Tags: fiat money

J.D. Alt: Golden Age Just Around the Corner

December 16th, 2014
in Op Ed

J.D. Alt has published a very nice text recently that sums up the problem of popular delusions regarding money. This is a three page version of what could be a 200 pages book, namely the argument that the (US) government does not face a budget constraint and hence neither more »

The Cultural and Political Consequences of Fiat Money

November 27th, 2014
in Op Ed

It may seem unusual that an economist would talk about culture. Usually, we talk about prices and production, quantities produced, employment, the structure of production, scarce resources, and entrepreneurship. more »

The ECB on Money

July 30th, 2014
in Op Ed

The ECB discusses money in its paper "Enhancing monetary analysis". Chapter 1 is titled "The role of money in the economy and central bank policy". It was prepared by Giacomo Carboni, Boris Hofmann and Fabrizio Zampolli. The ECB distinguishes inside and outside money. more »

The Real Reason the U.S. Dollar Has Value

March 30th, 2014
in Op Ed

I was at a conference when I took out a dollar bill and waved it in front of the audience. I asked, "Why does this piece of paper have value?" It's interesting the range of answers I got. more »

Monetary System for a Civilized World

October 29th, 2013
in Op Ed, syndication

Stock investors are still acting as though Janet Yellen will be good for the economy or at least good for stock prices. more »

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