Monetary Policy

Austrian Monetary Theory vs. Federal Reserve Inflation Targeting

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One of the leading policy guideposts for central banks and many monetary policy proponents nowadays is the idea of “inflation targeting.” Several major central banks around the world, including the Federal Reserve in the United States, have set a goal of two percent price inflation. The problem is, what central bankers are targeting is a phantom that does not ... [click for more]

Government Monopoly Money vs. Personal Choice in Currency

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For more than two hundred years, practically all of even the most free market advocates have assumed that money and banking were different from other types of goods and markets. From Adam Smith to Milton Friedman, the presumption has been competitive markets and free consumer choice are far better than government control and planning – except in the realm ... [click for more]

The Gold Clause Cases

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The Supreme Court’s decision in the Legal Tender Cases in the late 1800s compelled the acceptance of otherwise worthless Treasury notes for all debts, removing from the individual’s rightful sphere of control a matter of serious financial import. The Gold Clause Cases, decided in 1935, continued to erode the liberal tradition of economic freedom, the further decline of which ... [click for more]

End the Fed

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Who Needs the Fed? by John Tamny (Encounter Books, 2016); 224 pages. I really don’t like to start a review with a quibble, but in this instance, I must. My quibble is with the title of the book, which makes it seem as though it is aimed only at knocking out support for the Federal Reserve ... [click for more]

Separate Money and the State (video)

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*Please note that due to technical limitations, the video and audio quality of this presentation is lower than normal. The Future of Freedom Foundation presents the panel "Separate Money and the State" with Jacob Hornberger, Richard Ebeling, and Jeffrey Tucker at FreedomFest 2016 in Las Vegas, Nevada. Libertarians believe in free markets, and the market for ... [click for more]

The Legal Tender Cases

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In the December term of 1870, the Supreme Court considered the constitutionality of a statute authorizing the issuance of U.S. notes (or “greenbacks”) and making those notes “legal tender in payment of all debts, public and private.” That statute, the Legal Tender Act of 1862, was signed into law less than a year after the introduction of the nation’s ... [click for more]

The Government Must Stop Printing Phony Money

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If advocates of freedom were to make up a list of New Year’s resolutions for 2016, one of the most important items should be ending government’s monopoly control over money. In a free society, people in the marketplace should decide what they wish to use as money, not the government. For more than two hundred years, practically all of even ... [click for more]

Paper Money Versus The Gold Standard: An Explanation

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We are living in a time that can only be considered monetary chaos. The U.S. Federal Reserve has manipulated key interest rates down to practically zero for the last six years, and expanded the money supply in the banking system by $4 trillion dollars over that time. And with the true mentality of the monetary central planner, the Fed ... [click for more]
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