Saturday, 18 November 2017

George Selgin

Good Money Is Real Money

Posted by Gonzalo Schwarz
November 5, 2012
in Blog

by Doug French One of the key pillars to returning money to the people, as Ron Paul mentions in a new edition of The Case for Gold which will be released this week for free to Laissez Faire members, is to undo government’s monopoly on money creation. None of us can imagine what that would be like […]

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Roads to Sound Money

RoadsToSoundMoney-FINAL-IIThe Sound Money Project of the Atlas Economic Research Foundation is proud to announce the release of its newest publication, Roads to Sound Money. The project is a compilation of essays featuring some of the most visionary, yet practical thinkers on monetary policy from Atlas’s network. The essays range from reforming the fed, reinstating a gold standard as well as alternative monetary systems. The book was first presented to attendees of Atlas’ Liberty Forum in New York on October 3-4. Authors Jerry Jordan and Sean Fieler participated on a panel on the book during the event and presented their views on the matter. We now invite you to learn more about the book and discover the reforms that these authors suggest would put us on the path of sound money.

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Sound Money Interview Series: Dr. George Selgin

Posted by Gonzalo Schwarz
April 23, 2012
in Blog

Should a monetary system be centrally planned? Don’t make Dr. Selgin laugh. We sat down with Dr. George Selgin of the University of Georgia and discussed the history of central banking, the performance of the Federal Reserve, and alternatives to a government run money monopoly. First, what it all means in 3 minutes… Then, the […]

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Why Was the Federal Reserve System Created?

Posted by Gonzalo Schwarz
April 2, 2012
in Blog

Rep. Ron Paul sponsored this Congressional lecture on “Why Was the Federal Reserve Created?”, the introductory lecture in a three part series on the Federal Reserve System for Congressional staff. As a continuing educational tool this lecture was filmed and is provided to the public. The lecture was delivered by Dr. George Selgin, Professor of […]

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Problems Facing Every Monetary System

Posted by admin
March 30, 2012
in Blog

by Kurt Schuler Readers of George Selgin’s post just below should be aware that there is a an extensive comment section about it, including a few of his own remarks, over at Marginal Revolution. Now, on to what I promised to discuss in my last post, some time ago. Every monetary system faces a number of major […]

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Nonsense about NGDP Targeting

Posted by Gonzalo Schwarz
December 2, 2011
in Blog

by George Selgin December 1st, 2011 I meant to do so weeks ago, but I only just got around to reading the little flurry of posts concerning NGDP targeting that was set off by John Taylor’s critical remarks on the topic. And now, despite the delay, I can’t resist putting-in my own two cents, because it seems to […]

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Gold-bashing for Dummies

Posted by Gonzalo Schwarz
November 22, 2011
in Blog

Dr. George Selgin has a hilarious post over with our friends at FreeBanking.org where he eviscerates a NYT editorialist.  A sample of the fun: “For his opening salvo Mr. Porter turns to R.A. Radford’s famous article on the employment of cigarettes as money in German P.O.W. camps, noting how, according to Radford, the prices of other goods […]

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Stepping Stones

Posted by Gonzalo Schwarz
November 20, 2011
in Blog

Cato’s 29th annual monetary conference gathered public policy scholars and academics to debate monetary reforms in the US and around the world. They proposed solutions and ways out of the current recession and crises by fixing the monetary policy system. One of the academics present was professor George Selgin from the University of Georgia. Although […]

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What is Bitcoin?

June 29, 2011
in Blog

The bitcoin phenomenon has attracted quite a lot of attention lately. It has been discussed in many blogs and media websites. But what are they? Are they really money? Can they replace actual monetary institutions? Who issues and manages the bitcoins? Does the regression theorem hold, and if so how? What the bitcoins are, and […]

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“The State and 100 Percent Reserve Banking” – Selgin

Posted by Tom Duncan
May 31, 2011
in Blog

“Free bankers have been fighting a war on two fronts. On one they face champions of central banking and managed money. On the other they struggle against advocates of 100-percent reserve banking. Although the second front is a lot smaller than the first, it’s far from being unimportant, in part because the battle there is […]

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“How Would the Invisible Hand Handle Money?” – Selgin and White

Posted by Tom Duncan
May 13, 2011
in Blog

“It is easy to note what is absent from a pure laissez faire monetary regime. There is no government control of the quantity of exchange media. There is no state-sponsored central bank. There are not legal barriers to entry, branching, or exit of commercial banks (or non-bank financial institutions, assuming any distinction can be drawn). […]

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Hayek On Deflation – Coordination Problem

Posted by Tom Duncan
May 4, 2011
in Blog

Over on the Coordination Problem blog, a number of scholars in the field of monetary theory are having an interesting discussion on the topic of Hayek and deflationary spirals. I am providing the link. I recommend a thorough reading of the comments. The post is titled: Hayek on Deflation Steve Horwitz Coordination Problem, May 3, […]

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Was there a free banking experience in the United States?

