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East African Monetary Union remains a very bad idea (I have a better idea)
This is from the Kenyan daily The Nation: East African Community leaders on Saturday signed the Monetary Union Protocol which is intended to result in a single currency in 10 years’ time. The signing...
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I just ordered “Fragile by Design”
I must admit that I am a bit of a “serial shopper” when it comes to buying books on Amazon. Today I (pre) ordered a book I have been waiting for some time – “Fragile by Design: Banking Crises, Scarce...
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A dollar-based Free Banking system: The way to nominal stability in Argentina
Inflation is skyrocketing in Argentina and the country seems unable to ever maintaining any form of nominal stability. In my view the problem with lack of nominal stability in Argentina is, however,...
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Argentina’s peso plunges
When I have written about monetary policy in Argentina I rarely have had anything positive to say. However, today I will have to say that the Argentine central bank made a sensible decision – even...
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The awkward moment when George Selgin realized he agreed with Paul Krugman
This is my hero George Selgin: I never thought it would happen–perhaps I’m slipping. But as I was preparing to bang-out this post, my first in over a month here, I discovered that, a couple hours ago...
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Kazakhstan’s wise devaluation
I am in Stockholm today, but it is not the Swedish economy which is on my mind – rather it is Kazakhstan. On Tuesday the Kazakhstani central bank devalued the Kazakh tenge by 19%. This is what I have...
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A Crimean style aggregate supply shock
It has been a busy couple of weeks for me. It is events in particularly Ukraine, Turkey and partly Venezuela that have kept me very busy so there has not been much time or energy for blogging. My blog...
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Conference – Free Banking systems: diversity in financial and economic growth
Lund University (in Skåne, Sweden) is less than one hour drive from my home in Copenhagen so I very much hope I will be able to participate in the upcoming conference on “Free Banking systems:...
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The un-anchoring of inflation expectations – 1970s style monetary policy, but...
In country after country it is now becoming clear that we are heading for outright deflation. This is particularly the case in Europe – both inside and outside the euro area – where most central banks...
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Leland Yeager at 90 – happy birthday
Today Leland Yeager is turning 90. Happy birthday! Leland Yeager is an amazing scholar. My friend Peter Kurrild-Klitgaard put it very well in a comment on Facebook: “Such a good scholar and a very nice...
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Merry Christmas
Dear friends and readers, Christmas is family time – also in the Christensen family so this will be a short post. I just want to thank all my loyal readers and followers for following and commenting on...
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How to choose a ”good” monetary regime
My recent trip to Iceland and my discussions there about the possible future changes to Iceland’s monetary regime have inspired me a great deal in terms of organising some of my views on monetary...
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Ramblings on “neutral money” and the workings of the ‘monetary machinery’
I recently got reminded of an excellent quote from John Stuart Mill (The Principles of Political Economy with Some of Their Applications to Social Philosophy, 1848): “There cannot . . . be a more...
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The Euro – A Fatal Conceit
Imagine that the euro had never been introduced and we instead had had freely floating European currencies and each country would have been free to choose their own monetary policy and fiscal policy....
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The Euro – A Monetary Strangulation Mechanism
In my previous post I claimed that the ‘Greek crisis’ essentially is not about Greece, but rather that the crisis is a symptom of a bigger problem namely the euro itself. Furthermore, I claimed that...
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PBoC should stop the silliness and float the RMB
This is morning we got this news (from Bloomberg): China’s central bank conducted the biggest reverse-repurchase operations since September, adding funds to the financial system after money-market...
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Larry White will visit Copenhagen soon (Hurray!)
One of the greatest living monetary historians professor Larry White will be visiting Copenhagen in less than two weeks. I am personally a huge fan of Larry and his work – particularly his work on the...
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John Allison just endorsed NGDP targeting
On Monday Donald Trump met with John Allison the former CEO of the BB&T and former CEO of the libertarian think tank The Cato Institute. It has been suggested that Allison might be in the running...
View ArticleKurt Schuler endorses NGDP targeting
Long time free banking advocate Kurt Schuler has a new piece at freebanking.org in which he endorses NGDP targeting. This is Kurt: Given that I do not expect to see free banking in the immediate...
View ArticleArgentina’s peso plunges
When I have written about monetary policy in Argentina I rarely have had anything positive to say. However, today I will have to say that the Argentine central bank made a sensible decision – even...
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