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    The New Deal and Recovery, Part 24: The RFC

    by March 14, 2023
    March 14, 2023

    (In writing this series, I allowed myself to skip over some topics. But now that…

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  • Investing

    The New Deal and Recovery, Part 23: The Great Rapprochement

    by February 7, 2023
    February 7, 2023

    What finally brought the Great Depression to an end? We’ve seen that, whatever it was,…

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  • Investing

    The New Deal and Recovery, Part 21: Postwar Monetary Policy

    by December 19, 2022
    December 19, 2022

    After an interruption due mostly to my move to Spain, I’m pleased to be back…

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  • Investing

    Diamond and Dybvig and the Panic of 1907

    by December 6, 2022
    December 6, 2022

    My last post argued that, despite what Diamond and Dybvig’s famous theory suggests, bank runs…

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  • Investing

    Diamond, Dybvig, and Government Deposit Insurance

    by November 25, 2022
    November 25, 2022

    The 2022 Nobel Prize in Economics is to be shared by Ben S. Bernanke, Douglas…

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  • Investing

    Bank and Crypto Runs: F(ac)TX vs Fiction

    by November 21, 2022
    November 21, 2022

    On October 10th, Douglas Diamond and Philip Dybvig won the Sveriges Riksbank Prize in Economic…

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  • Investing

    The New Deal and Recovery, Part 21: Happy Days

    by August 31, 2022
    August 31, 2022

    By the start of 1948, there could no longer be any doubt: the Great Depression…

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  • Investing

    Stop Lionizing Paul Volcker and Villainizing Arthur Burns

    by August 30, 2022
    August 30, 2022

    In a recent Bloomberg column, former New York Fed President Bill Dudley echoes a conventional…

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  • Investing

    How Common Has Private Currency Been?

    by August 16, 2022
    August 16, 2022

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human…

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  • Investing

    Is China a Threat to the Fed? A Critique of the Portman Report

    by August 15, 2022
    August 15, 2022

    Senator Rob Portman (R-OH), the ranking member of the Senate Homeland Security and Governmental Affairs…

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