Dr. George Selgin explains that the pre-Fed US system was a lousy system due to other government mandates. However, the current Federal Reserve System in the US is performing even worse! According to Dr. Selgin, we don’t want to go back to the old system, and we don’t want to keep the current system. We can learn important lessons from Canada’s largely unregulated market of competing currency-issuing banks before they were saddled with a central bank in 1934.
Click here to view Dr. Selgin’s entire 7/23/13 presentation to AFF Atlanta entitled “The Federal Reserve: A Century of Failure”
George Selgin is a professor of Economics at the University of Georgia, a senior fellow at the Cato Institute, and the author of the book Good Money.