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 …

An Additional 1% Of GDP Growth Per Year Changes The Game Completely

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 10, 2018.) https://www.forbes.com/sites/nathanlewis/2018/05/10/an-additional-1-of-gdp-growth-per-year-changes-the-game-completely/#7f24141532c0   It’s funny how, after all this time, the idea that lower tax rates can allow more growth, and improved overall economic health, is still held by only a small group of politicians. …