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Alasdair Macleod: Free banking -- myth and reality
By Alasdair Macleod
GoldMoney, Toronto
Thursday, December 21, 2023
Surely it is now apparent that central banks are guilty of mismanaging the economy. By slashing interest rates to zero and in some cases to an unnatural minus figure, then flooding financial systems with currency-equivalent credit conjured out of nothing, followed by rapidly increasing interest rates in an attempt to stem the consequences, central banks have bankrupted themselves and much of their entire economies.
... Dispatch continues below ...
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Even though hapless economists and money managers are still in thrall to them, central banks have proved themselves to be unfit for purpose. It is time for a new system based on true economic demand for credit without state interference.
The ineptitude of the monetary planners is now sharply focused by events in Argentina, whose new president has vowed to close the central bank and introduce a currency board for the peso backed by the U.S. dollar. Far from being a maverick politician, President Milei is being well advised. Currency boards work, imposing an automatic discipline on government spending.
This article opens up the debate between free banking without central banks under gold standards, and the fiat currency system that gives central banks the power of debasement. Commercial banking without central banks is the historical norm, and the evils of statist currency management is a more recent development.
Those who argue that central banks represent progress from free banking are clearly in the wrong. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/free-banking-myth-and-reality?gmrefcode=gata
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