OK, so this is the epitome of economic nerdiness, but admittedly I love it. John Maynard Keynes and F.A. Hayek come back to life to debate whether Keynesian or Austrian economics explain the economy, the only way they know how; rap-off:
F.A. Hayek's archives
Tom Woods: The Case Against the Fed
Here is an excerpt from a longer debate, where Tom Woods lays out the case against the Federal Reserve.
Got 100% Reserve Banking on the Mind
There are major advantages to 100% reserve banking. Right off the bat, banking panics are simply impossible. Since every bank has all its money on hand (or its customers aren’t contractually entitled to it at that time), there is no way that a run on the bank will cause a bank to go under. And therefore, large banking crises, such as the one we are seeing today, or saw in the Great Depression, or in the panics of 1819, 1837, 1857, 1871, 1893, 1907, etc. would never happen.
under: Dollar, Federal Reserve, Game Theory, Individual v. Collective, Live and Learn, Trust
Tags: 100% reserve banking, austrian economics, Bank of Amsterdam, banking, banking panic, boom/bust cycle, Carr v Carr, deflation, F.A. Hayek, Federal Reserve, fiat currency, fiat money, financial crisis, fractional reserve banking, gold standard, Great Depression, inflation, Milton Friedman, Murray Rothbard, Paul Krugman
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