Sound Banking
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The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.
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The Lesson of 1971 Was Never About Gold
President Nixon abandoned the gold standard. The deeper problem was a monetary system dependent on political judgment.
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Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
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Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
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Independence or Accountability: The Fed Cannot Have Both
The Federal Reserve’s independence is often defended as essential to sound monetary policy, but it comes at the cost of meaningful democratic accountability.
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Taxing, Borrowing, and Printing: Three Ways America Pays for Government
Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.
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Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
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Warsh: The Fed Helped Create Fiscal Dominance
Federal Reserve chair nominee Kevin Warsh argues the Fed has drifted far beyond its mandate, becoming a “general-purpose agency of government.”
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Worries Spread in Private Credit Markets
Risk migrated outside traditional banks, but insolvencies and widening credit spreads are raising questions about leverage and liquidity strain system-wide.
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No, First-Time Homebuyers Aren’t All 40 Now
A viral housing statistic has captured headlines and fueled frustration. But the emotionally satisfying data rests on shaky methodology, identifying the wrong problem.
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•
The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.
-
•
The Lesson of 1971 Was Never About Gold
President Nixon abandoned the gold standard. The deeper problem was a monetary system dependent on political judgment.
-
•
Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
-
•
Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
-
•
Independence or Accountability: The Fed Cannot Have Both
The Federal Reserve’s independence is often defended as essential to sound monetary policy, but it comes at the cost of meaningful democratic accountability.
-
•
Taxing, Borrowing, and Printing: Three Ways America Pays for Government
Tax bills are only the beginning. Borrowing and inflation also finance federal spending — in ways that are easier to ignore but harder to escape.
-
•
Could a Rule-Bound Fed Constrain Congressional Spending?
The Fed’s lack of clear rules makes it vulnerable to outside pressure. A commitment to price stability could force Congress to confront its own excesses.
-
•
Warsh: The Fed Helped Create Fiscal Dominance
Federal Reserve chair nominee Kevin Warsh argues the Fed has drifted far beyond its mandate, becoming a “general-purpose agency of government.”
-
•
Worries Spread in Private Credit Markets
Risk migrated outside traditional banks, but insolvencies and widening credit spreads are raising questions about leverage and liquidity strain system-wide.
-
•
No, First-Time Homebuyers Aren’t All 40 Now
A viral housing statistic has captured headlines and fueled frustration. But the emotionally satisfying data rests on shaky methodology, identifying the wrong problem.