Category Archives: Money

Money and Making Sense

You say you don’t really understand money? You’re in good company–look at  how J.P.  Morgan, the titan of Wall Street, king of the bankers, richest man in the world, talked about money. Morgan is here testifying before the Pujo committee, investigating the Panic of 1907.1 The Committee’s counsel, Samuel Untermyer, asks Morgan if controlling credit, […]

The Federal Reserve Explained!

It’s true–paper money makes it easier to cause inflation. Much easier. A government can “just print” more money. The US did this in the American Revolution, and again during the Civil War. Some people say we’re doing it now. I don’t think that’s quite right, because of the way the Federal Reserve works, which few […]

Rhetoric of the Gold Fetish

In anthropology, a “fetish” is an object believed to have magical powers. A rabbit’s foot, a horseshoe, a lucky coin: these are “fetishes,” material things supposedly animated by magic power. They can ward off bad times. Historically, when Americans talked about the gold standard, they often talked about it as magical. Gold would make bad […]

The Gold Standard of Lunacy

The gold standard is coming back in a a big way. Not only do a number of recently elected congressman and Senators favor a return to the gold standard: the President of the World Bank recently initiated a conversation about returning to gold, and the New York Times recently ran an editorial by James Grant […]