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Is There Such a Thing as a Free-Market Gold Standard?
Although the multiplication of national gold standards that gave rise to the classical gold standard was partly accidental and partly the outcome of deliberate legislation, market forces also played an important part in it.
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Yes, You Can Sell What You Do Not Own
To remain consistent, opponents of so-called fractional-reserve banking have to denounce overbooking practices among airlines as well as the entire business of insurance.
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Tether again Breaks the Buck
Under ideal conditions, stablecoins would come to exist due to pure market demand rather than as a reflection of the regulatory climate that has limited access to conventional banking services.
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Cryptocredit and Tradeable Cryptosecurities
The beauty of blockchain technology is that it makes old intermediaries unnecessary. Intermediation of cryptocurrency can be performed on the blockchain. It does not require a third party.
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Base Money and the Birth and Use of Credit Money
The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.
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Money Creation in the Market
Financial regulators ought not inhibit private money creation processes, which make the market more resilient in times of crisis.
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The Digital Denationalisation of Money
Cryptocurrencies are still quite new and seem to just be scratching the surface of their potential. If they are to succeed — not only as a fringe medium of exchange or speculative investment, but as real competitors with government currencies — some new programmers are going to have to come along and make currencies whose digital coins are created in a much different manner than the current ones. Perhaps digital coins whose supply is determined by demand will lower volatility enough to cut the future uncertainty of prices. Those may be adopted as true media of exchange. Until that time, Hayek’s vision of private currencies will not be quite realized.
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Banking and Statecraft: Financial Intermediation, Fiscal Opportunities
Banks improved financial intermediation, but also made it much easier for rulers to reallocate resources to the themselves while indirectly imposing costs on society at large.
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Managed money ≠ sound money
When asked (especially during Congressional oversight hearings) a central banker will resolutely declare a belief in “price stability.” Then, with a straight face, express concerns that the rate of increase of consumer prices is below target! The belief that the average of the prices of things households purchase on a regular basis should always increase […]
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