![Alt-M banner featuring George Washington from the dollar bill along with stock and cryptocurrency imagery. ](/sites/cato.org/files/styles/optimized/public/2023-03/alt-m-short.jpg?itok=nfNeNZL8) # Alt-M At a Glance Alt‑M is a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today’s centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates. Subscribe to Big Change weekly email newsletter Join the Conversation [\#CatoEcon](https://x.com/hashtag/CatoEcon) Share This Topic #### Featured Content [![Capitol Hill with a sky full of money](/sites/cato.org/files/styles/content_teaser/public/2023-03/CapitolHillMoney.jpg?itok=At-JaGv3)](https://www.cato.org/blog/new-deal-recovery-new-alt-m-series) blog ## [The New Deal and Recovery: A New *Alt‑M* Series](/blog/new-deal-recovery-new-alt-m-series) By [George Selgin](https://www.cato.org/people/george-selgin) I’ve decided to offer a new series of posts on critical assessments of the New Deal by economists and economic historians, starting with this introductory one explaining my purpose in detail. [![China Forbidden City statue](/sites/cato.org/files/styles/content_teaser/public/2021-03/202103_china.jpg?itok=_C9YSNSu)](https://www.cato.org/blog/china-threat-fed-critique-portman-report) blog ### [Is China a Threat to the Fed? A Critique of the Portman Report](/blog/china-threat-fed-critique-portman-report) By [James A. Dorn](https://www.cato.org/people/james-dorn) Such rhetoric weakens U.S.-China relations, insults Fed officials who diligently work to protect sensitive information, and inflames Chinese nationalism. [![Inflation.jpg](/sites/cato.org/files/styles/content_teaser/public/2021-11/Inflation.jpg?itok=IU7xOAJm)](https://www.cato.org/blog/menace-fiscal-inflation) blog ### [The Menace of Fiscal Inflation](/blog/menace-fiscal-inflation) By [James A. Dorn](https://www.cato.org/people/james-dorn) Without sound fiscal and monetary institutions that are transparent, constrained by the rule of law, and trusted by the public, the danger of future inflation will persist. [![taxes-money.jpg](/sites/cato.org/files/styles/content_teaser/public/2021-03/taxes-money.jpg?itok=ENRn6Egq)](https://www.cato.org/blog/how-common-has-private-currency-been) blog ### [How Common Has Private Currency Been?](/blog/how-common-has-private-currency-been) By [Lawrence H. White](https://www.cato.org/people/lawrence-white) The claim that private money has been rare is obviously false. [![bitcoin symbol](/sites/cato.org/files/styles/content_teaser/public/2021-10/202110_crypto.jpg?itok=heorSDde)](https://www.cato.org/blog/has-bitcoin-succeeded) blog ### [Has Bitcoin Succeeded?](/blog/has-bitcoin-succeeded) By [Lawrence H. White](https://www.cato.org/people/lawrence-white) If Bitcoin will continue to thrive as an investment and medium-of-exchange-in-waiting “until the authorities do better” at managing fiat money (and at allowing financial privacy), then Bitcoin may thrive for a long time to come. ##### Monetary Policy Primer April 21, 2016 ##### [A Monetary Policy Primer, Part 1: Money](/blog/monetary-policy-primer-part-1-money) By [George Selgin](https://www.cato.org/people/george-selgin) April 28, 2016 ##### [A Monetary Policy Primer, Part 2: The Demand for Money](/blog/monetary-policy-primer-part-2-demand-money) By [George Selgin](https://www.cato.org/people/george-selgin) May 10, 2016 ##### [A Monetary Policy Primer, Part 3: The Price Level](/blog/monetary-policy-primer-part-3-price-level) By [George Selgin](https://www.cato.org/people/george-selgin) May 16, 2016 ##### [A Monetary Policy Primer, Part 4: Stable Prices or Stable Spending?](/blog/monetary-policy-primer-part-4-stable-prices-or-stable-spending) By [George Selgin](https://www.cato.org/people/george-selgin) May 26, 2016 ##### [A Monetary Policy Primer, Part 5: The Supply of Money](/blog/monetary-policy-primer-part-5-supply-money) By [George Selgin](https://www.cato.org/people/george-selgin) July 