World News

The Case Against Floating Currencies

Monetary fragmentation is inconsistent with the globalization of business.

It is ironic that the international monetary system of floating currencies is based on a theory called the "Optimal Currency Area" that celebrates the freedom of central banks to print money at will. The idea is that total freedom to create money would promote global progress and employment, smooth out business cycles, and prevent bubbles and their associated crises. … Read more

Scott Sumner’s Irritable Mental Gesture

The following is a non-Forbes post, here exclusively: Last week on one of the better-read econ blogs, Scott Sumner’s Money Illusion, a post bore this title: “Have conservatives always been this anti-intellectual?” That’s a fifty-cent word, “anti-intellectual,” and it’s not bandied around these days very much, even within rarefied air. Readers expecting analysis as urbane as brought Richard Hofstadter the Pulitzer in 1964 for Anti-Intellectualism in American Life were left disappointed. Turns out it was a malapropism. The author doesn’t know what the term means. Sumner’s “anti-intellectual” …Read more

Steil and Hinds Resurrect the Golden Anchor

Though the mainstream media perhaps glossed over its meaning, an exciting monetary development occurred a little over two weeks ago in New York. Economists Benn Steil and Manuel Hinds were awarded the prestigious Manhattan Institute's (note: the Manhattan Institute is a RealClearMarkets sponsor) 2010 Hayek Prize for their groundbreaking book, Money, Markets and Sovereignty. While skeptics unaware of the book's content might have expected a boilerplate and very academic promotion of the floating money status quo, in their acceptance speeches the authors essentially called for a return to the …Read more

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