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Categories
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Category Archives: Money
Covid-19: What should Uncle Sam do?
On February 29 the first person in the United States died from Covid-19, the disease caused by SARS-CoV-2, the so-called novel coronavirus first observed in Wuhan, China. On March 12, three more people succumbed from this disease bringing the total … Continue reading
Posted in Healthcare, Money, regulation, taxes, trade
Tagged bail out, China, coronavirus, covid-19, Fiscal Policy, Hong Kong, Italy, Korea, monetary policy, moral hazard, Peggy Noonan, SARS-CoV-2, shut down, Singapore, Taiwan, test kits
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Paul Volcker, RIP
Paul Volcker was a man of strong convictions, including a commitment to sound money https://wcoats.blog/2017/10/14/sound-money/. It surprises me that in 1971 he urged President Nixon to end the United States’ commitment to maintaining the price of gold to which most … Continue reading
Posted in Economics, Money
Tagged David Lindsey, Federal Reserve, G. William Miller, inflation, monetary policy, Nancy Teeters, Paul Volcker, Tom Simpson
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Whither Libra?
Every other day, it seems, we witness the launch of a new crypto (digital) currency. Each combines a medium of exchange (a currency) and a means of payment (a technical process of delivering the currency—of making a payment with it). … Continue reading
Posted in Money
Tagged AML/CFT, bitcoin, Calibra, cryptocurrency, Currency, digital currency, digital tokens, Facebook, IMF, Libra, Money, PayPal, Popmoney, SDR, Zelle
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Returning to Currencies with Hard Anchors
Why did the gold standard ultimately fail? What system would overcome those weaknesses? See my: Adam Smith Institute Blog
Modern Monetary Theory—A Critique
So called Modern Monetary Theory (MMT) has become popular with Green New Dealers because it claims to remove or at least loosen traditional constraints on government spending. MMT offers unconventional ideas about the origins of money, how money is created … Continue reading
Central Banking Award
As a monetary policy expert working at the IMF when the Soviet Union dissolved I had the exciting and fulfilling opportunity of leading technical assistance missions to the central banks of Bulgaria, Kazakhstan, Kyrgyzstan, Moldova and Slovakia and building on … Continue reading
Posted in Money
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Their Turkey and Ours
“Recep Tayyip Erdogan believes high interest rates are the cause of inflation, not the remedy for it” The Economist May 19, 2018 “How-turkey-fell-from-investment-darling-to-junk-rated-emerging-market” During the 1990s the inflation rate in Turkey averaged around 80% per annum varying between 60% and 105%. … Continue reading
Posted in Debt, Money
Tagged Central Bank of Turkey, Erdogan, exchange rates, Federal Reserve, inflation, inflation target, interest rates, monetary policy, Trump, Turkey
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