Thursday, 19 October 2017

Author Archives Johannes Schmidt

34th Cato Monetary Conference: Central Banks and Financial Turmoil

November 23, 2016
in Blog

This piece originally appeared in Alt-M By Ari Blask  More than two hundred people came to Cato last Thursday, November 17th, for the 34th Annual Monetary Conference. Four panels and two keynote speakers covered “Central Banks and Financial Turmoil,” the theme of this year’s conference. In his introduction, CMFA’s James Dorn laid out some of the […]

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Op-ed: On November 8th, I’m voting for our next Fed Chair

November 4, 2016
in Blog

This piece originally appeared in the Daily Caller With just days until the conclusion of one of our history’s most polarizing presidential election cycles, it’s hard for a proponent of a free-society to be truly excited. But while it may be difficult to accurately predict what a Clinton or a Trump presidency might look like, […]

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Leonard Liggio lecture 2016: The classical liberal tradition of sound money

October 10, 2016
in Blog

By Dr. Lawrence White Let me welcome you all to the capital of Latin America. And when I say capital, I mean that much of the financial wealth of Latin America is held with banks and fund managers across the street, here in Miami. And therein lies a lesson in the results of unsound money. […]

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The Fed’s policies and their consequences for Mexico

June 21, 2016
in Blog

This piece originally appeared in Market Trends By Edgar Ortiz As mentioned in a previous article, on December 16 of 2015 the Fed announced a rate hike of 0.25 percentage points and Mexico’s central bank followed suit the very next day. The decision seemed logical considering that the peso was not ceasing to depreciate and a […]

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The Fed and its dual mandate

June 20, 2016
in Blog

This piece originally appeared in Economics21 By Mickey D. Levy For over a decade, the Bernanke- and Yellen-led Federal Reserve have talked incessantly about conducting monetary policy to achieve the Fed’s dual mandate.  The unemployment rate is now 4.7%, at the Fed’s estimate of full employment.  When inflation rises to 2% by year-end, the Fed’s dual […]

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Op-ed: Trump’s problem with the Fed

June 6, 2016
in Blog

This piece originally appeared in The Hill  By Judy Shelton Donald Trump has a problem with the Federal Reserve. You could call it a love/hate relationship. He loves low-interest rates because, as a builder, low-cost financing enables him to develop new projects that add value to the economy. But he also thinks the zero interest rate policies […]

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Op-ed: Global monetary turmoil is hurting economic growth

February 25, 2016
in Blog

For the first time in recent memory, politicians and candidates alike are talking about the importance of rules-based monetary reform and the public is shifting its attention (and ire) from the bankers on Wall Street to the central bankers at the Federal Reserve. But is monetary reform– even coupled with fiscal and regulatory reform– the cure […]

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Nicolas Cachanosky interviewed at Reinvent.Money

February 17, 2016
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This week, Sound Money Project fellow Nicolas Cachanosky appeared in an episode of Reinvent.Money and discusses free banking vs. central banking, competing currencies, property rights and his involvement with the Sound Money Project. Watch the interview below:  

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Steve Forbes speaks out on the Presidential race, Fed recklessness, and gold

February 4, 2016
in Blog

The following is an exclusive interview with Mike Gleason, Director of Money Metals Exchange and originally appeared on the Money Metals Exchange page. To listen to the interview, click here.  Mike Gleason, Director, Money Metals Exchange: Today we have a tremendous treat in store for our listeners as we welcome in none other than Steve Forbes. I had the honor […]

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Bank regulations continue to hinder the U.S. recovery

December 1, 2015
in Blog

This article appeared in the December 2015 issue of Globe Asia.  By Professor Steve H. Hanke Money matters — it’s one of Milton Friedman’s maxims that I repeat often in my columns. Since the Northern Rock bank run of 2007 — the “opening shot” of the financial crisis — the money supply, broadly measured, in the […]

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The global gold market vs. sovereign debt

November 24, 2015
in Blog

This article was originally published by UFM Market Trends. By Dickson Buchanan Jr. The gold market has shown a lot of volatility recently, causing many financial commentators to question its relevance for today’s modern financial arena. It’s become quite common to underestimate gold’s importance in today’s sophisticated global capital markets. However, that perception tends to […]

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Op-ed: A new sound money movement for the GOP?

