Sound Money Project
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Beware of Conflict Theories of Inflation
“This perspective emphasizes that social conflicts are the central cause of inflationary pressures. The Marxist undertones of CTIs suggest that inflation results from social injustice, implying a moral imperative for government intervention to right the supposed wrongs.” ~Nicolás Cachanosky
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Milei’s New Monetary Regime for Argentina
“Despite its controversial nature, full dollarization remains the monetary regime with the most potential for long-term stability in Argentina. It offers a credible pathway to restore confidence and put the country back on a sustainable economic trajectory.” ~Nicolás Cachanosky
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Consumer Prices Decline in June
“Interest rates tell us monetary policy is very tight. The money supply tells us monetary policy is somewhat tight. Will the Fed interpret recent data as a signal it’s time to pivot?” ~Alexander W. Salter
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Politicizing Monetary Policy Won’t Fix the Fed’s Failings
“Even if one thinks Trump is well-suited to make interest rate decisions (and there is little reason to think he is), it does not follow that Trump’s proposed solution would improve monetary policy.” ~Nicolás Cachanosky
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Inflation Continued to Decline in April
“While inflation is declining once more, members of the Federal Open Market Committee (FOMC) have suggested rates would need to remain high for longer than they had previously projected.” ~William J. Luther
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The Demise of the Dual Banking System
“The issue comes down to whether a state-chartered bank that fulfills the legal requirements for a master account can be denied one by the Federal Reserve.” ~Gerald P. Dwyer
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April’s Disinflation Delivery
“In the first quarter of 2024, the US economy expanded at a rate of 1.6 percent per year. That’s hardly an impressive growth rate, but it’s significantly faster than money supply growth. Money looks somewhat tight.” ~Alexander W. Salter
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Is The Fed Manipulating the Market?
“We cannot just look at the Fed’s target rate to determine whether it is manipulating the market. We must consider its target rate relative to the natural rate.” ~Bryan Cutsinger
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Inflation Declined in March, But Remains High
“Market participants continue to expect the Fed will cut its federal funds rate target this year — just not anytime soon.” ~ William J. Luther
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Is Argentine Disinflation Sustainable?
“Milei’s lack of political support in Congress adds to the uncertainty surrounding his ability to successfully pass deregulatory reforms… it is premature to declare victory on the fiscal and inflationary fronts in Argentina.” ~Nicolás Cachanosky
-
•
Beware of Conflict Theories of Inflation
“This perspective emphasizes that social conflicts are the central cause of inflationary pressures. The Marxist undertones of CTIs suggest that inflation results from social injustice, implying a moral imperative for government intervention to right the supposed wrongs.” ~Nicolás Cachanosky
-
•
Milei’s New Monetary Regime for Argentina
“Despite its controversial nature, full dollarization remains the monetary regime with the most potential for long-term stability in Argentina. It offers a credible pathway to restore confidence and put the country back on a sustainable economic trajectory.” ~Nicolás Cachanosky
-
•
Consumer Prices Decline in June
“Interest rates tell us monetary policy is very tight. The money supply tells us monetary policy is somewhat tight. Will the Fed interpret recent data as a signal it’s time to pivot?” ~Alexander W. Salter
-
•
Politicizing Monetary Policy Won’t Fix the Fed’s Failings
“Even if one thinks Trump is well-suited to make interest rate decisions (and there is little reason to think he is), it does not follow that Trump’s proposed solution would improve monetary policy.” ~Nicolás Cachanosky
-
•
Inflation Continued to Decline in April
“While inflation is declining once more, members of the Federal Open Market Committee (FOMC) have suggested rates would need to remain high for longer than they had previously projected.” ~William J. Luther
-
•
The Demise of the Dual Banking System
“The issue comes down to whether a state-chartered bank that fulfills the legal requirements for a master account can be denied one by the Federal Reserve.” ~Gerald P. Dwyer
-
•
April’s Disinflation Delivery
“In the first quarter of 2024, the US economy expanded at a rate of 1.6 percent per year. That’s hardly an impressive growth rate, but it’s significantly faster than money supply growth. Money looks somewhat tight.” ~Alexander W. Salter
-
•
Is The Fed Manipulating the Market?
“We cannot just look at the Fed’s target rate to determine whether it is manipulating the market. We must consider its target rate relative to the natural rate.” ~Bryan Cutsinger
-
•
Inflation Declined in March, But Remains High
“Market participants continue to expect the Fed will cut its federal funds rate target this year — just not anytime soon.” ~ William J. Luther
-
•
Is Argentine Disinflation Sustainable?
“Milei’s lack of political support in Congress adds to the uncertainty surrounding his ability to successfully pass deregulatory reforms… it is premature to declare victory on the fiscal and inflationary fronts in Argentina.” ~Nicolás Cachanosky