Connected with my book Choice, I will have recurring blog posts at the Independent Institute. Here are the first two:
==> “We Need Free Enterprise in Banking”
==> “Schiller’s Irrational Faith in Government Regulation”
Well, more than likely to save on the costs of shipping their reserves off to competing banks every time they receive their notes, they’d keep the actual reserves at a clearing house and the amount of reserves belonging to each bank would be changed on the books.
But that’s not really relevant to the principle of adverse clearings, so it’s probably better not to get into it.
Really enjoyed your book btw, hoping to have a review up on our blog soon. Probably the most recommendable book I can think of for an overview of Austrian and Misesian economic method and thought for the laymen, good work.
Thanks can you send me a link when it’s up?
Schiller’s physics envy models prevent him from understanding the market process, so he can only fall back on the very anti-market good government doctor to make him feel like he has a handle on things.
Economists who actually engage in economics know how to distinguish property rights protection from statism.
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