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Free banking IS viable, regardless of what you think of Ron Paul
Wednesday, January 11, 2012 21:07
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This is an excellent letter by Donald J. Boudreaux. Extract:
The U.S. banking system performed better before the Fed’s creation than it has since. Economists George Selgin and William Lastrapes, along with my colleague Lawrence H. White, recently examined U.S. banking history and concluded that “The Fed’s full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed‘s establishment.
In my view a critical issue is reverting to unlimited liability of bank owners. Fixing this is perhaps one of the first steps towards the return to free banking.
Read more at Sanjeev Sabhlok’s Occasional Blog-Economics
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