GOLD is the money of the KINGS, SILVER is the money of the GENTLEMEN, BARTER is the money of the PEASANTS, but DEBT is the money of the SLAVES!!!

Friday, September 12, 2014

Dr. David Howden: Let Banks Fail! (Central and Otherwise)






Jeff Deist and David Howden discuss the history of banking in America before 1913, the supposed justifications for the Federal Reserve Act, and why American economists all seem to be thrall to—and on the payroll of—the Fed. David also lays out the realities behind transitioning to a future without the Fed. Next, they discuss his book about the Icelandic banking crisis, and how that country's deposit insurance scheme created enormous moral hazards. David explains how Iceland, however, mostly had the good sense to allow its bad banks to fail and its foreign creditors to take a well-deserved haircut. The lessons to be learned, he tells us, are both cautionary and optimistic, at least for a homogeneous nation of 325,000 people.

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