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
“Policy makers should ensure that the US payment landscape is efficient, accessible, and beneficial for all stakeholders involved with as little government involvement as possible.” ~ Nicolas Cachanosky
READ MORE“The battle for 2 percent inflation has already been won. Fed officials should acknowledge and celebrate the victory.” ~ William J. Luther
READ MORE“It’s time to hit the brakes on modern monetary theory, functional finance, and anything else that justifies using the federal budget as an instrument of social control.” ~ Alexander W. Salter
READ MORE“There’s nothing wrong with making incorrect predictions. It happens to all of us. There is something wrong with obstinacy in the face of overwhelming contradictory evidence..” ~ Alexander W. Salter
READ MORE“His analysis implies the Fed could buy every financial asset in the world without causing inflation.” ~ Alexander W. Salter
READ MORE“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
READ MORE“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
READ MORE“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
READ MORE“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
READ MORE“The bill that the US House passed by a voice vote would require the SEC to develop a test to determine whether someone is knowledgeable enough to forgo the investor protections built into public offerings to the general public.” ~ Gerald P. Dwyer
READ MORE“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter
READ MORE“While an increase in market power would certainly affect real income growth, the magnitude necessary to explain inflation is implausibly large.” ~ Bryan Cutsinger
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