I hate the second best world we live in!

Even if the free banking argument is correct, and the Fed should be abolished, I would continue to advocate the ideas expressed in this essay. As I indicated, we are currently stuck with the system we have, and if it performs poorly (particularly in the direction of deflation), people will almost certainly blame the resulting problems on the failures of capitalism, not monetary policy. (As interest rates are low during deflation.)

Sumner

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