The Fed’s 1932 Bond-Buying Experiment

In Full Archive by Nathan Lewis

Today we will be looking a little more closely at the Federal Reserve’s bond-buying experiment of 1932. The Federal Reserve came under considerable political pressure that they “weren’t doing anything” or in one way or another should address the problems of the day with …

More on the Depression of 1921

In Full Archive by Nathan Lewis

I sure have been talking about monetary topics exclusively for a long time now. It will be nice to talk about something else someday. But, it is apparent that there is still quite a bit more work to do regarding the Interwar Period. First, …

Our Three Monetary Futures — Haven’t Changed Much Since 1944

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 2, 2017.) https://www.forbes.com/sites/nathanlewis/2017/05/02/our-three-monetary-futures-havent-changed-much-since-1944/#196349062e5d   One of the interesting themes that I took away from attending the Kemp Foundation’s Kemp Forum on Exchange Rates and the Dollar, on April 20 in Washington DC, was that there are …

The Liberal Arts Program in Political Economy and History

In Full Archive by Nathan Lewis

Many young people and their parents, surveying the landscape of U.S. higher education today, have substantial misgivings of even the top tier of U.S. colleges and universities. A few are ready to do something about it. The Vega Institute of Political Economy offers a four-year, full-time …

What Is A “Legal Tender Law”? And, Is It A Problem?

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on April 18, 2017.) https://www.forbes.com/sites/nathanlewis/2017/04/18/what-is-a-legal-tender-law-and-is-it-a-problem/#6ac67ec625da   What is a legal tender law? Over the years, there has been some discussion about “legal tender laws” in the United States. I talked to a legal expert about it, and discovered …

What Are Our Stable Money Alternatives?

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on April 6, 2017.) https://www.forbes.com/sites/nathanlewis/2017/04/06/what-are-our-stable-money-alternatives/#2b44579271d9     Let’s say that you wanted a currency that was stable in value – one that did not go up or down in value. This is good, because then you don’t molest …

The Gold Standard in Contemporary Economic Principles Textbooks: A Survey

In Full Archive by Nathan Lewis

Today, we have an interesting paper by James Kimball, who looked at sixty-five economics textbooks for undergraduates to see how they represented the use of gold and the gold standard in monetary systems. It is from 2005, and is available here: https://mises.org/library/gold-standard-contemporary-economic-principles-textbooks-survey Here is …

The Value of Gold Since 1971 #2: The Dramatic Peak in 1980

In Full Archive by Nathan Lewis

We’ve been looking into the fact that commodity prices have fallen a lot vs. gold since 1971. This suggests to some that gold’s value has risen. March 19, 2017: The Value of Gold Since 1971 Instead, I propose that real commodity values have fallen. …

The Value of Gold Since 1971

In Full Archive by Nathan Lewis

If we are going to use gold as a standard of value in the future, then naturally we want it to be stable in value. That is the whole point of using gold as a standard of value — not because it is yellow, …

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