“Whereas the sCBDC plan allows for numerous, entirely distinct retail digital currencies, the Fed’s iCBDC plan provides for a single digital currency only, albeit one offered at and administered by numerous private-sector firms.” ~ George Selgin
READ MORE“When will the Federal Reserve begin to unwind its balance sheet this time? If the meeting minutes indicate the trajectory of policy, reductions will begin within the next two years.” ~ James L. Caton
READ MORE“Fortunately, especially for the regular people who would stand to suffer the most under a politicized Fed, there were enough conservatives to band together to block Trump. Will there be enough principled liberals to sanction Biden?” ~ Daniel J. Smith
READ MORE“The Fed already lost credibility by missing its stated inflation target, and the nomination of partisan actors such as Cook would further throttle its credibility.” ~ Phillip W. Magness & David Waugh
READ MORE“The Fed’s poor forecasting record should make us skeptical of its ability to effectively manage the money supply in times of economic turmoil. It would be prudent to consider structural reforms that might improve FOMC’s decision-making process.” ~ Thomas L. Hogan
READ MORE“If central banks protect the value of the currency, they will create an economic crisis. If they try to avoid the economic crisis, they will destroy the value of the currency and cause a monetary crisis anyway.” ~ Daniel Fernández
READ MORE“At this stage, two things seem pretty clear: Inflation is high and will likely remain above target for a few years. My own view is that the FOMC is painting a rather rosy picture, and that market expectations provide a better guide for estimating inflation.” ~ William J. Luther
READ MORE“‘Nothing is as it seems in the world of money,’ Sumner concludes, and worse so as of late. In his grand attempt at rectifying the many blunders in understanding the Great Recession, there’s something for everyone to learn.” ~ Joakim Book
READ MORE“While the period of time over which the Fed is committed to averaging inflation is not explicit, one might have reasonably expected it to ultimately offset the high inflation associated with the pandemic. Alas, that no longer appears to be the case.” ~ William J. Luther
READ MORE“Money and the Rule of Law questions a lot of things we usually take for granted in the discussion of monetary policy, and makes the case for generality, predictability, and robustness created by strict monetary rules.” ~ Art Carden
READ MORE“It is rarely prudent to assume that a central bank’s central planners can predict the future better than you can, or that they really know what they are doing and why.” ~ Alan Reynolds
READ MORE“It’s no surprise that economic types want to believe all good things run through central planners, but readers of political and economic commentary would be wise to be skeptical. The Fed’s power is well overstated.” ~ John Tamny
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