Sound Money Project
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“Money Dominates”
“Financial panics are usually followed by sharp economic snap backs. The post-Panic of 2008 has failed to follow this typical “V-shaped” economic recovery pattern. After almost two years, the U.S. economy remains mired in an anemic recovery, with a current 2.4% year-over-year rate of growth. This paltry growth rate doesn’t even reach the U.S.’s long-term…
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“Fannie, Freddie Remain Unfixed”
“With much fanfare, President Obama has signed the Dodd-Frank financial reform bill, promising the most sweeping reform since the Great Depression. This massive bill extends regulation to many parts of the U.S. economy, and adds new open-ended bureaucracies that expand the powers of government over a wide variety of financial firms. Does the bill really…
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“New Financial Rulebook Tangles Loan Bundlers, Rating Agencies”
“A minor rule change in the law unexpectedly shut down the market for selling new bundles of car loans and consumer loans after bond issuers, ratings agencies and the Securities and Exchange Commission found themselves caught in a tangle of old and new regulations. The SEC intervened Thursday afternoon, but traders viewed the incident as…
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“Experts fear financial reform law will restrict credit to businesses”
“The landmark Dodd-Frank Wall Street Reform and Consumer Protection Act is meant to bring new stability to the financial system, but there’s not a lot of love for the legislation among local banks, financial experts and business leaders, who say the law will reduce access to credit.” Read more. “Experts fear financial reform law will…
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“Some Unpleasant Monetarist Arithmetic”
“In his presidential address to the American Economic Association (AEA), Milton Friedman (1968) warned not to expect too much from monetary policy. In particular, Friedman argued that monetary policy could not permanently influence the levels of real output, unemployment, or real rates of return on securities. However, Friedman did assert that a monetary authority could…
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Summer Reading III
According to Reinhart and Rogoff, “for the advanced economies during 1800-2008, the picture that emerges is one of serial banking crises.” In This Time is Different, the authors bring us up to the present by examining the history of banking crises. Banking crises are not only frequent , but often accompanied by other kind of…
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The Great Reflation
“The financial crisis, the speculative bubble leading up to it, and the aftermath have proven once again just how true the old saying is that if you want to know what’s going on in the financial system, watch the banks. The banking system has always been the centerpiece of liquidity flows, and financial markets are…
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The Experience of Free Banking
“There was controversy over how much power the central bank should have and what it should try to do, but no respectable economist suggested that central banking itself was unnecessary or harmful until Hayek finally despaired of it in 1976 and began to argue that the only way to achieve monetary stability was to denationalize…
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“Illinois Free Banking Experience”
“Recent studies by Rolnick and Weber (1983, 1984) have presented evidence challenging the conventional view of the Free Banking Era (1837-1863). The conventional view depicts a period of financial chaos in which lenient regulations gave rise to a plethora of banks, bank notes and coun-terfeit bank notes, unscrupulous “wildcat” bankers, and large noteholder losses. Rolnick…
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“New Evidence on the Free Banking Era”
“The United States has experienced many periods of major banking panics during which a large number of banks have failed and financial markets have been in considerable disarray. The period consid-ered by many as the worst is the one period when banks were more or less left alone to pursue their own profit-motivated interests, the…
-
“Money Dominates”
“Financial panics are usually followed by sharp economic snap backs. The post-Panic of 2008 has failed to follow this typical “V-shaped” economic recovery pattern. After almost two years, the U.S. economy remains mired in an anemic recovery, with a current 2.4% year-over-year rate of growth. This paltry growth rate doesn’t even reach the U.S.’s long-term…
-
“Fannie, Freddie Remain Unfixed”
“With much fanfare, President Obama has signed the Dodd-Frank financial reform bill, promising the most sweeping reform since the Great Depression. This massive bill extends regulation to many parts of the U.S. economy, and adds new open-ended bureaucracies that expand the powers of government over a wide variety of financial firms. Does the bill really…
-
“New Financial Rulebook Tangles Loan Bundlers, Rating Agencies”
“A minor rule change in the law unexpectedly shut down the market for selling new bundles of car loans and consumer loans after bond issuers, ratings agencies and the Securities and Exchange Commission found themselves caught in a tangle of old and new regulations. The SEC intervened Thursday afternoon, but traders viewed the incident as…
-
“Experts fear financial reform law will restrict credit to businesses”
“The landmark Dodd-Frank Wall Street Reform and Consumer Protection Act is meant to bring new stability to the financial system, but there’s not a lot of love for the legislation among local banks, financial experts and business leaders, who say the law will reduce access to credit.” Read more. “Experts fear financial reform law will…
-
“Some Unpleasant Monetarist Arithmetic”
“In his presidential address to the American Economic Association (AEA), Milton Friedman (1968) warned not to expect too much from monetary policy. In particular, Friedman argued that monetary policy could not permanently influence the levels of real output, unemployment, or real rates of return on securities. However, Friedman did assert that a monetary authority could…
-
Summer Reading III
According to Reinhart and Rogoff, “for the advanced economies during 1800-2008, the picture that emerges is one of serial banking crises.” In This Time is Different, the authors bring us up to the present by examining the history of banking crises. Banking crises are not only frequent , but often accompanied by other kind of…
-
The Great Reflation
“The financial crisis, the speculative bubble leading up to it, and the aftermath have proven once again just how true the old saying is that if you want to know what’s going on in the financial system, watch the banks. The banking system has always been the centerpiece of liquidity flows, and financial markets are…
-
The Experience of Free Banking
“There was controversy over how much power the central bank should have and what it should try to do, but no respectable economist suggested that central banking itself was unnecessary or harmful until Hayek finally despaired of it in 1976 and began to argue that the only way to achieve monetary stability was to denationalize…
-
“Illinois Free Banking Experience”
“Recent studies by Rolnick and Weber (1983, 1984) have presented evidence challenging the conventional view of the Free Banking Era (1837-1863). The conventional view depicts a period of financial chaos in which lenient regulations gave rise to a plethora of banks, bank notes and coun-terfeit bank notes, unscrupulous “wildcat” bankers, and large noteholder losses. Rolnick…
-
“New Evidence on the Free Banking Era”
“The United States has experienced many periods of major banking panics during which a large number of banks have failed and financial markets have been in considerable disarray. The period consid-ered by many as the worst is the one period when banks were more or less left alone to pursue their own profit-motivated interests, the…
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