Sound Money Project
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A Macroeconomic Agenda for Freedom Conservatives
“It’s time to hit the brakes on modern monetary theory, functional finance, and anything else that justifies using the federal budget as an instrument of social control.” ~ Alexander W. Salter
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Alan Blinder’s Inflationary Incoherence
“There’s nothing wrong with making incorrect predictions. It happens to all of us. There is something wrong with obstinacy in the face of overwhelming contradictory evidence..” ~ Alexander W. Salter
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John Cochrane Offers Incomplete Explanation of Inflation
“His analysis implies the Fed could buy every financial asset in the world without causing inflation.” ~ Alexander W. Salter
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The Federal Reserve’s Quasi-Fiscal Deficit
“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
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Waller Explains Why the Fed is Still Raising Rates
“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
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The Fed Hits 3,000 Percent Inflation
“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
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Disinflation good, Fed bad
“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
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The SEC Limits Most People’s Investment Opportunities
“The bill that the US House passed by a voice vote would require the SEC to develop a test to determine whether someone is knowledgeable enough to forgo the investor protections built into public offerings to the general public.” ~ Gerald P. Dwyer
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Will Lower Inflation Halt Rate Hikes?
“No matter how you slice it, real rates look sufficiently restrictive to bring down inflation. Indeed, they may be overly restrictive at this stage in the tightening cycle.” ~ William J. Luther
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Central Bankers, Let the Price System Work!
“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter
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•
A Macroeconomic Agenda for Freedom Conservatives
“It’s time to hit the brakes on modern monetary theory, functional finance, and anything else that justifies using the federal budget as an instrument of social control.” ~ Alexander W. Salter
-
•
Alan Blinder’s Inflationary Incoherence
“There’s nothing wrong with making incorrect predictions. It happens to all of us. There is something wrong with obstinacy in the face of overwhelming contradictory evidence..” ~ Alexander W. Salter
-
•
John Cochrane Offers Incomplete Explanation of Inflation
“His analysis implies the Fed could buy every financial asset in the world without causing inflation.” ~ Alexander W. Salter
-
•
The Federal Reserve’s Quasi-Fiscal Deficit
“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
-
•
Waller Explains Why the Fed is Still Raising Rates
“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
-
•
The Fed Hits 3,000 Percent Inflation
“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
-
•
Disinflation good, Fed bad
“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
-
•
The SEC Limits Most People’s Investment Opportunities
“The bill that the US House passed by a voice vote would require the SEC to develop a test to determine whether someone is knowledgeable enough to forgo the investor protections built into public offerings to the general public.” ~ Gerald P. Dwyer
-
•
Will Lower Inflation Halt Rate Hikes?
“No matter how you slice it, real rates look sufficiently restrictive to bring down inflation. Indeed, they may be overly restrictive at this stage in the tightening cycle.” ~ William J. Luther
-
•
Central Bankers, Let the Price System Work!
“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter