Should the Fed Devalue Our Currency to Implement
In a thought-provoking article published by the IMF in April, Ruchir Agarwal and Miles Kimball argue for moving away from
The New Deal and Recovery, Part 18: The
(Although my contributions to this series have so far been more-or-less in their proper order, this one isn’t: it occurred
Paul Krugman and the “Ersatz” Theory of Private
Although I’ve devoted many essays here to exploding myths about historical private currencies, there’s one I’ve yet to directly challenge.
Monetary Progress
(From the entry on “Money,” by Charles Francis Bastable, in the famous 11th edition of the Encyclopedia Britannica): The very
The Menace of Fiscal Inflation
Today, inflation has reached a 40-year high, in response to fiscal profligacy and accommodative monetary policy. Direct cash payments to
The New Deal and Recovery, Part 19: War,
Thanks to the Roosevelt Recession, in the spring of 1938 the New Deal’s “Keynesians” finally found themselves in the saddle,