Topic: Central Banking

“The Price of Time” and Broken Central Banking

– March 26, 2024

“The unique value of Chancellor’s book, beyond tracing this intellectual history of interest and illustrating it by financial debacles up and down the centuries, is to connect the social and market outcomes with the broken money markets.” ~Joakim Book


Fact-Checking “Greedflation”

– March 18, 2024

“By fueling an overall increase in demand, central banks can generate a sustained increase in the general level of prices — inflation. Central banks are the primary source of money creation, not firms.” ~Nicolás Cachanosky


Inflation Remains Elevated. Is Money Actually Tight?

– March 13, 2024

” Fed watchers expect the Federal Open Market Committee will keep rates steady when they meet on March 19-20. In light of the CPI data, that’s a defensible move.” ~Alexander W. Salter


Does Argentina Have Enough Dollars to Dollarize?

– March 11, 2024

“It’s not that Argentina lacks dollars. Rather, it is that the Argentine government lacks the will to commit to its dollarization plan.” ~Nicolás Cachanosky


Another Year, Another Crisis

– March 11, 2024

“From inflation to a Fed tightening cycle, to banking losses and now real estate tremors, we again find ourselves climbing tenuously out of one hole only to collapse limply into another.” ~Peter C. Earle


Faster Growth and Interest Rates: Even Harder than You Think

– March 7, 2024

“Higher rates could be a sign of loose money, not tight, depending on how far from the policy change we’re looking and how fast the market adapts.” ~ Alexander W. Salter


Fed Admits It Was Wrong – Kind Of

– March 5, 2024

“So rather than starting to tighten policy in the fourth quarter of ‘21, as Powell described, the Fed was implicitly loosening policy through May of ‘22.” ~Thomas L. Hogan


Is Inflation on the Rise Again?

– March 1, 2024

“The Fed should be looking ahead and adjusting monetary policy in light of its forecasts. Instead, its eyes are fixed on the rear-view mirror.” ~William J. Luther


Congress Overspends, but the Fed Inflates

– February 28, 2024

“At most, large deficits impelled the Fed to support the market for government debt by purchasing more debt than it should have. The central bank, not the fiscal authorities, is the residual determiner of aggregate demand.” ~Alexander W. Salter


US Can Thwart the CBDC Onslaught

– February 9, 2024

“The argument that lagging digital dollar development is necessarily bad for Americans ignores a long history of US government promises about gathered data and its use.” ~Peter C. Earle

The flag of the American Federal Reserve System waving in the wind with the flag of the United States Washington DC March 2022

Time to Tame the “Apolitical” Fed?

– February 8, 2024

“The Fed’s self-conception as an apolitical technocracy blinds it to the degree to which it has weighed in on fundamental political issues, which instead ought to be deliberated in Congress.” ~Alexander W. Salter


The Fed Says Its Record Losses Don’t Matter

– February 6, 2024

“While not a groundbreaking revelation for any central bank, the lack of concern about the economic and institutional implications of monetizing financial obligations is cause for concern.” ~Nicolas Cachanosky