Monetary Policy

Legal Tender and the Civil War

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FACED WITH A LACK of Northern enthusiasm for his war against the South, President Lincoln resorted to drastic means to finance his war effort. If Lincoln had resorted to a traditional method of government finance — taxation — he knew that he might be faced with tax riots among the people of the North. And he knew that if ... [click for more]

Alan Greenspan’s Inflation Problem

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Federal Reserve Chairman Alan Greenspan has informed the American people that they can expect to see higher interest rates for the rest of the year. In his recent testimony before the Congressional Committee on Banking and Financial Services, Greenspan stated that the unprecedented growth in production and employment in ... [click for more]
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