“If we don’t want history to remember COVID-19 as the event that cemented political control over monetary policy, we need to act soon. The Fed’s emergency programs must be halted and eventually retired; its balance sheet must shrink to pre-crisis levels; and Congress must cease directing the Fed to engage in fiscal policy, even amidst extraordinary economic turmoil.” ~ Alexander W. Salter
READ MORE“In the absence of government regulation and monopoly control, a free monetary and banking system would exist; it would not have to be created, designed, or supported. A market-based system would naturally emerge, take form, and develop out of the prior system of monetary central planning.” ~ Richard M. Ebeling
READ MORE“Changing the value of pi would be a disaster for physics, engineering, and architecture. Changing the definition of liquidity would be a disaster for the economy.” ~ Thomas L. Hogan
READ MORE“Our smaller denomination coins cost more to produce than they are worth, and burden our transactions with tedious calculations. Temporarily, due to the virus, some of our businesses are suspending dealing in these coins. Perhaps soon we will replace our coinage with one that makes sense.” ~ Clifford F. Thies
READ MORE“There is no reason to assume that Trump’s policies are better than his PPP data. Since the onset of the pandemic, both political parties and officials at all levels of government have often performed dismally. The biggest mistake Americans could make would be to permit politicians to absolve themselves now by giving away more of other people’s money.’ ~ James Bovard
READ MORE“The gold standard isn’t perfect. No system is. But it has many virtues. A strong case can be made that it’s the best of all feasible institutional alternatives. As my dissertation adviser, Lawrence White, puts it: The gold standard is still the gold standard among monetary systems.” ~
READ MORE“Fed lending to nonbank companies and municipalities is not liquidity provision; it’s credit allocation. It’s an area in which the Fed should not be involved.” ~ Thomas L. Hogan
READ MORE“We should acknowledge the weaknesses of our current system and make improvements if possible. At a minimum, that means scrapping the penny. More fundamental reforms, like permitting competition in coinage, would be better still.” ~ William J. Luther
READ MORE“Sadly, we live in this world. And in this world, members of Congress and the administration don’t care about the size of government, any more than they care about most of our other freedoms.” ~ Veronique de Rugy
READ MORE“The US Mint could focus all of its resources on producing dimes and quarters, not silly pennies. This would put an end to the US’s coin shortage, almost immediately.” ~ J.P. Koning
READ MORE“Maintenance of the level of employment rather than inflation has become the focus of official policy everywhere. Stimulus will continue until employment is restored to its pre-crisis level and there remains a colossal debt overhang to temper inflationary tendencies, but there is a real and present danger that, in the process of returning the economy to full-employment, consumer price inflation will get away.” ~ Colin Lloyd
READ MORE“Fed officials should follow the example set by Ben Bernanke. They should be ‘extremely reluctant’ to engage in facilities like the MSLP, SMCCF, and PMCCF. Such programs are ‘outside the range of [the Fed’s] responsibilities.’ They are fiscal policies that ‘are best resolved by Congress’ since they require ‘balancing political and social priorities.'” ~ Thomas L. Hogan
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