The COVID-19 pandemic has dramatically increased the demand for cash and placed a spotlight on the promise of digital currency. But risks remain. Cato’s 38th Annual Monetary Conference will bring together leading experts to examine the risks and promise of central bank vs. private (centralized and decentralized) digital currencies.
Criticism of the Federal Reserve is mounting, whether it’s President Trump tweeting that Chairman Powell is not following his advice or progressives calling for the Fed to use its monetary powers to fuel government spending. Amid public scrutiny and at a time of growing uncertainty for the business of central banking, Powell asked the Fed “to take stock of how we formulate, conduct, and communicate monetary policy.” Shadowing the Fed’s strategic review, Cato’s 37th Annual Monetary Conference will explore a broad array of recommendations for improving the monetary framework — and go beyond the narrow scope of the Fed’s agenda to share a vision for a monetary system best suited for a free society.
In conducting monetary policy, the Fed needs to be accountable to political institutions, yet independent of political pressures to finance budget deficits or use the printing press to satisfy special interests (whether those interests take the form of a border wall or a “Green New Deal”).