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Olduvai III: Catacylsm
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The Rise of the Shotgun Banknote Switch

The Rise of the Shotgun Banknote Switch Every decade or two, central banks replace their existing issue of banknotes with a new issue. The main reason they do this is to thwart counterfeiters, who by then will have started to get pretty good at duplicating the existing version. Central bankers have usually tried to make […]

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An Inflation Indicator to Watch, Part 3

An Inflation Indicator to Watch, Part 3 “During the 1980s and 1990s, most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon.” —Ben Bernanke Ben Bernanke began his oft-cited “helicopter speech” in 2002 with a few kind words about his peers, including the excerpt above. Speaking for central bankers, he […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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