For stability, revive the gold standard, dismantle central banks and let “free banks” compete to issue currency.
In this contrarian critique of central banks, Cato Institute senior fellow Gerald O’Driscoll makes a compelling case for letting competing banks issue their own forms of exchange and for a return to the gold standard. O’Driscoll doesn’t identify a source of political will for such an upheaval, but he embraces the notion with zest. getAbstract recommends his ideas to investors, policy makers, business students and anyone seeking insights about central banking.
In this summary, you will learn
- Why economist Milton Friedman argued in favor of monopolistic central banks and
- Why competing currency issuers are a better idea.
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