Sound Money
-
•
With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
-
•
The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.
-
•
Why Economists Leave Government Spending Out of Inflation Measures
The CPI captures the rising cost of private consumption while leaving the rising cost of government consumption out of the equation.
-
•
The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.
-
•
July Inflation Rises, But Weakening Labor Complicates Fed’s Choice
The Fed is caught between cooling labor conditions and persistent demand, as nominal spending growth remains above its pre-pandemic pace.
-
•
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.
-
•
Fed’s Task Force Should Fix What It Targets
A nominal spending target would spare The Fed guessing about the causes of inflation. The Chairman’s new task force could apply a rule instead.
-
•
Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
-
•
Warsh Wants the Federal Reserve to Rethink the Rules
The new chairman has long argued the Fed’s own institutional habits undermine sound money. His blueprint suggests key reforms.
-
•
The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.
-
•
With Energy Prices Falling, Inflation Has Nowhere to Hide
Spending growth is still outstripping productive capacity, and the Fed can no longer blame high prices on volatile energy markets.
-
•
The Nixon Shock 55 Years Later: Three Impossible Promises
Nixon promised jobs, stable prices, and protection for the dollar. His “fixes” helped usher in a new era of inflation, debt, and monetary instability.
-
•
Why Economists Leave Government Spending Out of Inflation Measures
The CPI captures the rising cost of private consumption while leaving the rising cost of government consumption out of the equation.
-
•
The Price of Fed Silence
When the Fed withholds information, markets don’t stop searching — they simply reward those with privileged access.
-
•
July Inflation Rises, But Weakening Labor Complicates Fed’s Choice
The Fed is caught between cooling labor conditions and persistent demand, as nominal spending growth remains above its pre-pandemic pace.
-
•
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.
-
•
Fed’s Task Force Should Fix What It Targets
A nominal spending target would spare The Fed guessing about the causes of inflation. The Chairman’s new task force could apply a rule instead.
-
•
Japan’s Debt Crisis Is a Global Warning
Japan can watch debt-service costs consume its budget, or suppress rates and risk inflation. Decades of borrowing have eliminated the easy options.
-
•
Warsh Wants the Federal Reserve to Rethink the Rules
The new chairman has long argued the Fed’s own institutional habits undermine sound money. His blueprint suggests key reforms.
-
•
The Fed Is Expected to Hold Rates. The Rules Say It Shouldn’t
If the Fed leaves rates unchanged this week, the September meeting will take on added importance.