Walter Bagehot and free banking
Saturday 11 February 2012
George Selgin has an interesting article about Walter Bagehot and free banking <http://www.freebanking.org/2012/02/09/the-other-bagehot/>.
This prompted me to feature a quote from him on the OLL where he likens a state
monopoly central bank to monarchy and competitive free banking to a republic.
He sadly concludes that we have to accept both the monarchy and central banking "without
doubt, and without reasoning" because they are already in existence. </quote/356>.