12, 2016 ##### [A Monetary Policy Primer, Part 6: The Reserve-Deposit Multiplier](/blog/monetary-policy-primer-part-6-reserve-deposit-multiplier) By [George Selgin](https://www.cato.org/people/george-selgin) September 20, 2016 ##### [A Monetary Policy Primer, Part 7: Monetary Control, Then](/blog/monetary-policy-primer-part-7-monetary-control-then) By [George Selgin](https://www.cato.org/people/george-selgin) January 4, 2017 ##### [A Monetary Policy Primer, Part 8: Money in the Latest Great Muddle](/blog/monetary-policy-primer-part-8-money-latest-great-muddle) By [George Selgin](https://www.cato.org/people/george-selgin) January 10, 2017 ##### [A Monetary Policy Primer, Part 9: Monetary Control, Now](/blog/monetary-policy-primer-part-9-monetary-control-now) By [George Selgin](https://www.cato.org/people/george-selgin) May 11, 2017 ##### [A Monetary Policy Primer, Part 10: Discretion, or a Rule?](/blog/monetary-policy-primer-part-10-discretion-or-rule) By [George Selgin](https://www.cato.org/people/george-selgin) August 8, 2017 ##### [A Monetary Policy Primer, Part 11: Last-Resort Lending](/blog/monetary-policy-primer-part-11-last-resort-lending) By [George Selgin](https://www.cato.org/people/george-selgin) October 31, 2017 ##### [A Monetary Policy Primer, Part 12: Monetary Alternatives](/blog/monetary-policy-primer-part-12-monetary-alternatives) By [George Selgin](https://www.cato.org/people/george-selgin) ![manace-book-cover.jpg](/sites/cato.org/files/styles/promo_block_book_cover_1x/public/2020-05/manace-book-cover.jpg?itok=m8-Wx99E) ##### Featured Book ### *[The Menace of Fiscal QE](https://www.cato.org/books/menace-fiscal-qe)* As the Federal Reserve struggles to fulfill its mandate in a world of low and falling interest rates, it faces yet another challenge: that of resisting a new threat to its hard‐​won independence. In his brief but systematic study, George Selgin reviews the movement favoring fiscal QE, shows how it threatens both the Fed’s independence and democratic control of government spending, and counters claims that it offers a low‐​cost means for financing such spending. [Purchase Book](https://www.cato.org/books/menace-fiscal-qe) ##### Contributors [![George Selgin](/sites/cato.org/files/styles/author_picture/public/2021-01/George%20Selgin.jpg?itok=daUqyD5g)](/people/george-selgin) ##### [George Selgin](/people/george-selgin) Former Senior Fellow and Director Emeritus, Center for Monetary and Financial Alternatives, Cato Institute [ ](https://x.com/GeorgeSelgin) [ ](mailto:gselgin@cato.org) [![Media Name: lwhite.jpg](/sites/cato.org/files/styles/author_picture/public/authors/crops/lwhite.jpg?itok=qVPZVwye)](/people/lawrence-white) ##### [Lawrence H. White](/people/lawrence-white) Senior Fellow, Center for Monetary and Financial Alternatives, and Professor of Economics, George Mason University [ ](https://x.com/Lawrencehwhite1) [ ](mailto:lwhite11@gmu.edu) [![James A. Dorn](/sites/cato.org/files/styles/author_picture/public/2021-01/James%20dorn.jpg?itok=1oA5x7PP)](/people/james-dorn) ##### [James A. Dorn](/people/james-dorn) Senior Fellow Emeritus [ ](mailto:jdorn@cato.org) [![New Jennifer Schulp cropped image](/sites/cato.org/files/styles/author_picture/public/2023-03/jennifer-schulp-cropped-2.jpg?itok=kdrnmhHr)](/people/jennifer-j-schulp) ##### [Jennifer J. Schulp](/people/jennifer-j-schulp) Former Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute [![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) ##### [Norbert J. Michel](/people/norbert-michel) Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute [ ](https://x.com/norbertjmichel) [![Nicholas Anthony Cropped](/sites/cato.org/files/styles/author_picture/public/2025-02/NicholasAnthony-cropped.jpg?itok=f4HYrot7)](/people/nicholas-anthony) ##### [Nicholas Anthony](/people/nicholas-anthony) Research Fellow, Center for Monetary and Financial Alternatives [ ](https://x.com/EconWithNick)