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 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.
Lawrence H. White is a Research Fellow at the Independent Institute and Professor of Economics at George Mason University.
|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 Depositsor, Whats Twenty Quid to the Bloody Midland Bank?|
|Winter 1999/00||The Defining Moment: The Great Depression and the American Economy in the Twentieth Century|