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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
“We need to do two things to clean up this mess: unshackle the economy and shackle the administrative state. Bureaucrats and their political enablers can’t be trusted to curb their ambitions, so we must do it for them.” ~ Alexander William Salter
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“DeSantis is right to call out the Fed. And honesty compels one to acknowledge the Fed’s failures, even if those failures are pointed out by politicians of whom one disapproves. Anything less subjects responsible policy analysis to rank partisanship.” ~ Alexander William Salter
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“The most recent data show that the Fed owes the Treasury over $41 billion, which exceeds its total capital. The Fed, by common standards, is indeed insolvent.” ~ Thomas L. Hogan
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“Say’s Law absolutely helps us understand booms and busts on the demand side, but because of its emphasis on money, not interest rates.” ~ Alexander William Salter
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“My view is the Fed should pause its rate hikes in the short-run. Disintermediation might be the cause of recent money-supply trends. In the long-run, the Fed should resume forward guidance, but not on interest rates.” ~ Alexander William Salter
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“The mismanagement was endogenous to the regulatory regime. Rather than promoting financial stability, regulators have undermined it. Doubling down on a failed strategy will not make things better.” ~ Nicolás Cachanosky
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“Deposit insurance creates perverse incentives that weaken market discipline and encourage excessive risk-taking. Expanding deposit insurance will only make these problems worse.” ~ Bryan P. Cutsinger
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“Recent experience should prompt calls for the Fed to adopt a symmetric average inflation target when it reevaluates its mandate in 2024 and 2025.” ~ William J. Luther
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“Banking reform should rank high on our list of policy priorities, but moving away from fractional reserves shouldn’t be a part of the conversation.” ~ Alexander William Salter
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“The exploration of the Phillips Curve has taken many different paths and yet somehow ended up in the same place. The world could have been spared much of this meandering with a more firm grounding in what theory does and does not tell us.” ~ Joshua R. Hendrickson
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“Nominal income targeting can potentially restore the old-time fiscal religion. Like the classical gold standard, this approach stabilizes total spending in the economy, rendering counter-cyclical fiscal policy unnecessary and ineffective.” ~ Bryan P. Cutsinger & Louis Rouanet
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“M2 in 2020 and 2021 increased by the largest percentages in the last 60 years. To the surprise of the Federal Reserve (although not everyone), inflation resulted.” ~ John Devereux & Gerald P. Dwyer
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