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The Sound Money Project was founded in January 2009 to conduct research and promote awareness about monetary stability and financial privacy. The project is comprised of leading academics and practitioners in money, banking, and macroeconomics. It offers regular commentary and in-depth analysis on monetary policy, alternative monetary systems, financial markets regulation, cryptocurrencies, and the history of monetary and macroeconomic thought. For the latest on sound money issues, subscribe to our working paper series and follow along on Twitter or Facebook.
Advisory Board: Steve H. Hanke, Jerry L. Jordan, Lawrence H. White
Director: William J. Luther
Senior Fellows: Nicolás Cachanosky, Gerald P. Dwyer, Joshua R. Hendrickson, Thomas L. Hogan, Gerald P. O’Driscoll, Jr., Alexander W. Salter
Fellows: J.P. Koning
“The Fed should ignore the political noise and follow the data. Central bankers failed to curb inflation, but that doesn’t mean they should deliberately make the opposite mistake now.” ~Alexander W. Salter
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“Treating cryptocurrencies like property for tax purposes discourages people from using them like monies.” ~Gerald Dwyer
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“The federal funds rate target range is likely to be at least a full percentage point lower by the end of the year. That would significantly reduce the distance the Fed needs to travel in order to return monetary policy to neutral.” ~William J. Luther
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“To judge whether monetary policy is loose, it is not enough to show that monetary aggregates are growing at historically low rates. What matters is whether the money supply is growing faster than money demand.” ~Alexander W. Salter
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“Given that the reserve of gold can be viewed only as the federal government holding it for investment purposes, there is no particular reason to focus only on gold and not include other assets, including cryptoassets such as bitcoin.” ~Gerald P. Dwyer
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“Democrats want to take credit for the higher real wages. Republicans want to deny that real wages are higher. Both are obscuring the facts.” ~William J. Luther
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“Interest payments now suck up more of the federal budget, leaving less to spend on important political priorities. Since Republicans and Democrats disagree about what those priorities are, the resulting fiscal strain amplifies partisan divisions.” ~Alexander W. Salter
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“Labor market developments cannot explain the decline in nominal spending growth. Tighter monetary policy can… Given the lags of monetary policy, the Fed may have already undershot its target.” ~William J. Luther
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“Despite the progress made on inflation over the last three months, and the risk of overtightening noted by Waller and Powell, the FOMC is unlikely to cut its federal funds rate target next week.” ~William J. Luther
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“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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“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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“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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