November 2, 2015
in Blog

Taking a look back at last week’s GOP debate, there is clearly room for much criticism of CNBC and the questions asked of the candidates. But, sound money advocates might concede that the moderators did get one thing right: monetary policy. According to an article published this morning in The Hill by Dr. Judy Shelton, Co-Director of the […]

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Paper: Risk and Risk-Based Capital of U.S. Bank Holding Companies

October 6, 2015
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The following is a newly released paper by Dr. Thomas Hogan, former Sound Money Project fellow and current Chief Economist for the U.S. Senate Committee on Banking, Housing, & Urban Affairs.  Risk and Risk-Based Capital of U.S. Bank Holding Companies Thomas L. Hogan Troy University Neil R. Meredith West Texas A&M University; American Economic Association October 6, 2015 Journal of […]

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Op-ed: How the Fed saved the economy

October 5, 2015
in Blog

This piece originally appeared in The Wall Street Journal By Ben S. Bernanke   For the first time in nearly a decade, the Federal Reserve is considering raising its target interest rate, which would end a long period of near-zero rates. Like the cessation of large-scale asset purchases in October 2014, that action will be an […]

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The Rupiah is in trouble, again

September 23, 2015
in Blog

By Steve H. Hanke This article appeared in the October 2015 issue of Globe Asia. The rupiah is plumbing the depths it last visited in 1998 during the Asian financial crisis. The accompanying chart of the rupiah’s value against the U.S. dollar tells the tale. Although the rupiah’s recent plunge is not as dramatic as […]

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Op-ed: The Fed, killing economic growth softly

September 22, 2015
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Economic growth results from business owners making successful plans to invest and meet customer needs over time, but the unpredictable machinations of central banks like the Federal Reserve throw a monkey wrench in that economic calculation process. The Fed’s recent press conference is a perfect example of how the arbitrary and ambiguous decisions of central […]

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Op-ed: It’s time to reconsider the Fed’s Dual Mandate

September 18, 2015
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This piece originally appeared on Forbes.com By Jared Meyer and Johannes Schmidt All this week, people anxiously awaited results from the Federal Reserve’s Federal Open Market Committee meeting in Washington, D.C. Though many expected the FOMC would decide to finally raise interest rates and begin to normalize monetary policy, on Thursday it was announced that […]

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Op-ed: Don’t ask if the Fed will raise interest rates, it’s the wrong question

September 16, 2015
in Blog

Central banks are vested with a tremendous amount of economic power, but there’s no real reason to think that they wield that power wisely. As the U.S. Federal Reserve’s Federal Open Market Committee begins its scheduled meeting, Atlas Network Sound Money Project Fellow Dr. William J. Luther takes a look at the Fed’s targeting of […]

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Confusion and contradiction at the Fed

September 4, 2015
in Blog

By Michael Belongia and Peter Ireland Over the past several years, Federal Reserve officials have issued multiple and often conflicting statements about whether their federal funds rate target should be increased and, if so, when that change should occur.  As we discussed in an earlier column, these attempts at “forward guidance” appear to have confused consumers […]

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The Sound Money Project takes on the Fed at the Jackson Hole Summit

September 1, 2015
in Blog

From left to right:Sound Money Editor Johannes Schmidt, Dr. William Luther of the Sound Money Project, U.S. Senate Banking Committee Chief Economist and former Sound Money Project Fellow Dr. Thomas Hogan, Atlas Network Senior Fellow and Sound Money Project Co-Director Dr. Judy Shelton, Atlas Network President Alex Chafuen, and Sound Money Project Manager Gonzalo Schwarz. Money has become so […]

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Op-ed: Time to restore sanity to the world’s monetary system

August 19, 2015
in Blog

Earlier this week, Dr. Judy Shelton published a piece in The Hill that shed light on one of the world’s most pressing, yet least discussed, issues: our global monetary system. Using China’s decision to devalue its currency as a starting point, Dr. Shelton explores how central bank discretion around the globe creates an economic reality where nations […]

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Op-ed: It’s time for millennials to reclaim money’s moral high ground

August 12, 2015
in Blog

This morning in TownHall Finance, I made the claim that millennials must to reclaim money’s moral high ground. Young people today champion many causes- ranging from gun rights to school choice- but seem to ignore one issue that affects most of their daily interactions: The Federal Reserve’s discretionary monetary policy. This is polemic because: [M]oney plays a prominent role […]

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Announcing sound money research grant opportunities

August 12, 2015
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Sound Money Research Grants  “The economic and moral arguments for sound money” The Atlas Network is proud to sponsor a research grant opportunity for students, young faculty and policy experts who are interested in championing the cause of sound money and a better understanding of sound monetary institutions.  Description: The Atlas Network is sponsoring four research grants in […]

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Announcing the sound money essay contest

August 10, 2015
in Blog

Sound Money Essay Contest “The economic and moral arguments for sound money” The Atlas Network’s Sound Money Project is proud to sponsor an essay contest for students, young faculty and policy experts who are interested in championing the cause of sound money and a better understanding of sound monetary institutions. Description: The Atlas Network’s Sound […]

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Op-ed: The financial deregulation that never was

August 10, 2015
in Blog

This piece was originally published by Forbes.com By Norbert Michel Why do I write so much about the myth that financial market deregulation caused the financial crisis? Because that false narrative has spread so far and wide. Even some folks who are otherwise friendly to free-markets have bought into it. So here’s one more shot: financial markets were not […]

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Op-ed: The Greek referendum: Will economic principles prevail?

