious manner that makes long-term…
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“Ron Paul: Financial Reform Solved Nothing”
“Just pretending that we can continue with the same monetary policy, the same Federal Reserve system, and all these guarantees sort of concedes that we’re going to have another bubble. If we have regulations and plans for how we distribute these assets later on, it just says that nothing has changed. That’s another reason why…
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“Fed leaders had varied views on August policy action”
“Federal Reserve officials were divided at their Aug. 10 meeting over whether they should resume purchases of Treasury bonds and what impact the move could have on the nation’s economy, according to minutes released Tuesday. In the end, the Fed’s policymaking committee elected to reinvest money from maturing mortgage securities in government bonds by a…
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The Contemporary Relevance of Robert Taft
“For a conference this coming weekend, I’m reading a fascinating series of radio debates between Senator Robert Taft and Representative T. V. Smith that took place during the late 1930s. In the final installment, Taft is summing up his concerns about the New Deal. At one point he says the following, much of which could…
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Third Point’s Second Quarter Investor Letter
“As every student of American history knows, this country’s core founding principles included non-punitive taxation, Constitutionally-guaranteed protections against persecution of the minority, and an inexorable right of self-determination. Washington has taken actions over the past months like the Goldman suit that seem designed to fracture the populace by pulling capital and power from the hands…
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Ron Paul Questions Whether There’s Gold at Fort Knox
“Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it’s “a possibility” that there might not actually be any gold in the vaults of Fort Knox or the…
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“Spreading Hayek, Spurning Keynes”
“To these free-market economists, government intrusion ultimately sows the seeds of the next crisis. It hampers what one famous Austrian, Joseph Schumpeter, called the process of “creative destruction.” Governments that spend money they don’t have to cushion downturns, they say, lead nations down the path of large debts and runaway inflation. Eight decades ago, in…
-
“A Comparison of Three Institutions for Monetary Policy When Central Bankers Have Private Objectives”
“How do different institutional arrangements for the central bank perform when central bankers have private objectives and society’s objectives vary with time? This paper evaluates three benchmark monetary institutions from a constitutional perspective: (i) a contract with an inflation- or monetary target announcement; (ii) an inflation rule, (iii) the laissez faire policy, i.e., the absence of…
-
“Burry of ‘The Big Short’ Bets on Farmland, Gold After Profits on Subprime”
“Gold is also a favored investment as central banks issue debt and devalue their currencies, he said. Governments haven’t adequately addressed the causes of the financial crisis and may be sowing the seeds for future problems by borrowing, he said. In the U.S., lawmakers showed they didn’t understand how to prevent another crisis when they…
-
How Long Until Financial Reform Kills Small Firms and Drives Big Firms to Hong Kong?
“This week, financial advisors have been informed of some new disclosure and reporting rules. As expected, the impact of the Dodd/Frank Bill is already foreshadowing a ridiculous amount of additional paperwork – mostly silly work as one of my colleagues would call it. Financial regulation is a double-edged sword and changes were necessary, no arguments…
-
“Dallas Fed Chief Not Keen on Buying Long-term Securities”
“Fisher said a more pressing problem is that recent fiscal and regulatory policies are not necessarily conducive to economic growth – a message he hears from many business contacts. “The prevailing sentiment is that politicians and officials who craft and enforce taxes and rules have been doing so in a capricious manner that makes long-term…
-
“Ron Paul: Financial Reform Solved Nothing”
“Just pretending that we can continue with the same monetary policy, the same Federal Reserve system, and all these guarantees sort of concedes that we’re going to have another bubble. If we have regulations and plans for how we distribute these assets later on, it just says that nothing has changed. That’s another reason why…
-
“Fed leaders had varied views on August policy action”
“Federal Reserve officials were divided at their Aug. 10 meeting over whether they should resume purchases of Treasury bonds and what impact the move could have on the nation’s economy, according to minutes released Tuesday. In the end, the Fed’s policymaking committee elected to reinvest money from maturing mortgage securities in government bonds by a…
-
The Contemporary Relevance of Robert Taft
“For a conference this coming weekend, I’m reading a fascinating series of radio debates between Senator Robert Taft and Representative T. V. Smith that took place during the late 1930s. In the final installment, Taft is summing up his concerns about the New Deal. At one point he says the following, much of which could…
-
Third Point’s Second Quarter Investor Letter
“As every student of American history knows, this country’s core founding principles included non-punitive taxation, Constitutionally-guaranteed protections against persecution of the minority, and an inexorable right of self-determination. Washington has taken actions over the past months like the Goldman suit that seem designed to fracture the populace by pulling capital and power from the hands…
-
Ron Paul Questions Whether There’s Gold at Fort Knox
“Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it’s “a possibility” that there might not actually be any gold in the vaults of Fort Knox or the…
-
“Spreading Hayek, Spurning Keynes”
“To these free-market economists, government intrusion ultimately sows the seeds of the next crisis. It hampers what one famous Austrian, Joseph Schumpeter, called the process of “creative destruction.” Governments that spend money they don’t have to cushion downturns, they say, lead nations down the path of large debts and runaway inflation. Eight decades ago, in…
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