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- Title
A GOLD STANDARD WITH FREE BANKING WOULD HAVE RESTRAINED THE BOOM AND BUST.
- Authors
White, Lawrence H.
- Abstract
The author discusses his opinions on the impact that the U.S. Federal Reserve system had on the U.S. economic financial crisis of 2007-2008. He reviews the role of the Federal Reserve in interest rate levels between 2001 and 2006, particularly the amount of credit introduced into the economy. The author argues that the establishment of the gold standard with free banking and without interference from a central bank would have avoided an economic downturn and a so-called boom-and-bust credit cycle. He identifies three variations of gold-standard systems including a standard with a discretionary central bank, a regulated central bank, and free banking with a self-checked clearinghouse operation.
- Subjects
UNITED States; BOARD of Governors of the Federal Reserve System (U.S.); GOLD standard; UNITED States. Federal Reserve Board; MARKET volatility; CENTRAL banking industry; CENTRAL banking industry laws; FEDERAL Reserve banks; BANKS of issue; FEDERAL Reserve monetary policy; FREE banking; BANKING policy; ECONOMICS
- Publication
CATO Journal, 2011, Vol 31, Issue 3, p497
- ISSN
0273-3072
- Publication type
Article