Archive for Money

Hayek and the Regression Theorem

Hayek had a controversial plan for privately issued, competing fiat currencies. (I talk about it here.) But uh oh, here’s a giant in Austrian economics who might be throwing cold water on the proposal: It is probably impossible for pieces of paper or other tokens of a material itself of no significant market value to […]

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Fiat Money and State Power

In my latest FEE article, I clarify the definition of “fiat money” and I also explain that the State doesn’t have the power to make something money “by fiat.” On social media, people have been pushing back against me, citing (e.g.) legal tender laws. I specifically addressed this in the article, but let me be […]

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The Importance of Sound Money

My talk at the Acton Institute:

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Last Call for Acton Institute Lecture

Just a reminder, tomorrow (Tuesday) I’ll be giving a 12pm lecture on “sound money” at the Acton Institute. It’s my first time and the place is really impressive (I toured it today). If you’re in the Grand Rapids area, come check it out. Much better use of your time than voting.

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Keynesian Policies: Not Dumb, But Foolish

My sympathetic analysis of Matt Yglesias’ awkward situation vis-a-vis Argentina. The money quote: So there you have it, folks: Countries that historically have been ill-governed should follow Argentina’s lead by defaulting on their debts and debasing their currencies, but they should stop right before the bad consequences of these actions come home to roost. Simple […]

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Bob Murphy vs. Bill Still

It’s the master of disaster versus the Money Master. It was supposed to be about money, but then we took off the gloves and started talking anarchy. Oh boy. When I saw the crowd was with him early on, I had to break out my Jimmy Stewart impression. I wasn’t screwing around. Incidentally, I have […]

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Potpourri

==> I’m being serious: Mark Spitznagel sent me this, and neither of us can tell if this is a complete fabrication about “Krugman’s response.” Thoughts? I’d call in the world’s leading forensic expert on the writing of Paul Krugman, but that would present a conflict of interest. ==> What kind of crazy upside down world […]

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More on Krugman and Fiat Money

At Mises Canada I explored Krugman’s glib assertion about fiat money being “backed by men with guns” a little more deeply: Furthermore, it’s obvious that Krugman’s “explanation” would have no way of accounting for changes in either variable. For example, in the 1970s in the United States, price inflation took off dramatically, meaning the purchasing […]

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