July 8, 2015
in Blog

Ultimately, an economy can only sustain itself if it produces more than it consumes. That’s a lesson that the Soviet Union learned the hard way decades ago, explains Atlas Network Sound Money Project Senior Fellow Jerry Jordan in a column for Forbes, but Greece seems determined to continue its high levels of spending and consumption at […]

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Op-ed: Was the euro mistake?

July 7, 2015
in Blog

Originally posted on the Atlas Network page With Greece rejecting the structural reforms and other terms that it would need to implement for yet another bailout of its crushing government debt, economists are questioning whether the eurozone and its shared international monetary system were doomed to fail from the start. Writing in The Hill, Atlas Network Sound Money […]

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Sound money alternatives series

June 19, 2015
in Blog

Over the next few weeks, the Sound Money Project will be running a series of blog posts exploring free-market monetary alternatives. Our dedicated fellows will prepare a series of posts that explain the principles and importance of the following topics: Nominal GDP targeting Currency board Commodity backed currencies Gold Standard Free banking Interest rate targeting […]

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Old money: How the Fed’s actions harm millennials

June 8, 2015
in Blog

By Diana Furchtgott-Roth and Jared Meyer In our new book, Disinherited: How Washington Is Betraying America’s Young, we show how government policy is biased towards older people and creates an environment that systemically works against young Americans. In monetary policy, too, Washington is playing favorites and the young are the losers. They do not benefit from […]

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Op-ed: Trade agreements need rational provisions to end currency manipulation

June 5, 2015
in Blog

It’s a well-known fact among economists of nearly every stripe that global trade is an engine of prosperity, especially for developing nations with a crucial need for access to international markets. The proposed Trans-Pacific Partnership trade agreement has the potential to boost the economies of the 12 nations in the Asia Pacific region that are […]

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Ten things every economist should know about the gold standard

June 4, 2015
in Blog

This piece was originally published by Alt-M By George Selgin At the risk of sounding like a broken record (well, OK–at the risk of continuing to sound like a broken record), I’d like to say a bit more about economists’ tendency to get their monetary history wrong.  In particular, I’d like to take aim at common myths […]

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Evaluating quantitative easing

June 3, 2015
in Blog

This piece was originally published in Alt-M By Gerald P. O’Driscoll In my prior post, “The Futility of Stimulus,” I examined whether Federal Reserve Policy has provided economic stimulus.  I employed standard measures of money-supply growth to evaluate the question.  I concluded that Federal Reserve policy has resulted in less expansion of the money supply […]

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Venezuela: No rule of law, bad money

May 27, 2015
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This article appeared in the June 2015 issue of Globe Asia. By Dr. Steve H. Hanke The rule of law subjects the State to a fixed set of rules that limits the scope of its coercive powers. Individuals and their property are protected from the arbitrary, ad hoc actions of the State and other individuals. In […]

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Op-ed: Reckoning for the Fed

May 13, 2015
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It’s happening. People are finally starting to realize that the Federal Reserve’s policies might not be working and central bankers are going on the defensive. At least former Fed Chairman Ben Bernanke did when, in response to a recent editorial in The Wall Street Journal, he claimed that “he never promised monetary policy would be a “panacea” for […]

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Alexander W. Salter joins the Sound Money Project team

May 4, 2015
in Blog

It has truly been an exciting year for the Atlas Network’s Sound Money Project and Washington’s monetary policy community. From meetings with Federal Reserve Chairwoman Janet Yellen to the opening of new monetary policy centers, SMP has been at the forefront- thanks, in great part, to the quality work and dedication of our fellows. This […]

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Greece: Down and probably out

April 28, 2015
in Blog

This piece was originally published in Globe Asia, April 2015. By Dr. Steve H. Hanke Led by the charismatic Alexis Tsipras, the Syriza party took office in Athens on January 26th. The most prominent member of the new Prime Minister’s cabinet is Yanis Varoufakis, the Finance Minister. He is an economics professor, with a complete […]

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Op-ed: Is central banking the problem or the solution?

