Financial-market economist and policy advisor Tim Congdon proposes the privatization of the Bank of England and the continuation of the banks current roles of issuing fiat money at its own discretion and enforcing Parliaments legal restrictions on commercial banks. To make sense of this combination it may help to know that Congdon believes that discretionary monetary policy and regulatory rule making by central bankers are consistent with the rule of law.
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|Other Independent Review articles by Lawrence H. White|
|Winter 2003||Accounting for Fractional-Reserve Banknotes and Depositsor, Whats Twenty Quid to the Bloody Midland Bank?|
|Winter 2000||The Defining Moment: The Great Depression and the American Economy in the Twentieth Century|