Member Views

A rare, nonpartisan good news story in Washington

One of the government’s most important obligations is to protect our national security. Getting the details right for how to do so often leads to debate and disagreement, as it should. Unfortunately, such discussions can devolve into partisan acrimony.

The Fed Needs More Flexibility to Act More Equitably

The Fed must be equipped to handle the threat of deflation caused by widespread catastrophic natural disasters — without exacerbating inequities.

A Stronger IMF Will Bolster the US Recovery

All indications are that global economic recovery from the COVID-19 pandemic will be a daunting challenge. The International Monetary Fund (IMF) is already stepping up to help emerging markets and developing countries by approving several emergency loans.

America Is Back: We Need a Trade Agenda That Shows It

America is back on the world stage. That’s the theme President Biden repeatedly hit during his first international trip this month, and throughout his first several months in office.

Protecting Bank Deposits

BWC member Warren Coats: "The cost of the Chicago Plan... is the need for banks to fund their credit operations with equity or long-term debt, rather than with potentially volatile deposits. We should move to the Chicago Plan and fully separate money from credit."

A proposal for the Fed’s balance sheet

To save financial institutions from the collapse that threatened them after the bankruptcy of Lehman Brothers in September 2008, the Federal Reserve purchased government securities and Mortgage Backed Securities (MBS) sufficient to increase the size of its asset holdings from $0.9 trillion to $4.5 trillion by the end of 2014.

Reducing Chip Supply Risks

In his latest post, BWC member Warren Coats acknowledges that reliance on foreign manufacturing "for our most advanced chips is an economic and security risk" the US should reduce, and he explores which are better and which are worse ways to reduce such risk.

My Travels to Kosovo

BWC member Warren Coats recently published a new book, chronicling the work of the IMF teams he led to revive and transform the monetary system of Kosovo and some of the challenges and adventures they encountered in the process.

You can order it online now.

Whither Libra?

Every other day, it seems, we witness the launch of a new crypto (digital) currency.  Each combines a medium of exchange and a means of payment.

Global food crisis demands urgent Western response

Russian President Vladimir Putin’s invasion of Ukraine shocked the world, forced Western countries to respond, and is driving up the cost of energy and food across the globe. High prices in the United States may spell electoral disaster for President Joe Biden’s administration in November’s congressional elections. However, the most urgent economic, social, and human crises are unfolding in poorer countries where populations face war, spillover-driven inflation, and more expensive foreign-currency debt.