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Assessing Market Expectations Of Inflation

Assessing Market Expectations Of Inflation

by William J. Luther Economists continue to debate whether the high rates of inflation observed over the last few months are transitory or permanent. Year-on-year inflation was 4.3 percent in August. The average annual rate of inflation since January 2020 is around 2.85 percent. Should we expect inflation to return to the Fed’s 2 percent average […]

Government Opposition To Bitcoin

Government Opposition To Bitcoin

by William J. Luther The network effects problem is not the only obstacle caused by the widespread use of incumbent monies. Since the vast majority of incumbent monies are issued by governments, those considering the extent to which bitcoin is likely to gain widespread acceptance must also be concerned with government opposition. Those in favor of […]

Will Cash Be Obsolete Soon ?

Will Cash Be Obsolete Soon ?

by William J. Luther Calls for the US to adopt a central bank digital currency (CBDC) appear to be growing. China launched a digital renminbi in April, leading many to worry that the US is falling behind. Other countries will no doubt follow. Arguments in support of CBDCs often relate to cash, since the former would function […]

The Decentralization Fetish

The Decentralization Fetish

William J. Luther   There is a common view among bitcoin advocates, which also prevails to some extent among economists working in the Austrian tradition, that decentralization is always good and more-decentralized solutions are always better. In both forms, this view starts with a reasonable premise. Bitcoin revolutionized payments by enabling digital transactions to take […]