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.

Lawrence H. White is a Research Fellow at the Independent Institute and Professor of Economics at George Mason University.
Banking and FinanceEconomic History and DevelopmentEconomic PolicyEconomyFree Market Economics
Other Independent Review articles by Lawrence H. White
Spring 2023 The Lords of Easy Money: How the Federal Reserve Broke the American Economy
Winter 2002/03 Accounting for Fractional-Reserve Banknotes and Deposits—or, What’s Twenty Quid to the Bloody Midland Bank?
Winter 1999/00 The Defining Moment: The Great Depression and the American Economy in the Twentieth Century