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“There was controversy over how much power the central bank should have and what it should try to do, but no respectable economist suggested that central banking itself was unnecessary or harmful until Hayek finally despaired of it in 1976 and began to …
READ MORE“Recent studies by Rolnick and Weber (1983, 1984) have presented evidence challenging the conventional view of the Free Banking Era (1837-1863). The conventional view depicts a period of financial chaos in which lenient regulations gave rise to a pleth …
READ MORE“The United States has experienced many periods of major banking panics during which a large number of banks have failed and financial markets have been in considerable disarray. The period consid-ered by many as the worst is the one period when banks …
READ MORE“A traditional argument against free banking is that it will collapse because of information externalities: it is impossible for depositors to tell whether a high deposit rate offered by a bank is due to its high efficiency or risky lending strategy. T …
READ MORE“Were free banking to reemerge today, it would probably be based, not on a gold standard, but on irredeemable paper (‘fiat’) base money issued by a former or extant central bank. Under this form of free banking, the price level is no longer given, and …
READ MOREOn Thursday, June 17, I attended a lecture by Dr. Benjamin Powell of Suffolk University. He spoke at the Charles G. Koch Foundation, giving one of his excellent lectures on Somalia and its Stateless society. While the lecture itself is well worth heari …
READ MOREThe Future of Freedom Foundation has an in-depth history of the debate over a monetary central authority. Dr. Richard Ebeling offers his stunning knowledge on the subject in a 40 part series entitled “Monetary Central Planning and the State”. To read h …
READ MORE“Zimbabwe’s hyperinflation is destroying the economy, pushing more of its inhabitants into poverty and forcing millions of Zimbabweans to emigrate. Since 1997, inflation has surged by 1,030,217%, while living standards (as measured by real GDP per capi …
READ MORE“Free banking, generically speaking, denotes a monetary system without a central bank, under which the issuing of currency is left to private banks. This book explores how this could work in practice by examining how this has worked historically, speci …
READ MORE“This is the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution (1775-1850). Making money was a business in demand. The needs of business for small denominations were changing. Merchants …
READ MORE“The present financial crisis has set in bold relief the Jekyll and Hyde nature of contemporary central banks. It has made apparent both our utter dependence on such banks as instruments for assuring the continuous flow of credit in the aftermath of a …
READ MOREOn April 19, 2010, the Atlas Economic Research Foundation and the GMU Economics Society hosted a lecture by Lawrence H. White. Dr. White presented on the subject of sound money, it’s importance and historical origins, and how a free banking system prod …
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