Central Banking in a Free Society
By Lawrence H. White
This article appeared in the Summer 2010 issue of The Independent Review


Financial-market economist and policy advisor Tim Congdon proposes the privatization of the Bank of England and the continuation of the bank’s current roles of issuing fiat money at its own discretion and enforcing Parliament’s 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.

Other Independent Review articles by Lawrence H. White
    Winter 2003   Accounting for Fractional-Reserve Banknotes and Deposits—or, What’s Twenty Quid to the Bloody Midland Bank?
    Winter 2000   The Defining Moment: The Great Depression and the American Economy in the Twentieth Century

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