Here's Bob Higgs in peak form!
And my newest GMU colleague, Larry H. White.
Yes; Let’s Hope the Fed Never Becomes Politicized!… ;-)
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Too Late!!!
Don't worry though, if the Fed gets too big for it's breeches, Congress will just make another: bigger, faster and stronger than this one. You have nothing to worry about, the Government is here to help.
With Larry White there, for sure GMU is one of the few colleges worth the tuition.
Fiat economics:
The FED is independent because we say it is.
A FED is essential to manage credit because we say it is.
etc.
"Progressive" economics is fiat economics.
Higgs is great. He has shown that price instability is the product of war funding and central banking, where the purpose of the latter was usually to fund the former.
That letter does have it backwards, but I wonder how many of the signing economists aren't merely preferring the current central bank system to one run by Pelosi/Reid/Obama.
But of course the only solution is free, or at least much freer, banking.