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That Darn Coin

They say that a bad penny always turns up. But when it comes to crises these days, it seems that what keeps turning up is a bad idea—namely, the idea of having the U.S. Mint strike one or more trillion‐​dollar platinum coins.

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The Treasury’s Helicopter Cop‐​Out

Predictably, the depths of the present economic crisis, including the remarkable flattening of interest rates since it began, have led to several calls by economists for the Fed and other central banks to ready their money choppers for a major money‐​financed spending‐​spree.

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Robert Murphy on Market Monetarism

Market Monetarism is more consistent with both old‐​fashioned Monetarism and Austrian economics than Murphy allows, and that, to the extent that it differs from versions of either, it does so in ways that improve upon them.

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Vice Chair Quarles’ Stigma Problem

Any potential gains from sticking to the Fed’s old toolkit are far outweighed by the potential costs of having to rely upon a tool which, if it isn’t quite “broken,” is too close to it for comfort.