The Director of the Cato Institute's Center for Monetary and Financial Alternatives gives an eye-opening, 200-year history of today’s most powerful economic institution.
Today on the Brief:
- Better news in the jobless claims this week
- A new bitcoin adoption cycle?
- Checking on Lebanon
Our main conversation is with Dr. George Selgin.
In this eye-opening conversation, he and NLW go deep on the history, present and future of central banks, including:
- Why the Scottish and Canadian banking systems in the 19th century show that central banks aren’t a prerequisite for stability
- Why the U.S. “free banking” system wasn’t free at all
- Why the instability in the late 19th century U.S. banking system was caused by regulation, not the lack of a Federal Reserve
- Why the Fed’s first decades were a disaster
- Why the Fed gets more power when it underperforms
- The problems with the Fed’s response to 2008
- What lessons the Fed could have learned (but didn’t) between the Great Financial Crisis and COVID-19
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