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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
” Some combination of fiscal and monetary policy remains the best explanation for the once-in-a-generation inflation rates that peaked in summer 2022, as well as their gradual decline.” ~Alexander W. Salter
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“The FOMC changed course last week, foregoing a previously projected rate hike and projecting deeper rate cuts in 2024 than previously anticipated. But those rate cuts may come too late.” ~William J. Luther
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“After months of worrying that they had not yet done enough, FOMC members now seem to think they have a handle on inflation and will see it gradually return to 2 percent. Let’s hope they are correct.” ~William J. Luther
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“The slight bump in inflation won’t spook them into going even tighter. And despite the cries from financial markets, it’s too early to contemplate cuts.” ~Alexander W. Salter
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“The Fed will probably keep the fed funds target range unchanged in December. Officials previously signaled additional tightening, but things have changed.” ~Alexander W. Salter
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“The risk of hyperinflation in Argentina does not arise from the intention to dollarize but from a central bank that appears incapable or unwilling to exercise restraint. Argentina’s historical record shows that central bank independence is absent.” ~Nicolas Cachanosky
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“Most prices are higher today than they would have been had they grown at an average rate of 2 percent since January 2020. We oughtn’t pin a medal on an arsonist’s chest for putting out a fire he started.” ~Alexander W. Salter
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“The best approach for the FOMC is to keep its rate target where it is. We should wait for additional inflation data in November before calling for even-tighter monetary policy.” ~Alexander W. Salter
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“The Fed should keep monetary policy tight as inflation returns to its 2-percent target. But if it tightens too much, it will push the economy into an unnecessary and painful recession.” ~William J. Luther
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“Blinder thinks deflation always and everywhere causes economic harm. ‘It takes a truly sick economy to cause deflation,’ he warns. But he’s wrong.” ~Alexander W. Salter
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“The IMF and FSB’s recommendations are transparently pro-government and anti-citizen. They overstate the potential harm of cryptocurrencies and propose monitoring systems that would benefit tyrannical governments at the expense of the public.” ~Thomas L. Hogan
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“Major changes in oil prices seem likely to drive the near-term changes in CPI inflation, both headline inflation and possibly core as well. Another big question is how the Fed will respond.” ~Thomas L. Hogan
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