A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
The American pika (Ochotona princeps) is an insanely cute critter often found in above-timberline rock fields in the western U.S. Because they often live near mountain peaks, there’s been concern that global warming could push them over the top, to extinction.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
Featuring the author Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School; with comments by Andrew Olmem, Partner, Venable LLP; moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute.
In the wake of the 2008–2009 financial crisis a pervasive view began to emerge of banking as an inherently unstable occupation that must be tightly regulated and monitored by government agencies. Charles Calomiris and co-author Stephen Haber overturn this notion by presenting an inconvenient truth: not all countries suffer systemic banking crises. Some countries have managed to create a system that provides abundant credit without the propensity for banks to fail. So what is their secret? The answer is equally simple: The well-being of a banking sector depends on the ability of political institutions to limit rent-seeking by populist groups. Join the Cato Institute for a lively discussion of the true causes of the financial crisis and whether in light of the evidence presented by the authors the antidote (Dodd-Frank) causes more problems than it solves.