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. DwyerJoshua R. Hendrickson, Thomas L. Hogan, Gerald P. O’Driscoll, Jr., Alexander W. Salter
Fellows: James L. Caton, J.P. Koning

Moore

The Trouble With Stephen Moore

– March 25, 2019

The Fed could be much better than it is. But it could also be much worse. Adding Stephen Moore to the Board of Governors would be a step in the wrong direction.

READ MORE
electronic-payments-2109610_1280

The Case for Prepaid Debit Cards

– March 21, 2019

Financial privacy and autonomy are important. But cash and cryptocurrencies are not the only means to those ends.

READ MORE
cryptocurrency-3409655_1280

Cryptocurrencies Are Here to Stay

– March 15, 2019

It is not hard to find commentary on the internet indicating that Bitcoin is bound to fail. But there is no reason to think that cryptocurrencies will disappear.

READ MORE
agree-1238964_1280

Money as an Evolving Social Contract

– March 15, 2019

Control over money is the legal privilege of the monetary authority. But the monetary authority is not above reproach.

READ MORE
belgium-1632048_1280

Sovereign Bonds Since The Battle of Waterloo

– March 12, 2019

The history of sovereign debt appears to be a history of default, repudiation, and limited debt enforcement. Why, then, do investors keep going back?

READ MORE
Fed-1

The Federal Reserve: A Failure of the Rule of Law

– March 12, 2019

The Fed has a monopoly on the creation of base money, the fundamental asset underlying the banking and financial system. And over decades, with each instance of financial turbulence, the Fed has become less constrained in how, when, and why it creates base money.

READ MORE
Vault

The Rise of Cashless Banks (And What To Do About It)

– March 11, 2019

Bankers have been steadily introducing cashless banks over the last few years in response to falling customer demand for cash. With fewer people wanting to withdraw or deposit cash, the cost of offering these services gets harder to justify to shareholders.

READ MORE
symbol-2088735_1280

Three Things You Should Know About the Great Recession

– March 5, 2019

The Great Recession of the 2000s shaped a generation of macro- and monetary economists. We can debate the details. But three things warrant widespread agreement.

READ MORE
usps-796059_1280

Going Postal

– February 20, 2019

Some politicians are calling for the return of postal banking. Should we heed their call?

READ MORE
CHL

A Failure to Communicate

– February 12, 2019

Central banking should be boring. Surprises in the stance of monetary policy are almost always a bad thing. The best thing a central bank can do to achieve macroeconomic stability is to be very open about its future intended policies.

READ MORE
blockchain-3212312_1280

Will Bitcoin’s Lightning Network Bring Back the Promise of Electronic Cash?

– February 12, 2019

Ten years have passed since Bitcoin was introduced, and it still isn’t used much in online commerce. Will the Lightning Network get it back on track?  

READ MORE
ArgentinaDollarization

Should Argentina Adopt the Dollar?

– February 9, 2019

Argentina has shown itself incapable of managing the money supply appropriately. It would do better by outsourcing its monetary policy.

READ MORE