Topic: Currency

Can BRICS Displace the Dollar?

– January 15, 2024

“The noise from BRICS about creating their own reserve currency and abandoning the dollar is little more than noise. As irresponsible as the Fed has been, BRICS policymakers apparently want to inflate faster than even the Fed will allow.” ~Robert F. Mulligan


On Monetary Premia

– December 31, 2023

“One day we might look back at our cottage industry of diversified funds, tax-favored retirement accounts, capital gains taxes, clever accountants, hedge fund managers, Fed watchers, and army of central bank economists as positively medieval.” ~Joakim Book


The Economic Organization of a Military Training Scenario

– December 30, 2023

“Nobody ever planned MRE cheese spread as the preferred medium of exchange between military service members. Cheese spontaneously emerged, again and again, in a process of competition between goods.” ~Emile Phaneuf III


How Crazy Do You Have to Be to Support Dollarization?

– September 28, 2023

“The whole reason why it is an advantage for a developing country to tie to a major country is that historically speaking the internal policies of developing countries have been very bad. US policy has been bad, but their policies have been far worse.” ~Nicolás Cachanosky


Is Dollarization a Mirage?

– September 18, 2023

“Dollarization would serve as a firewall, protecting the private sector from the fiscal policy fallout.” ~Nicolas Cachanosky


Dollarization and the Lender of Last Resort

– September 11, 2023

“Typically, there is little risk of losing a lender of last resort in countries with troubled currencies that are considering dollarization because such countries don’t have a lender of last resort to lose.” ~ Nicolas Cachanosky


Entrepreneurs Thrived During America’s Free Banking Era

– September 8, 2023

“Entrepreneurs thrived during the era of free banking in the United States, even with restrictive banking laws, which handicapped private banks from being more efficient.” ~ Michael N. Peterson


The Rise of BRICS-11

– August 28, 2023

“The explicit BRICS goals, which include expanding the reach of the New Development Bank, closer trade cooperation, and a dollar-alternative currency are undoubtedly viewed as a means to alleviate the perennial woes of economic mismanagement. And, of course, to slip Western spheres of influence.” ~ Peter C. Earle


Only a Retail Gold Standard Could Dethrone the Dollar

– August 12, 2023

“If a large subset of countries, like the BRICS, adopted the retail gold standard, the United States and the European Union would have to join, or watch demand for their fiat currencies decline.” ~ Robert E. Wright and Byron B. Carson III


A World Dedollarized is Gold Remonetized

– August 1, 2023

“What matters is having a ready means of transacting outside dollar-based systems and institutions in exigent circumstances: to maintain continuity of trade, and to hedge against the policy errors of central bankers.” ~ Peter C. Earle


CBDCs: A Weapon for Debanking the Banked

– July 23, 2023

“Even if you think that a CBDC is a good idea, consider that its power may be turned against you when the political pendulum shifts in your direction and your views or activities are suddenly considered taboo or illegal by those in power.” ~ Emile Phaneuf III


Fed Up with Tightening?

– July 19, 2023

“Provided the recent monthly inflation figures give us an accurate forecast, the real federal funds rate is significantly above the natural rate. This indicates monetary policy is restrictive.” ~ Alexander W. Salter