April 27, 2015
in Blog

Monetary policy: it doesn’t make headlines like drone stikes or police militarization, but it really should. Considering how much the decisions of central bankers affect the global economy, it makes little sense that candidates and politicians are not regularly questioned about their approach to monetary policy. In an op-ed published last Friday in The Hill, […]

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Sound Money Fellow named Chief Economist of Senate Banking Committee

April 22, 2015
in Blog

The Atlas Network’s Sound Money Project is proud to announce that Dr. Thomas L. Hogan has accepted an appointment as Chief Economist of the Senate Banking Committee. Although this means that he will be stepping down from his role as a SMP Fellow, we could not be more excited to have such a talented and committed free-banker […]

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Op-ed: Status quo on housing finance keeps failed system in place

April 21, 2015
in Blog

The following is an excerpt from a piece by Norbert Michel that was originally published by Forbes. The status quo. It’s a powerful force in Washington, D.C. No matter how destructive or inefficient an existing program, institution or system may be, it’s always safer for politicians to maintain the status quo rather than meaningfully change […]

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Tax Day targets currency

April 15, 2015
in Blog

Today is Tax Day. Across the country, individuals are scrambling to file their tax returns, enjoying discounts from various restaurant chains and (if they’re libertarians) posting lengthy Facebook statuses that outline why taxation is theft. While it’s easy to argue against our current tax code, claiming that there should be no taxation at any level is […]

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Cato launches new blog: Alt-M

April 9, 2015
in Blog

Earlier today, George Selgin, Director of the Cato Institute’s Center for Monetary and Financial Alternatives announced the launch of the Center’s new blog, “Alt-M.” We at the Sound Money Project are excited to continue to work with Dr. Selgin and his team to  raise awareness throughout the United States about the inherent problems of our […]

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The monetary approach reigns supreme

April 3, 2015
in Blog

This article appeared in the April 2015 issue of Globe Asia.  We are still in the grip of the Great Recession. Economic growth remains anemic and below its trend rate in most parts of the world. And what’s more, this state of subdued economic activity has been with us for over seven years. In the U.S. […]

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Op-ed: Losing patience with the Fed

March 19, 2015
in Blog

It comes perhaps as no surprise that yesterday’s meeting of the ten voting members of the Federal Open Market Committee (FOMC) ended in an anti-climactic manner, providing no real clarity about the future of interest rates at the Federal Reserve. The removal of the word “patient” simply means that the Fed “has the option to […]

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Sound Money meets the Fed

March 6, 2015
in Blog

In October of last year, while speaking at the Boston Fed,  Janet Yellen announced her concern over growing inequality in the United States, revealing that she thought it was “appropriate to ask whether this trend is compatible with values rooted in our nation’s history.” This concern was turned into action on November 14 when she […]

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Op-ed: Greek solvency requires political reform, support from populace

March 2, 2015
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A hard currency backed by specie like gold or silver imposes sound economic policies on the nations that use them, but currency established by central bank fiat requires sound policies to be established by political mechanisms in concert with the support of the electorate. In the case of the stagnation in Greece, the European Union […]

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Op-ed: Dark dollar dealings

February 24, 2015
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With the conviction of Ross William Ulbricbht, founder of Silk Road, many proponents of bitcoin and other crypto-currencies fear that the government “might bolster efforts to regulate — and perhaps even ban the emerging cryptocurrency.” In an Op-Ed published by US News and World Report, William J. Luther of the Sound Money Project says that’s not how […]

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Sound Money Project at ISFLC

February 11, 2015
in Blog

The Sound Money Project would like to invite you to join William Luther and Johannes Schmidt of the Sound Money Project along with George Selgin of the Cato Institute and Lawrence White of George Mason University at the International Students for Liberty Conference in Washington, DC for a panel on monetary policy in the 21st Century. Details can […]

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Greek crisis creates standoff between regulators and potential investors

February 4, 2015
in Blog

This week, Yanis Varoufakis, Greek Minister of Finance, stoked the fire that has been spreading across Europe since the Syriza victory in Greece with bold rhetoric that labeled the ECB’s threats to cut funding for Greek banks as political intimidation and promised to continue to move forward with his party’s anti-austerity revolution. The EU-IMF troika […]

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State of the Union 2015: President ignores monetary policy

January 21, 2015
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Last night, President Obama confidently announced the end to the financial crisis, citing successful financial regulations and promising economic growth figures. That might not be the whole story, however. Almost unsurprisingly,  President Obama’s address made no mention of monetary policy. This is troubling because as the price of oil continues to fall, consumer price inflation […]

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Op-ed: The perils of monetary activism

January 7, 2015
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Investors are seemingly bemused as stock markets continue to underperform in the New Year after “racking up double-digit returns for 2014.” But if the last few years have taught us anything, it’s that positive growth and optimistic forecasting doesn’t necessarily mean that all is well with the economy. As Dr. Judy Shelton points out in her new […]

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