Sound Money Project


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. The Sound Money Project also hosts an annual essay contest. 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. JordanGerald P. O’Driscoll, Jr., Lawrence H. White
Director: William J. Luther
Senior Fellows: Gerald P. DwyerJoshua R. Hendrickson
Fellows: Scott A. Burns, James L. Caton, Nicolás Cachanosky, Judge GlockAlexander W. Salter
Contributors: Brian C. Albrecht, J.P. Koning

Thursday, September 5th, 2019

There is nothing magical about a 2% inflation target. Recognizing that is a much-needed first step toward better Fed policy.

Sunday, September 1st, 2019

I can think of just one reason why a central bank might want to get into the business of issuing digital currency: to provide privacy. Regulations prevent that. 

Friday, August 30th, 2019

Whether the renegade claim is true depends on how you choose to define the word "government.”

Wednesday, August 28th, 2019

Reserve Banks brought monetarism and rational expectations into the monetary policy discussion, and, more recently, they have fostered dissenting views on the Fed’s role as a lender of last resort and the effectiveness of quantitative easing.

Friday, August 23rd, 2019

Shelton is right to criticize the full-employment aspect of the Fed’s dual mandate.

Friday, August 23rd, 2019

Many economists have strong opinions about the gold standard. Few seem to understand how a gold standard functions.

Saturday, August 17th, 2019

We do not want elected officials to police the monetary policy makers. But monetary policy makers have clearly demonstrated that they are incapable of policing themselves. 

Thursday, July 25th, 2019

Cash's usage in payments has been steadily declining as a percentage of all payments, especially in the developed world. Given the list of cash's advantages, it's probably worth the effort of protecting this grungy and unsexy payments option. But what can we do?

Wednesday, July 24th, 2019

What decentralized finance really needs is something entirely new. Something that regular finance can't replicate. Something so useful that regular consumers will desert their bank to use it. This killer tool hasn’t been created.

Sunday, July 14th, 2019

It is the perfect time for Powell to set right the financial sector and establish a return to normalcy.

Tuesday, July 2nd, 2019

Libra could become successful, but there are acknowledged technical issues that must be resolved for that success to happen, and they will take time.

Thursday, June 27th, 2019

The benefits of higher education fall almost entirely on the recipient. So should the costs.

Thursday, June 27th, 2019

For hundreds of millions of citizens across the world, digital currencies like Bitcoin, Ripple, and potentially even the Libra don’t pose a threat to financial stability. They offer an escape from chronic financial instability and high and variable rates of inflation that result from poorly managed government monies.

Tuesday, June 25th, 2019

A decade has passed since the financial crisis of 2008-9. Unfortunately, the Fed is more politically exposed (and policy constrained) than ever.

Monday, June 24th, 2019

In times past the monetary authorities confined these sorts of stringent measures to war-time. Perhaps they should stay that way.

Thursday, June 20th, 2019

The trade war is heating up. Unfortunately, the Fed’s current framework will exacerbate the damage.

Tuesday, June 18th, 2019

Cryptocurrencies are a different sort of financial technology from bank deposits, yet they are being shoehorned into the same category for regulatory purposes.

Monday, June 17th, 2019

Let’s hope other Argentinian economists give this proposal serious consideration.

Thursday, June 13th, 2019

Almost everybody likes receiving services from the government. Almost nobody likes paying for them.

Wednesday, June 12th, 2019

If the binding zero lower bound did not prolong the last recession, it may not prolong the next.