Over at the lewrockwell.com Walter Block has posted an exchange of emails between him and Bryan Caplan on Fractional Reserve Banking.
The present debate got started when Block read that Caplan had characterized Murray Rothbard's position on fractional reserve banking as "crazy." Adding insult to injury, Caplan denoted Rothbard's position as too easy of a target to hit out against. These claims upset Block who then emailed Caplan.
Now read on .....
Update: Arnold Kling writes on Fractional Reserve Banking from a Modern Finance Perspective.
1 comment:
It's Bryan, not Brian.
I cornered Hulsmann at the Rothbard Seminar (summer 1999) on this issue. Asked him to imagine a purely libertarian world in which individuals, with full knowledge, enter into a contract for fractional reserve banking. He deemed it consisted with libertarianism so long as they didn't call it "banking" ("schbanking" would work) or the traded notes "money" ("schmoney" would work).
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