Archive for Money

Murphy Twin Spin

==> My latest chapter in Understanding Money Mechanics, this one on Austrian business cycle theory. ==> Ep. 79 of the Lara-Murphy Show, where Carlos and I discuss whether the Fed’s inflation threatens the validity of IBC (the Infinite Banking Concept).

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Do the Econ Textbooks Get Money & Banking Backwards?

The latest installment in my series on Understanding Money Mechanics for the Mises Institute. Once I dove into this one, the solutions seemed pretty obvious. Tell me what you folks think. An excerpt: In chapter 5 we reviewed the textbook analysis of how a central bank buys government debt in “open market operations” to add […]

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Murphy Twin Spin

==> The final installment in my trilogy at IER on “Should We Trust the Climate Models?” ==> The first (which happens to be Chapter 4) chapter released for my book on Money Mechanics for the Mises Institute.

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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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