A Tale of Two Pizzas: Are Property Values Really Yours to Keep?

– October 23, 2021

“You may own a monetary asset, but you’re not entitled to determine its exchange rate against other goods and services. Just because you own something, that doesn’t mean you own the prerogative of setting its price. That goes for homes too.” ~ Joakim Book


What If a Great Crypto Crash Is Coming?

– October 22, 2021

“Were the world to experience a new economic downturn, there is a great possibility that this lack of consumer use will show the current valuation of Bitcoin to have been a bubble. If this happens, a lot of retail investors will suffer.” ~ Benjamin Juhlin


The Crime Dividend of Pandemic Policies

– October 18, 2021

“The tradeoffs of pandemic policies were apparent early on, and now include mounting levels of fraud, theft, and violence. Although it is unlikely, hopefully that revelation will inform future policy choices.” ~ Peter C. Earle


Assessing Market Expectations of Inflation

– October 13, 2021

“Those denying any risk that inflation will remain above target or confidently predicting that 4 percent inflation will be the new normal, are not within the range of reasonable. They are rightly ridiculed.” ~ William J. Luther


An Armor Conspired: the Global Shipping Freeze

– October 2, 2021

“The idea that an economy could be shut down and turned back on without far reaching consequences is damnable, and could only come from the minds with no understanding of the extraordinary interdependence of the productive sector.” ~ Peter C. Earle


Fast Payments Enable Lightning Kidnappings in Brazil

– September 28, 2021

“The only way that the Banco Central do Brasil could completely end PIX-based lightning kidnapping would be to slow the entire system down. That would mean cutting regular Brazilians off completely from the benefits of real-time payments.” ~ J.P. Koning


The Irony of China’s Most Recent Bitcoin Ban

– September 27, 2021

“With the Evergrande crisis looming in the background, the crypto universe being pilloried by Chinese authorities as a ‘growing threat to financial stability’ and ‘disrupt[ive] to economic order’ is more than simply ironic. It is irony at its most mordant.” ~ Peter C. Earle


Trouble Transacting with Bitcoin

– September 14, 2021

“Problems with bitcoin’s design––including its suboptimal supply constraint and limited transactions capacity––cast doubt on the claim that bitcoin is superior to the monies widely used at present.” ~ William J. Luther


Remembering the Truly Forgotten, Twenty Years Later

– September 11, 2021

“On the 20th anniversary of September 11, 2001, more will be said about military service dogs than the thousands of hardworking, productive people killed in downtown Manhattan that day. But money and finance are the font of modernity and the wellspring of American prosperity.” ~ Peter C. Earle


What’s Wrong With Bitcoin’s Supply Mechanism?

– September 10, 2021

“Bitcoin’s supply mechanism fails to provide a long-run nominal anchor or promote monetary stability. A better money would employ a supply mechanism that offsets changes in the demand to hold it.” ~ William J. Luther


Was the OnlyFans Ban a Symptom of Creeping Financial Censorship?

– September 9, 2021

“It is unfortunate that OnlyFans content creators were nearly deplatformed. However, it seems to be a local incident, and not indicative of a global decline in accessibility to payments.” ~ J.P. Koning


Bitcoin and the Network Effects Problem

– September 6, 2021

“There are steps entrepreneurs can take to help reduce the network effects problem. It is, nonetheless, an obstacle bitcoin must overcome to achieve widespread adoption.” ~ William J. Luther