"This talk explores the fiscal origins of currency monopolies and the adverse consequences stemming from their establishment, including their tendency to promote booms and busts; reviews the origins of the doctrine that they should serve as "lenders of last resort"; and explains why last-resort lending tends in practice to generate moral hazard problems that lead to still greater financial instability. Some time is devoted to the special case of the U.S. Federal Reserve System.
"The speaker is George Selgin, director of the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia."
"The speaker is George Selgin, director of the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia."
This talk explores the fiscal origins of currency monopolies and the adverse consequences stemming from their establishment, including their tendency to…
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