Thursday, 19 October 2017

Author Archives Alex Chafuen

2014 Sound Money Rankings: the bottom of the list

Posted by Alex Chafuen
January 5, 2015
in Blog

As several of the worse performing currencies are in countries where the government manipulates statistics and exchange rates, it is not easy to come up with a perfect ranking. Using the inflation rate is a good approximation. In Venezuela the official price inflation is over 60%. In Argentina statistics are so manipulated that it is […]

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Greenspan back to gold? Peter Schiff reports

Posted by Alex Chafuen
November 10, 2014
in Blog

Peter Schiff writes “A couple weeks ago, we reported on Alan Greenspan’s prediction that the price of gold would rise. He said this at the New Orleans Investment Conference. In an interview at the Council on Foreign Relations (CFR) the next week, Greenspan commented even more on gold, though the CFR did not publish his […]

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Most of the team of the Atlas Sound Money Project attended the Cato Institute Monetary Conference. Dr. Judy Shelton, co-director of the project spoke on “Building an Orderly and Ethical International Monetary System,” Senior fellow, Dr. Jerry L. Jordan, who knows more than any other person I know how the Fed interacts with banks spoke on “The Role of Gold in a Market-Based Monetary System” and former Atlas trustee Dr. Gerald P. O’Driscoll Jr. presented a paper on “Monetary Reform: Process and Substance.”

Several members of the Sound Money Project team, including talented young academics Nicolás Cachanosky, winner of the 2nd Prize in the Mont Pelerin Society Hayek Essay contest, William Luther (Kenyon College), Thomas Hogan (Troy University, and Gonzalo Schwarz (Atlas Network) were able to network and strategize about how best to embark on the road to sound money.

Congratulations and gratitude to James A. Dorn, George Selgin, John Allison, and others for the outstanding conference.

Sound Money team

Wall Street Journal describes the new Cato Institute effort to promote sound money

Posted by Alex Chafuen
October 22, 2014
in Blog

The Wall Street Journal blog reports that Cato’s new Center for Monetary and Financial Alternatives will have as a goal to “challenge the central bank’s policies and explore alternative ways to manage the U.S. money supply, including but not limited to a return to the gold standard.” The new director, George Selgin, is an outstanding economist, with […]

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New Book on Sound Money by Steve Forbes and Elizabeth Ames

Posted by Alex Chafuen
August 14, 2014
in Blog

In a recent piece in Forbes.com, contributor Mark Hendrickson writes “one of my favorite passages in “MONEY” was when the authors drew an ironic contrast between the fate of John Law, who had to flee France in disgrace after his ruinous paper money scheme blew up two centuries ago, and our present tendency to lionize […]

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Monetary Manipulation and the Loss of Trust in Free Enterprise

Posted by Alex Chafuen
May 23, 2014
in Blog

The On-Line Library of Law and Liberty just published my review of Stephen King’s “When the Money Runs Out.” Monetary manipulation has destroyed the level of trust in free-markets in many countries, I am more familiar with the Argentine case, which King analyzes in his book. He also touches on Japan. Their civil society still […]

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What is the Connection Between the IMF and the Ukraine Crisis?

Posted by Alex Chafuen
March 14, 2014
in Blog

Judy Shelton writes in the Wall Street Journal: “You never want a serious crisis to go to waste.” Former White House Chief of Staff and now Chicago Mayor Rahm Emanuel’s brazen credo comes to mind as the Obama administration tries to link emergency financial aid for Ukraine with changes to the International Monetary Fund’s governance […]

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Philadelphia Federal Reserve President Charles Plosser is Right to be Worried

Posted by Alex Chafuen
March 7, 2014
in Blog

The dangers of relying on printing money to solve economic problems led Charles Plosser to become more vocal.   He argued that  “The best thing the U.S. can do for the global economy is have a strong economy itself…over the longer run that will make for a much healthily world economy.” Returning as fast as possible […]

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Sound Money for Ukraine

Posted by Alex Chafuen
February 26, 2014
in Blog

Another brilliant piece by Judy Shelton: “As Ukrainians mourn their dead and vow to prosecute their recently deposed leader, the valor of those who died must now inspire others to build a new Ukraine worthy of their struggle and sacrifice. Democracy and a better future must be secured in pragmatic terms. Economic benefits must begin […]

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Fighting monetary inflation: easier in Argentina?