March 10, 2011
in Blog

An important aspect of the study of sound money is to correctly identify historical cases of free markets in money and banking versus regulated markets in money and banking. If we cannot correctly separate one from another then our conclusions will inevitably be biased. The period known in the U.S. as the “free banking era” […]

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Dollar Based Free Banking: A Possible Road to Sound Money?

February 10, 2011
in Blog

In The Theory of Free Banking (1988), George Selgin offers a monetary reform proposal to go from the actual monetary system based on a monopolistic control of money to a competitive banking system (pp. 164-172). There are different reasons (economic, institutional, political, psychological, etc.) why the return to banking based in a commodity like gold […]

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Selgin’s ‘Less Than Zero’: Required Reading for Central Bankers

Posted by Tom Duncan
January 10, 2011
in Blog

“By chance I came across two articles today that are wildly optimistic about global economic growth in the future. First, via Karl Smith, I see that Robin Hanson is talking up the possibility of a robot-induced “singularity” in the future that will radically increase global economic growth rates. Second, Ambrose Evans-Pritchard is highlighting an HSBC […]

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Selgin on the Fed

Posted by Tom Duncan
December 9, 2010
in Blog

“George Selgin, of the University of Georgia, talks with EconTalk host Russ Roberts about whether the creation of the Federal Reserve in 1913 has been a boon or a bust for the U.S. economy. Drawing on a recent paper with William Lastrapes and Lawrence White recently released by the Cato Institute, “Has the Fed Been […]

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“Has the Fed Been a Failure?” – Selgin, Lastrapes and White

Posted by Tom Duncan
November 12, 2010
in Blog

“As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation’s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of empirical research, we find the following: 1) The Fed’s full history (1914 to present) has been characterized by more rather than […]

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“100 Percent Reserve Money: The Small Change Challenge” – George Selgin

Posted by Tom Duncan
October 20, 2010
in Blog

“In a free market economy from which fiduciary media are excluded, economic progress will be limited, perhaps severely, by the high cost and correspondingly limited supply of small-denomination money—money that is needed to accomplish retail and other low-value exchanges. Historically, fiduciary token coins have proven to be the only practical means for addressing the small […]

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“Less than Zero: The Case for a Falling Price Level in a Growing Economy”

Posted by Tom Duncan
August 4, 2010
in Blog

“Not long ago, many economists were convinced that monetary policy should aim at achieving ‘full employment’. Those who looked upon monetary expansion as a way to eradicate almost all unemployment failed to appreciate that persistent unemployment is a non-monetary or ‘natural’ economic condition, which no amount of monetary medicine can cure. Today most of us […]

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The Experience of Free Banking

Posted by Tom Duncan
July 21, 2010
in Blog

“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 argue that the only way to achieve monetary stability was to denationalize […]

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“Free Banking and Monetary Control”

Posted by Tom Duncan
July 21, 2010
in Blog

“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 conventional monetary policy questions remain relevant. In particular, would free […]

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Money and Banking: The American Experience

Posted by Tom Duncan
July 14, 2010
in Blog

The style of Money and Banking: The American Experience is one of article and comment. An author provides an article on the issues of money and banking in the U.S. and another academic provides a comment on said article. The table of contents is as follows: Introduction by Clifford F. Thies “Money and Banking: The […]

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“A Fiscal Theory of Government’s Role in Money”

Posted by Tom Duncan
June 30, 2010
in Blog

“As an alternative to market failure explanations, we draw on theory and historical evidence to argue that fiscal considerations explain the roles governments typically play in producing and regulating money. Public monopoly production of coins and banknotes, substitution of fiat for commodity standards, and restrictions on substitutes for government money all generate revenue and especially […]

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Reflections on Money

Posted by Tom Duncan
June 25, 2010
in Blog

On 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 hearing, one of the most fundamental statements made came almost as an aside. […]

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Implicit Inflation

June 3, 2010
in Blog

The problem of inflation is a major concern in economics; it gives rise to economic discoordination and affects the distribution of wealth. Among most economists, inflation is generally seen just as a sustained increase in the level of prices, and not as a broader problem arising initially from monetary disturbances. In his The Theory of […]

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Good Money

Posted by Tom Duncan
May 25, 2010
in Blog

“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 needed small denomination coins in copper and silver. The Royal Mint couldn’t be bothered. It […]

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George Selgin – Central Banks as Sources of Financial Instability

May 6, 2010
in Blog

“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 financial bust and the same institutions’ capacity to fuel the financial booms […]

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Interview With George Selgin

Posted by Tom Duncan
January 20, 2010
in Blog

“I use the term to mean laissez-faire banking — banking without any special government regulations or restrictions. Like free trade, it’s an ideal concept. It doesn’t refer to any specific or actual banking system, although some, like Scotland’s in the early 19th century, came close. My own ideal version of free banking would have no […]

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“Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries”

Posted by admin
December 2, 2009
in Blog

“Nationalization of currency is largely taken for granted today, but it shouldn’t be. Adam Smith praised private currency for the benefits it had brought to his native Scotland. Most economists would agree that a legally enforced government monopoly is generally an inefficient way to produce private goods and services. The post office is a prime […]

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