monetary policy


Why Does Bitcoin Have Value?

by Valentin Schmid

This article was posted originally at the Epoch Times. Up 158 percent against the U.S. dollar this year, bitcoin is now the best-performing currency. Many are confused as to how this mathematical protocol can be worth more than $2,600, and why it keeps going up. The short answer: Bitcoin is money, just a little better and […]


Last week, Jeff Bezos sent Keynesian economists into a frenzy with the announcement that Amazon.com would be purchasing the Whole Foods grocery chain. So why were the Keynesians in despair? Because Jeff Bezos is going to lower your grocery prices. You read that right. Take this coverage from Bloomberg: When online retail giant Amazon.com Inc. […]


This article was posted originally at the Epoch Times. The one force that causes the most harm in our economy also happens to be the least well-known and understood. While the left blames greedy corporations and individuals, and the right blames the government, it is in fact the collusion between the government and private banks that […]


Last week, President Trump released a budget plan that was widely praised by conservatives for reining in future spending. However, buried near the back of the budget (page 51) is one item in need of further attention — the Trump administration’s interest rate projections. Under Trump’s budget, interest rates on 10-year bonds are projected to […]


Arizona just became the second state, after Utah, to remove state income tax from gold and silver coins. Ron Paul, for one, is cheering: Every supporter of free markets should cheer Arizona’s passage of HB 2014. There is no more justification for forcing individuals to use government created money than there is for forcing them […]


This article was originally posted at the Epoch Times. If you visit the Federal Reserve’s Facebook page, you will seldom find a positive comment. That’s because people who don’t care about central banking won’t go to the Fed’s Facebook page. That leaves only the ones who are positive about it—if they exist—and the ones who don’t […]


Recently, Politico reported that former Treasury undersecretary Randy Quarles will likely be nominated as the Federal Reserve’s top bank regulator. Since a potential Quarles appointment is viewed by some as a continuation of “business as usual” at the Fed, it’s prudent to revisit the Fed’s recent ineptitude that has shrunk its credibility. This Friday, the […]


With President Trump’s 100th day in office fast approaching, his administration has already delivered on some of his key economic promises, including slashing regulations, instituting a federal hiring freeze, and approving the Keystone XL pipeline. And now that the President is thoughtfully considering the impact of our monetary policy, he is also one step closer […]


In my most recent column in Forbes.com, I said the infighting in the West Wing was an inevitable outcome of the long economic stagnation that President Trump inherited. The solution does not reside in the President’s firing, demoting, or reorganizing his team or in having the feuding team members “work this out.” It lies in […]


Lazy economic pundits argue that a return to the gold standard is impossible because “there is not enough gold.” Fortunately for those who want wages as good as gold, this line of attack is completely Fake News. Incurious economic reporters believe the following: since gold is a finite resource, if we make the dollar convertible […]


Former Fed Chair Alan Greenspan praises the gold standard in the February 2017 issue of The World Gold Council’s Gold Investor. Therein he makes what may be his strongest statements to date in praise of the gold standard. Here are some of the highlights. Toward the end of this interview he offers a Big Reveal: […]


Remember when Donald Trump advocated for the gold standard on the campaign trail? GQ remembers: Bringing back the gold standard would be very hard to do, but boy would it be wonderful. We’d have a standard on which to base our money. And as Bloomberg’s Michelle Jamrisko highlighted last May, the GQ interview did not […]


Last week, the “digital currency” Bitcoin raised eyebrows when, for the first time, a Bitcoin became more valuable than an ounce of gold. While Bitcoin remains unimpressive as a form of money, the torrent of investment it’s receiving is potentially a sign of something much bigger — a golden opportunity to make the case for […]


Recently, two of The Huffington Post’s political reporters, Eliot Nelson and Jeffrey Young (who have managed to fuse ridicule and journalism into something functionally indistinguishable from “Alternative Facts”) recently made a telling observation. Their characteristic facetiousness may obscure a brilliant intuition. They observed: “we give it a month until Trump calls for the gold standard […]


Paul Krugman tweets: Are people noticing that the Trump economic team is shaping up as a gathering of gold bugs? 1/ — Paul Krugman (@paulkrugman) December 20, 2016 That tweet is part of a recent series by Prof. Krugman divining glints of gold in the company of Donald Trump. He predominantly focuses on one of Trump’s […]


In The Daily Caller, freelance writer Johannes Schmidt writes “On November 8th I’m Voting For Our Next Fed Chair.” It’s an especially astute column. While many commentators correctly have focused on the effect of the election outcome on appointments to the Supreme Court, too few have focused on the next president’s appointments to the Fed. […]


federal reserve image

US News and World Report‘s Andrew Soergel reports that “With White House in Sight, Trump, Clinton Plan Fed Renovations: No matter who wins the election, times are likely changing at America’s central bank.” “The Fed” really is a synecdoche for monetary policy. Monetary policy used to be, off and on, a significant factor of presidential […]


Whoever wins the presidency there is a lurking issue, the most underappreciated issue in politics.  Getting it wrong destroyed the economy (and contributed to ending the presidencies) of Ford and Carter and tarnished the records of George W. Bush and Barack Obama. Reagan and Clinton got it right and went on to handsome re-election. The […]


Marc Levinson writing recently in The Wall Street Journal provides a very pessimistic view for the American Dream, “Why the Economy Doesn’t Roar Anymore: The long boom after World War II left Americans with unrealistic expectations, but there’s no going back to that unusual Golden Age“: People who had thought themselves condemned to be sharecroppers […]


Yesterday I observed here how the 2016 race reflects American conditions in the late 1970s — also stagnant — and how the political elites are echoing President Jimmy Carter’s feckless reaction in his notorious July 15, 1979 address to the nation in which he said, in part: The threat is nearly invisible in ordinary ways. It […]