Posted by Alex Chafuen
January 10, 2014
in Blog

An Argentine Think Tank, Fundación Libertad y Progreso, has produced a short You Tube video on the causes of price inflation.  It has been viewed over 300,000 times.  You can see it here Who is to blame for price increases? (in Spanish) The popularity of the government is suffering as the population is not buying […]

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Is Price Deflation a Possibility in the Near US Future?

Posted by Alex Chafuen
October 30, 2013
in Blog

Those of us who experienced the destructive effects of monetary inflation have the reason to be surprised when pro-free market think tanks appear to defend easy money policies.    This new piece by John H. Makin, Beware The Monetary Cliff from AEI, does just that.  His fears: Over the past two years, inflation rates in the […]

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Hayek contributions give a forward push to Bitcoin

Posted by Alex Chafuen
August 21, 2013
in Blog

In an article published by CNBC, Frank Schaeffler, a member of the German parliament’s Finance Committee, is quoted as saying: “We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction.” It takes time for ideas […]

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Why price inflation remains low?

Posted by Alex Chafuen
August 15, 2013
in Blog

Dr. Allan Meltzer, brilliant economist and professor and founder of several think tanks and centers, answers the question: “Why inflation remains low?”  in “When Inflation Doves Cry”   He argues “The Fed has printed new bank reserves with reckless abandon. But almost all of the reserves sit idle on commercial banks’ balance sheets. For the […]

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What will stop the Fed?

Posted by Alex Chafuen
July 10, 2013
in Blog

by Alex Chafuen Central Banks have been tools to destroy rule of law in many countries. “The most secretive organization in America operates without any accountability to the American people. Hiding in the shadows, pretending to be part of the United States government, its power is beyond measure.”  A new thriller by Brad Thor uses […]

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Printing money is not so bad . . . or, the Printing comes before the fall.

Posted by Alex Chafuen
May 9, 2013
in Blog

by Alex Chafuen Before jumps in inflation I used to see articles like this in Argentina.  This piece by Steve Conover appearing in the AEI magazine argues that the “[l]ack of sufficient economic growth is behind most if not all of our fiscal and monetary problems,”  and so printing money is not so bad. The […]

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Gold getting more respect as the foundation of a sound monetary system

Posted by Alex Chafuen
April 29, 2013
in Blog

Ralph Benko writes about increased respect for those who promote an important role for gold in a sound monetary system: “The gold standard, in a new incarnation, quite obviously no longer is a fringe issue.  It has entered the mainstream.  The conservative, libertarian, and Tea Party Republican voter base, and the ethnic and union members […]

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Antony Fisher: “governments shouldn’t be in the money business.”

Posted by Alex Chafuen
January 23, 2013
in Blog

Antony Fisher, founder of Atlas, the organization that hosts and administers www.soundmoneyproject.org, left us with good guidelines and principles. This from a speech in 1980: “Many studies need to be made. We need a series of studies by different and perhaps young academics elucidating monetary problems. History, logic and modern experience seem to indicate quite […]

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The Fed prints and prints, and no huge consumer price inflation?

Posted by Alex Chafuen
January 16, 2013
in Blog

In this piece, Mark Thornton tries to solve the riddle:  “Where is the Inflation?” by Mark Thornton Critics of the Austrian School of economics have been throwing barbs at Austrians like Robert Murphy because there is very little inflation in the economy. Of course, these critics are speaking about the mainstream concept of the price […]

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“Après moi le deluge”

Posted by Alex Chafuen
December 31, 2012
in Blog

by Alex Chafuen During a recent interview on NTN24TV,  I was asked about the difference between the fiscal deficit and the fiscal “cliff.”  I told them that the deficit is more like a flood (deluge), and that explanation led me to write an op-ed for Investors Business Daily, thanks Daniel Bunn for co-writing. We begin: […]

