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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
“Most economists think the Fed is unlikely to drastically alter its policy direction, though some of the new members could nudge policy toward more restraint and less activism. Two of the four new voters are viewed as hawkish on inflation, meaning that …
READ MORE“Few economists expect the jobless rate to fall below 9 percent in 2011; the Fed itself projects a range between 8.9 percent and 9.1 percent. That’s why Alice Rivlin, a former Fed vice chairman, expects little from QE2. “I think it was conceived as ins …
READ MORE“The Fed has been buying bonds since early 2009. When a private investor buys bonds, the investor uses cash or sells some existing asset to raise cash and uses that money to buy bonds. The investor might also borrow money from a bank and use the borrow …
READ MORE“The Federal Reserve may need to slow or stop its purchases of U.S. Treasuries in response to an accelerating U.S. economy next year, Philadelphia Fed President Charles Plosser said. “If the growth rate of the economy continues to strengthen and looks …
READ MORE“In layman’s terms, we can think of a swap line as a standing guarantee of U.S. dollar liquidity. If you (as a central banker) ever need greenbacks in a pinch, you know you’ll be able to procure them instantly, no matter how “tight” the open market may …
READ MOREWe are pleased to note that last year’s Sound Money Essay Contest winner, Nicolas Cachanosky, was able to get his winning essay published in New Perspectives on Political Economy! Congratulations to Nicolas. The article can be found in NPPE, Volume 6, …
READ MORE“The bottom line is this: Unlike China where its central government can mandate banks to actually lend to business and individuals, Fed’s two rounds of QE liquidity did not go to where it’s intended; it is instead trapped on banks, and corporations’ ba …
READ MORE“The Federal Reserve’s policy to purchase $600 billion of bonds in a program widely known as QE2 has been mostly ineffective at lowering interest rates and will do little to improve the unemployment rate, according to the exclusive CNBC Fed Survey in D …
READ MORE“It is our suspicion that China likes declining commodities. Soaring prices over the past several months have made it much more expensive for China to squelch its never-ending thirst for raw materials. What better way to get lower prices and fighting i …
READ MORE“The sting of inflation is showing up in the emerging market economies, where rising food prices are stinging the consumer. (Oh sorry I forgot, food inflation isn’t inflation!) China has a de facto USD peg and that policy means that, in the absence of …
READ MORE“This is just another example of how the Federal Reserve has gotten completely and totally out of control. The Fed has become an unaccountable monster that is just running around doing just about anything that it wants to do. It is for some very good r …
READ MORE“On Monday, Bank of Canada Governor Mark Carney warned that Canadians are “stretched” financially and “increasingly vulnerable to an adverse shock” such as interest rate hikes. Carney urged Canadians to be “prudent in their borrowing,” and ensure that …
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