Kevin Dowd argues that states must allow a level playing field as far as private money is concerned. For too long the government has stifled competition between state-backed and private currencies. Instead, central banks should welcome competition as it forces them to offer consumers greater...

An engaging look at how modern finance almost destroyed our global economy Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with...

Intro -- _Hlk488832294 -- __DdeLink__3072_333543986 -- Figure 1 Spending equilibrium: free banking -- Figure 2 Quarterly value of Fedwire transactions and nominal GDP (1992 = 100) -- Figure 3 US CPI (average 1982-84 = 100), US nominal GDP (million of dollars) -- The authors -- Foreword --...