Is the Fed breaking the law by paying too much interest?

George Selgin had an interesting post describing how the Fed appears to be breaking the law by paying too much interest to reserve-holders....

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From ancient electrum to modern currency baskets (with a quick detour through symmetallism)

Electrum coins [ source ] First proposed by economist Alfred Marshall in the late 19th century as an alternative metallic standard to the go...

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Freshwater macro, China's silver standard, and the yuan peg

1934 Chinese silver dollar with Sun Yat-sen on the obverse side. The ship may be in freshwater. I have been hitting my head against the wall...

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Fedwire transactions and PT vs PY

Milton Friedman's alleged license plate, showing the equation of exchange The excruciatingly large revisions that U.S. first quarter GDP...

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