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, April 4th, 2019

Government expenditures can be funded by increasing reserves at the Federal Reserve. But limits on the demand for reserves mean inflation will follow.

Tuesday, April 2nd, 2019

Some scholars argue that ordinary citizens should be allowed to open bank accounts at the Fed. Is this the best way to reduce financial exclusion?

Monday, April 1st, 2019

If you're a store owner in Philadelphia or the state of New Jersey, and you don't accept cash from your customers, pretty soon you'll be breaking the law.

Friday, March 29th, 2019

The problem with Moore is not that he doesn’t have a Ph.D. The problem is that he is less like Alan Greenspan, and more like Arthur Burns.

Friday, March 29th, 2019

By conflating the macroeconomics of Keynes with macroeconomics, we run the danger of discarding the contributions that Keynes himself inherited.

Thursday, March 28th, 2019

Can governments run large fiscal deficits financed with new money without generating significant inflation? The experience of Argentina calls this view into doubt.

Monday, March 25th, 2019

The Fed could be much better than it is. But it could also be much worse. Adding Stephen Moore to the Board of Governors would be a step in the wrong direction.

Thursday, March 21st, 2019

Financial privacy and autonomy are important. But cash and cryptocurrencies are not the only means to those ends.

Monday, March 18th, 2019

It is not hard to find commentary on the internet indicating that Bitcoin is bound to fail. But there is no reason to think that cryptocurrencies will disappear.

Friday, March 15th, 2019

Control over money is the legal privilege of the monetary authority. But the monetary authority is not above reproach.

Wednesday, March 13th, 2019

The history of sovereign debt appears to be a history of default, repudiation, and limited debt enforcement. Why, then, do investors keep going back?

Tuesday, March 12th, 2019

The Fed has a monopoly on the creation of base money, the fundamental asset underlying the banking and financial system. And over decades, with each instance of financial turbulence, the Fed has become less constrained in how, when, and why it creates base money.

Monday, March 11th, 2019

Bankers have been steadily introducing cashless banks over the last few years in response to falling customer demand for cash. With fewer people wanting to withdraw or deposit cash, the cost of offering these services gets harder to justify to shareholders.

Tuesday, March 5th, 2019

The Great Recession of the 2000s shaped a generation of macro- and monetary economists. We can debate the details. But three things warrant widespread agreement.

Thursday, February 21st, 2019

Some politicians are calling for the return of postal banking. Should we heed their call?

Thursday, February 14th, 2019

Central banking should be boring. Surprises in the stance of monetary policy are almost always a bad thing. The best thing a central bank can do to achieve macroeconomic stability is to be very open about its future intended policies.

Wednesday, February 13th, 2019

Ten years have passed since Bitcoin was introduced, and it still isn't used much in online commerce. Will the Lightning Network get it back on track?


Monday, February 11th, 2019

Argentina has shown itself incapable of managing the money supply appropriately. It would do better by outsourcing its monetary policy.

Thursday, January 31st, 2019

In a recent NBER working paper, Barry Eichengreen argues “there is no straight line from commodity money to fiat money and from there to crypto.”

Thursday, January 24th, 2019

Those who cite low interest rates on government debt miss the point. It is not the price of government borrowing that matters. Rather, it is the opportunity cost of government borrowing to society.