The “gold standard,” which prevailed in the developed world for many decades, simply means that some fraction of a country’s paper currency has to be backed by — that is, convertible into — gold. In the U.S. that fraction was 40 percent. Since a government on the gold standard can’t print money without increasing its gold reserves,…

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  • Issue Quarter Between the Issues
  • Issue Year 2018
  • Sub Heading Central Bankers Then and Now, Part IV
Scholars of the Great Depression typically blame policymakers of the 1930s for failing to do four things:

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  • Issue Quarter Between the Issues
  • Issue Year 2018
It was now late winter of 1971 and I was running the traffic division at the 226th MP Company at Fort Benjamin Harrison, outside Indianapolis. In those days Fort Ben was the headquarters of the Army Finance School and the location of the Army Finance Center. The building that housed the Center was…

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  • Issue Quarter Between the Issues
  • Issue Year 2018
Just to make it simple, let’s define Europe’s “illiberal democracies” as those countries where elected leaders profoundly disagree with the liberal, inclusive, affluent worldview of the EU’s political classes.

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  • Issue Quarter Between the Issues
  • Issue Year 2018
  • Sub Heading On Illiberal Democracies, Part III
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