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Inflation and Monetary Manipulation as Incentives for Corruption

Posted by Alex Chafuen
November 29, 2012
in Blog

by Alex Chafuen The Adam Smith Institute (U.K.) has published a valuable piece reminding readers about the corrupting effects of inflation.   My professor of professional ethics, at the Catholic University of Argentina, taught us that printing money was “lying, knowing that you are lying, and stealing, knowing that you are stealing.”[1]   But the ethics of […]

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Thanks to Kurt Schuler for this new book about Bretton Woods and the origins of the IMF

Posted by Alex Chafuen
November 14, 2012
in Blog

In the introduction to this e-book, Steve H. Hanke and former executive director of the IMF, Jacques de Larosière write “It has been almost seventy years since Bretton Woods, New Hampshire hosted one of the world’s most important financial conferences. The Bretton Woods conference was a star-studded affair — one in which the postwar rules of […]

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Sound money champions (from my album)

Posted by Alex Chafuen
October 30, 2012
in Blog

    Over twenty years ago, Atlas hosted these sound money champions to discuss “Currency boards.”  Pictured here from left to right, Jose María Ibarbia, who pushed for sound money as an Argentinean Congressman, a student of Dr. Hans Sennholz, at Grove City College; Dr. Alberto Benegas Lynch Jr., Prof. Julio Cole (now at UFM […]

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Paul Ryan, Mike Pence and Judy Shelton on Sound Money and Morality and Principles

Posted by Alex Chafuen
August 11, 2012
in Blog

Here is a clip of Paul Ryan on Sound Money at Atlas Economic Research Foundation program, in association with FreedomWorks. In addition to Ryan, we had Mike Pence and Judy Shelton arguing that the battle for sound money requires going beyond economics 4 Min Congressman Mike Pence (IN), and Judy Shelton (Atlas Economic Research Foundation) on Sound […]

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Jerry Jordan, Sound Money Champion, at Francisco Marroquin University Program

Posted by Alex Chafuen
August 9, 2012
in Blog

This video, The Ghost of Inflation: The Threat of Going Back, includes Jerry Jordan, one of the great economists who never forgot the importance of sound money.  Initial remarks begin at 16:30 minutes…  Q & A begins at 1 hour. The audience included business and political leaders, as well as students–english as second language. View more […]

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Achieving Sound Money (from the archives of Antony Fisher)

Posted by Alex Chafuen
July 27, 2012
in Blog

The good students of economic history marvel at how often human beings commit the same mistakes.   In a draft about “How to Achieve a Sound Money (and avoid the Road to Serfdom)”, Antony Fisher quotes then British Prime Minister Callaghan.   In The Wall Street Journal of January 31, 1977, under the title of “Keynes […]

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“Fraude” New Documentary Film Based on Sound Monetary Analysis

Posted by Alex Chafuen
July 6, 2012
in Blog

Thanks to Instituto Juan de Mariana for providing the script based on sound monetary analysis for the film Fraude (Fraud).  The documentary is in Spanish and includes the opinion of leading economists based in Spain including Jesús Huerta de Soto, Carlos Rodríguez Braun, Juan Ramón Rallo, and many others.   The film explains how government intervention […]

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Sound Money Champions at CPAC, Thursday Feb 9

Posted by Alex Chafuen
February 6, 2012
in Blog

  The role of the Fed in fueling a boom and bust economy has brought the topic of Sound Money to an important place in the Republican Presidential primaries.  Ron Paul and Newt Gingrich have been addressing the importance of the gold standard, so the session sponsored by the American Principles Project, Thursday, February 9, 1:00-2:00PM […]

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The battle for sound money needs a change of mind

Posted by Alex Chafuen
January 21, 2012
in Blog

If sound money was a corollary of the principles of the free society, an essential barrier to prevent government abuses, fiat currency is a natural consequence of the principle that there are no absolute truths: that law is a mere instrument of the state, that words can mean whatever the bureaucrats and the politically correct […]

