De-dollarization Has Begun: Redux

Last week’s article (“De-dollarization Has Begun”) produced a large number of comments and follow-up questions. Enough, in fact, that it feels necessary to address the most common of them in […]

De-dollarization Has Begun.

Last week, China and Brazil reached an agreement to settle trades in one anothers’ currencies. Over the past 15 years, China has replaced the United States as the main trading […]

The Tragedy of the Monetary Commons

Earlier this month, Argentina and Brazil announced that they would begin working to implement a common currency. The news shocked many economists, including Oliver Blanchard, former chief economist of the […]

The Political History of Money

Those who fail to study the intellectual debates of the past are condemned to repeat them,” is a variation on Santayana’s famous dictum particularly applicable to economics and monetary theory, […]

Modeling the Money Supply

When economists model the supply of a good or service, they usually describe how its availability on the market responds to its price. This requires making several assumptions about market […]

How Common Has Private Currency Been?

Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the norm, even if the state stamped their ruler’s […]