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

Not Smart Financial Regulation

– July 16, 2021

“U.S. financial regulators approved the NSFR despite the fact that their own evidence showed the costs of the rule exceed its benefits. That’s Not Smart Financial Regulation.” ~ Thomas L. Hogan

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A Conversation on Monetary Policy During the Covid Era

– July 7, 2021

“On this episode of the Authors Corner, Ethan Yang interviews AIER Senior Fellow Dr. Tom Hogan on the radical developments that have characterized US monetary policy and the future of money.” ~ AIER

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To CBDC or Not to CBDC?

– July 5, 2021

“The risks of building a US or Canadian CBDC are all worth taking on if the problems that they solve are significant. Unfortunately, some of the problems that CBDC advocates want to target, like the threat of China, aren’t really problems. Others, like the stimulus payments problem, can’t be solved by a CBDC.” ~ J.P. Koning

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Enough About Interest Rates!

– July 3, 2021

“We need to change the public conversation surrounding monetary policy. Talking about the Fed’s activities in terms of interest rates is easy, but deeply flawed. It is better to keep an eye on more relevant variables, like the overall size of the balance sheet.” ~ Alexander William Salter

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Remembering Steve Horwitz

– June 30, 2021

“It is difficult to think about the world getting better and better when dealing with the loss of a friend. But I am sure Steve would continue to insist that it is. Deep down, I know he is right. Indeed, it has never been easier to remember and celebrate the lives of those who have passed away—to watch them, hear them, read their words, or build on their ideas.” ~ William J. Luther

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Is Inflation Below the Fed’s Target? Yes and No.

– June 30, 2021

“Adjusting for oil and auto prices puts the rate of inflation below the Fed’s 2 percent average target rate. Still, high rates of NGDP growth and mounting bank reserves should cause Fed officials to be leery of high inflation going forward.” ~ Thomas L. Hogan

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The Decentralization Fetish

– June 21, 2021

“We must not merely assume that decentralization is always good and more-decentralized solutions are always better. Instead, we should recognize that it depends on the unique benefits of decentralization and the costs of realizing those benefits relative to more-centralized alternatives.” ~ William J. Luther

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Did the Fed Just Raise Interest Rates?

– June 20, 2021

“In the Fed’s current floor system, the rate of IOR is the key tool of monetary policy. If the Fed raised the rate of IOR, then it raised interest rates.” ~ Thomas L. Hogan

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Decentralized Cryptocurrency Systems and Hayek’s Unplanned Economy

– June 19, 2021

“Pure free market money is emerging upon the world to compete from a position of zero against a Goliath establishment. If it wins, the debate is settled. With luck, but thankfully without the permission of any planner, we all get to witness Hayek’s ideal of decentralization bear out across financial markets in all of the years ahead.” ~ Erik Voorhees

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Reining In the Fed

– June 18, 2021

“We know all too well that when it comes to bureaucratic mission creep, it’s incredibly difficult to put the genie back in the bottle. That’s why we must work to right the Fed’s course starting now. Its roles in fighting recessions and preventing financial panics are too important to be hijacked by partisanship.” ~ Alexander William Salter

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Hyperbitcoinization: By Choice or by Force?

– June 16, 2021

“It’s hard to avoid the conclusion that bitcoin’s culture is changing. Getting to 100% bitcoin adoption remains a core plank of the bitcoin community. But now all routes to that goal seem open, including the use of government force.” ~ J.P. Koning

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Problems of Federal Reserve Policy—and How to Solve Them

– June 8, 2021

“To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan

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