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The other Mises and his Monetary Plan for Reconstruction

Posted by Alex Chafuen
December 9, 2011
in Blog

Unlike some of his followers, Ludwig von Mises invested considerable part of his life studying policy issues with a thorough knowledge of the economic conditions and statistics of his native Austria (he even had an estimate of the number of leading entrepreneurs in the country).  A good example would be part II, D) of his […]

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Literature and Monetary Thinking

Posted by Alex Chafuen
November 29, 2011
in Blog

Marjorie Grice-Hutchinson, studying Spanish literature, stumbled into the monetary writings of the authors of the School of Salamanca; she shared those writings with F.A. Hayek, who realized how relevant they were.   Murray Rothbard was also exposed to the Salamanca tradition by Hutchinson, and I count myself in that tradition (Calzada, Moreira, Huerta de Soto, […]

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Will the “save Euro at all cost” effort lead to anti-German violence?

Posted by Alex Chafuen
November 17, 2011
in Blog

So argues James Neilson, one of the most talented observers/analysts in the Americas, in the outstanding Buenos Aires Herald:  “It would therefore not be surprising if before too long we saw German embassies being put to the torch by irate mobs yearning to believe that all their countries’ problems are due to a wicked Teutonic […]

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Online reprint of an outstanding book about Juan de Mariana, champion of sound money

Posted by Alex Chafuen
November 15, 2011
in Blog

Atlas had the privilege of providing the funds for the first ever translation of Father Juan de Mariana’s treatise on money.  Originally published in 1609, and written by the author in Latin and Spanish, the book was translated to English not long ago by the Acton Institute.   To get acquainted with Mariana, and to […]

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CMRE a think tank that never lost sight of the importance of sound money, is organizing another superb conference October 20, 2011

Posted by Alex Chafuen
October 16, 2011
in Blog

COMMITTEE FOR MONETARY RESEARCH & EDUCATION, INC. Annual Fall Meeting Thursday, October 20, 2011 The Union League Club 38 E. 37th Street, New York City Uncle Sam: Desperately Seeking Money A powerful program with speakers covering conditions in the China, Europe, Great Britain, the United States, with a conclusion on what the US must do. […]

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Do we really need a Central Bank?

Posted by Alex Chafuen
September 28, 2011
in Blog

Several years ago Dr. Kurt Schuler, (to know more about him check http://www.centerforfinancialstability.org/KSchuler.php) wrote a book trying to answer the question, “do developing countries need central banks?”   He conducted part of his outstanding research during a short fellowship at Atlas.  His book was later published by the Institute of Economic Affairs (U.K.).   Kurt […]

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Utah Money Summit: sound money champions gather to promote reform

Posted by Alex Chafuen
September 26, 2011
in Blog

With Utah’s civil society leading the way to defend our human right to choose our means of payment, it was only fitting that part of my introduction was devoted to the sound people who promote sound money. “The first speaker for this program made reference to the road, perhaps providential, which brought so many of […]

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Mirage or truth?: Economic Freedom going down but access to sound money improving

Posted by Alex Chafuen
September 21, 2011
in Blog

Fraser Institute released its new index of economic freedom. The data shows that economic freedom in the world has been going down during the last two years of the study.  Yet, the scores for “access to sound money” are as high as ever.   I have yet to look at all the figures but on […]

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Antony Fisher seeking funds to promote sound money (from a 1985 letter)

Posted by Alex Chafuen
September 11, 2011
in Blog

Early in the history of Atlas, Antony Fisher, its founder, was fundraising for a program to promote sound money.  In 1985, a few months before I arrived to Atlas, he wrote to a potential donor: “I have been offered $50,000 towards the cost of a publication on the history of money. I believe that one […]

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Judy Shelton recommends China to engage in monetary reform on Live TV

