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George Selgin is Director of the Cato Institute’s Center for Monetary and Financial Alternatives. He is an adherent to the Free Banking School. See his recent article “L Street: Bagehotian Prescriptions for a 21st Century Money Market” in which he critiques the top-heavy banking system in which a few, systemically important banks controls the liquidity of the entire financial system. Many consider Selgin to be the highest expert on deflation, which is now affecting Europe and, given recent trends, may soon visit these shores.
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Paul Volcker served as the twelfth chairman of the Federal Reserve, from 1979 to 1987. Inflation was running at 12% when he was appointed to office, on its way to 15%. Volcker courageously raised interest rates to 20%, despite fierce political, business, and financial opposition. When he left office, inflation was 4.3%. Volcker was Chairman of the President’s Economic Recovery Board from 2009 to 2011 and supported rules to prevent banks from trading for their own accounts. He famously commented: “the only useful banking innovation was the invention of the ATM.”
Sean Fieler discusses “Truth in American Education”.
Jim Reminisces about the CMRE and discusses Federal Reserve Policy.
Educate the Fed and Reduce Arbitrary Nonsense
Nobel Prize winning economist and known as the “father” to the euro, Mundell helped start the supply-side economics, showing that the standard Keynesian prescription of artificially low interest rates and high taxes harmed economic growth.