Free Banking

Saturday, April 13th, 2019

To remain consistent, opponents of so-called fractional-reserve banking have to denounce overbooking practices among airlines as well as the entire business of insurance.

Monday, March 11th, 2019

Bankers have been steadily introducing cashless banks over the last few years in response to falling customer demand for cash. With fewer people wanting to withdraw or deposit cash, the cost of offering these services gets harder to justify to shareholders.

Monday, February 11th, 2019

Complaining about injustice is cheap; bona fide progressives put their money where their ideals are, and reap as they sow.

Monday, October 22nd, 2018

Light, as we know it today, is a commodity. That would not have been possible without the institutional prerequisites — freedom to create, own, and exchange — that built the modernity we too often take for granted.

Wednesday, July 11th, 2018

Discretionary central banking has had its day. It’s time to insist on lawful money.

Thursday, July 5th, 2018

The knowledge required to maintain monetary equilibrium is tacit and dispersed. No centralized monetary system, no matter how smart or well-intentioned its leaders, has access to that knowledge.

Thursday, June 28th, 2018

Fintech solutions are here to stay, whether banks want them or not. They shouldn't forget that while banking is necessary, banks are not. 

Thursday, March 15th, 2018

A purely private banking system is impossible today. It is worth considering for tomorrow.

Tuesday, February 20th, 2018

The future has a lot of potential awe-inspiring inventions coming down the pipeline. But while daydreaming about these, we shouldn’t forget to be in awe of the invention of fractional-reserve banking. Long before fancy apps, and indeed long before the internet even, it was solving our problems and making our lives better.

Monday, January 29th, 2018

Cryptocurrencies are still quite new and seem to just be scratching the surface of their potential. If they are to succeed — not only as a fringe medium of exchange or speculative investment, but as real competitors with government currencies — some new programmers are going to have to come along and make currencies whose digital coins are created in a much different manner than the current ones. Perhaps digital coins whose supply is determined by demand will lower volatility enough to cut the future uncertainty of prices. Those may be adopted as true media of exchange. Until that time, Hayek’s vision of private currencies will not be quite realized.

Monday, January 29th, 2018

There were many problems with the state bank era. But that does not mean the suppression of state banknotes improved matters.

Thursday, August 3rd, 2017

The previous post presented Hayek’s knowledge problem in the context of the economic calculation debate under socialism. We discussed the distinction (sometimes overlooked) between information and knowledge .

Sunday, November 11th, 2012
The Sound Money Project of the Atlas Network is proud to announce the release of its newest publication, Roads to Sound Money. Please join the Atlas Network for the launch on Wednesday, November 14 at 5 pm in the South American room at the Capital Hilton in Washington DC (16th and K Street).
Monday, October 15th, 2012

Roads to Sound Money

Friday, April 20th, 2012

The government wants every last cent you've got.

by George Selgin
Sunday, April 8th, 2012

Not as exciting as Robot Convertibles, but much more important.

What determines the extent to which a bank can be trusted to honor its fixed-rate redemption commitments?
Friday, April 6th, 2012

The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value.

Friday, March 30th, 2012

The Gold Standard is the worst standard, except for all the others.