Posted by Alex Chafuen
September 6, 2011
in Blog

The co-director of the Sound Money Project at Atlas, Judy Shelton, recommends the Chinese government to engage in monetary reform.  Other aspects of the interview are also very constructive.  Watch this short video on http://english.cntv.cn/program/china24/20110905/103505.shtml

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A Swiss initiative which could bring us true monetary reform

Posted by Alex Chafuen
September 2, 2011
in Blog

Walter Grinder, that great educator, economist, thinker, and former Atlas trustee, alerted us to this article which can be a source of optimism for lovers of sound money: http://dailyreckoning.com/monetary-reform-the-beginning-of-the-beginning/ A key paragraph: “The creation of a Gold Swiss franc and the free coinage thereof, along with the repeal of taxation by the U.S. of gold and […]

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Monetary Summit Today in Utah

Posted by Alex Chafuen
August 30, 2011
in Blog

I am planning to join some of the sharpest minds in business, finance, politics, law and economics, who are working to promote a framework for the future of monetary policy.  With the dollar’s slide accelerating and the economy trapped by slow growth and rising inflation, the world is calling out for sound money.  What will […]

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China: America’s Financial Colony or Mercantilist Predator?

Posted by Alex Chafuen
August 29, 2011
in Blog

China: America’s Financial Colony or Mercantilist Predator?, by Lewis E. Lehrman The article was originally posted here. The author argues the U.S. has a colonial-like power over China because of the latter’s dependence on dollar-denominated financial assets.

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Congressman Mike Pence and Judy Shelton on the destructive moral and economic effects of monetary manipulation

Posted by Alex Chafuen
August 25, 2011
in Blog

Atlas and FreedomWorks, each with its own mission, work to promote educational programs in favor of sound money, this 5 min video Congressman Mike Pence and Judy Shelton on Sound Money has Congressman Mike Pence and Judy Shelton, co-director and great star of our sound money project, making outstanding points.  Contact C-Span to purchase the […]

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The shrinking dollar: who should go to the shrink?

Posted by Alex Chafuen
August 22, 2011
in Blog

Until recently, paper money advocates regarded those who pushed for letting the market choose gold or defining the monetary yardstick as a certain amount of gold as lunatics.  Look at this video and see who should be sent to the psychiatrist http://www.youtube.com/watch?v=jDXjWH836-4&feature=player_embedded The shrinking dollar

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Ignoble Nobel: Krugman explicitly advocating inflation

Posted by Alex Chafuen
August 12, 2011
in Blog

Today in the New York Times Paul Krugman calls for “an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.”   The destruction of the US monetary order is too slow for him.   Thanks to scholars who many decades […]

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Investing in gold, loving the free society

Posted by Alex Chafuen
August 11, 2011
in Blog

My late economic professor and mentor, Hans F. Sennholz, practiced what he preached.  His example added to the strength of his classes.  Forecasting the great weakening of paper money he invested in gold and silver.   He had mixed feelings.  “As gold investors we may rejoice about the soaring gold price, but as members of […]

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“Should Governments buy gold?” Even New York Times creates discussion blog

Posted by Alex Chafuen
August 10, 2011
in Blog

When I was studying under Hans Sennholz, a student of Von Mises, our text book for monetary economics was Mises The Theory of Money and Credit.  It was 1978-1979, and the price of gold was also going through the roof (in real terms higher than today’s price).   The negative results of continued politicization of money […]

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Antony Fisher on sound money

Posted by Alex Chafuen
August 9, 2011
in Blog

Antony Fisher, the founder of Atlas, was studying and writing about economics before the founding of the IEA or attending the Mont Pelerin Society.   In or before 1948 he wrote: “Paper currencies are not foolproof and can be used to conceal unpleasant facts; on the other hand a gold currency cannot be tampered with […]

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It is time to read Juan de Mariana again

Posted by Alex Chafuen
June 14, 2011
in Blog

In the early seventeenth century, Juan de Mariana wrote a great treatise on money. He understood that currency debasement threatened the entire economic order of the kingdom. Property rights, the ability to trade goods and services, fair wages–all these things require stable currency as Mariana notes: “No individual has the right to expect that the […]

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