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The Euro zone CPI data continues to show the rising trend we commented here (read). In January inflation rose by 1.8% year-on-year, the highest reading since February 2013. However, while inflation expectations rise, markets remain stale. The stock mar …
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A price is an exchange ratio: you must give up a certain amount of one good in order to get another good. Barter economies have prices, which are expressed as ratios of the goods themselves. In money-using economies, prices are expressed in the econo …
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In recent years, economists and central bankers have been advocating moving away from cash transactions towards an economy relying fully on financial transactions. At prima facie, this seems to be a good idea. Using checks and financial transfers can b …
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This is the fourth (and, perhaps, final) post on Ken Rogoff’s The Curse of Cash. As summarized in an earlier post, Rogoff argues that the benefits of banning cash (e.g., preventing crime, enabling effective monetary policy) exceed the costs (e.g., a re …
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This piece originally appeared in Hedgeye “From its creation in 1913, the most important Fed mandate has been to maintain the purchasing power of the dollar; however, since 1913 the dollar has lost over 95 percent of its value” -James Rickards One of t …
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A basic tenet of macroeconomics and monetary economics is the difference between nominal variables and real variables. Nominal variables are expressed in current market prices. Real variables are adjusted to reflect the changing purchasing power of mon …
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The American economy is still in the doldrums. It is growing and creating jobs at a snail’s pace compared to the years before the financial crisis. There are several reasons for this. But the actions of the Federal Reserve bear significant blame. F …
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This piece originally appeared in The New York Sun It’s hard to think of an opportunity quite like that shaping up for President Trump in respect of the Federal Reserve. The announcement Friday by Daniel Tarullo of his intent to resign from the central …
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This is the second of several posts on Ken Rogoff’s The Curse of Cash. In this post, I consider Rogoff’s estimate for the extent to which cash is used by criminals and tax cheats. If you have not yet read the book, I offer a brief summary in a previous …
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This piece originally appeared in Learn Liberty By Nicolás Cachanosky When you pay interest, what are you paying for? Interest rates are one of the most confused subjects in economics. What are they, really? And what is their role in economic crises l …
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As I mentioned in an earlier post, I have been reading Ken Rogoff’s new book, The Curse of Cash. Rogoff is a very smart guy who has been thinking about this proposal for roughly two decades. It deserves serious consideration and I intend to give it suc …
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To what extent did the Cyprus bailout announcement encourage some to reconsider bitcoin?
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