money

Milton Friedman is often quoted as having said something to the effect that inflation is taxation without legislation on multiple occasions during his career (cf. for example Friedman and Friedman 1980, Ch. 9). In other words, he pointed out that inflation is a tax without democratic legitimacy. Citizens do not vote on it. Other economists […]

  The passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act, represents a watershed moment in the evolution of digital currency regulation. It also highlights the enduring role of the United States dollar on the global stage. This legislation, which became law in 2025 with bipartisan support in […]

  For decades, private equity (PE) has been lauded as a superior form of capitalism, a bastion of entrepreneurial vigor amid sclerotic public corporations. The value proposition − generate high returns by transforming companies through operational improvements, strategic growth and financial optimization, rather than relying on market trends − was, and remains, intuitively powerful. After […]

  This is part one of the series on cryptocurrency. Part two can be found here, and part three is available here. Over the past decade, the cryptocurrency sector has undergone a transformation so profound that it is barely recognizable today. Compared to the movement that first emerged with Bitcoin in 2009, there are virtually […]

  On July 17, the United States House of Representatives passed a bill prohibiting the Federal Reserve from creating a Central Bank Digital Currency (CBDC). Lawmakers consider the technology a threat to financial privacy and freedom, calling it incompatible with America’s fundamental democratic principles. The bill also codifies U.S. President Donald Trump’s executive order from […]