Turkey’s Currency Failure Is Easy To Fix

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on June 25, 2018.)   Turkey is in the headlines again for the falling value of the Turkish lira. We get the same old story about how the central bank is “doing everything it can” to support the …

Economic Ups And Downs, 1870-1914

In Full Archive by Nathan Lewis

“Has the Fed Been a Failure?” is Chapter 8 of Money Free and Unfree (2017), by George Selgin. It originally appeared as a paper in the Journal of Macroeconomics 34, no. 3 (September 2012), by Selgin, William D. Lastrapes and Lawrence White. It has …

What’s Happening To The Argentine Peso?

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on June 13, 2018.) Argentina recently agreed to borrow $50 billion from the International Monetary Fund. The currency tanked. What’s going on? It doesn’t look to me like much of anything unusual is going on. This is just …

Five Gold Standard Notions That Just Aren’t True

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on June 1, 2018.) https://www.forbes.com/sites/nathanlewis/2018/06/01/five-gold-standard-notions-that-just-arent-true/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20180601#5580671846f7   So much trash talk circles around regarding the gold standard — the basic monetary principle of the Western World until 1971 — that you have to clear the air once in a …

The Bank of Japan, 1928-1933

In Full Archive by Nathan Lewis

Here’s something you don’t see every day: the Bank of Japan’s balance sheet 1928-1933, a period that includes the BOJ going back to gold in January 1930, and then devaluing in December 1931. This should not be considered the entire balance sheet, but at …

Catching Up With The BOJ

In Full Archive by Nathan Lewis

It’s time again to catch up on the current state of craziness in Japan, and specifically, their money-printing institution, the Bank of Japan. I looked at this in more detail here: January 22, 2017: Japan 2017: Printing Money Without Consequences So, let’s take a …

What Is “Base Money” Under A Gold Standard System?

In Full Archive by Nathan Lewis

I thought that I would address some technical topics that come up from time to time. Here is a quote from a recent item, which will go unidentified for now, but which represents a common line of thinking: Actually, although irredeemable central bank notes …

See All Full Archive Posts