Monetary Policy

Know Your Government

The Federal Deposit Insurance Corporation (FDIC) has a new way to protect us and our banks. It proposes a mandatory program for insured nonmember banks called "Know Your Customer." (Member banks are presumably already under such an obligation.) This is not some friendly way for banks to serve us better. No, this is right out of Orwell. Here's what Big ... [click for more]

Brazil and the Crisis of Paternalism

After the Brazilian government devalued the Brazilian real, causing the Brazilian people to lose more than 40 percent of their savings, the Brazilian authorities issued the customary line that governments follow after a devaluation. They blamed external forces for the currency debasement, in this case "the Asian currency ... [click for more]

Clinton’s Job Performance Puzzle

The pundits are bewildered over the public's apparently contradictory response to President Clinton during his recent troubles. Most people have a low opinion of his character. Yet at least 60 percent of those polled think he's doing a terrific job and should not resign. How can this be? Assuming the polling ... [click for more]

Book Review: Money and the Nation State

Money and the Nation State edited by Kevin Dowd and Richard H. Timberlake Jr. (New Brunswick, N.J.: Transaction Publishers, 1998); 453 pages; $24.95. For the entire 20th century, governments have fought a world war against gold as an international monetary standard. In its place, governments have imposed a system of monetary nationalism, with each government controlling and managing its own ... [click for more]
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