Ken Rogoff

Once upon a time, the famous criminal Willie Sutton was asked why he robbed banks, and his response was simple, eloquent, and humorous: “Because that’s where the money is.” Well, soon that adage may be proven untrue. What exactly is the meaning of legal tender?  In order to place money in its proper perspective, examine what the U.S. Treasury says.

December 23 marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed. At the least, Congress needs to amend the Fed, modifying the Federal Reserve Act to give the central bank the tools necessary to carry out its mandates.