Various pundits and public figures have claimed that the recent financial crisis means ‘‘the end of libertarianism’’ or even more dramatically ‘‘the end of capitalism.’’ But the crisis can hardly be considered a failure of laissez-faire, deregulation, libertarianism, or capitalism, since it was caused by multiple misguided government interventions into the workings of the financial system. It was and is precisely a failure of interventionism.

Politicians like to ‘‘promise everybody everything’’—low interest rates, affordable mortgages, higher housing prices, lower gas prices, a chicken in every pot. That’s why it’s important to keep politics out of such matters.

More on Financial Crises and the Global Financial System


Forget June. The Fed Isn’t Likely to Hike Interest Rates until December

By Gerald P. O’Driscoll Jr.. April 27, 2016.

Currency Wars, the Devaluation Delusion

By Steve H. Hanke. Globe Asia. March 30, 2016.

Alice in Wonderland Economics

By Richard W. Rahn. Washington Times. February 22, 2016.

Cato Studies

Legislating Instability

By Tyler Goodspeed. Research Briefs in Economic Policy No. 55. July 6, 2016.

In Defense of Derivatives: From Beer to the Financial Crisis

By Bruce Tuckman. Policy Analysis No. 781. September 29, 2015.

The Limits of Model-Based Regulation

By Rainer Haselmann and Vikrant Vig. Research Briefs in Economic Policy No. 25. April 29, 2015.


Remembrances of a Currency Reformer: Some Notes and Sketches of the Field

Steve H. Hanke. Studies in Applied Economics. No. 55. June 202016.

Story of a Failure

Steve H. Hanke. OMFIF Ltd. August 4, 2015.

The Productivity Gap: Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge

George Selgin, David Beckworth, and Berrak Bahadir. Journal of Policy Modeling. Vol. 37. No. 2. March 2015.

Public Filings

Financial Literacy: Empowering Americans to Prevent the Next Financial Crisis

By Mark A. Calabria. Testimony. April 30, 2012.

An Old Perspective on Asset Price Bubbles Policy

By William Poole. Testimony. April 8, 2011.

GSE Reform: Immediate Steps to Protect Taxpayers and End the Bailout

By Mark A. Calabria. Testimony. February 9, 2011.

Cato Reviews & Journals

Learning the Right Lessons from the Financial Crisis

Kevin Dowd and Martin Hutchinson. Cato Journal. Spring/Summer 2016.

Rethinking the International Monetary System

John B. Taylor. Cato Journal. Spring/Summer 2016.

Warren and Vitter on “Too Big to Fail”

Policy Report. November/December 2015.


34th Annual Monetary Conference

Featuring James A. Dorn, James Grant, John A. Allison, Gerald P. O'Driscoll Jr., Kevin Dowd, Thomas Hoenig, J. Christopher Giancarlo, Athanasios Orphanides, H. Robert Heller, Daniel L. Thornton, Thomas J. Sargent, Tyler Goodspeed, George Selgin, Jerry L. Jordan, Steve H. Hanke, Walker F. Todd, & Phil Gramm. November 17, 2016. Conference.

EconTalk LIVE: David Beckworth on Monetary Policy and the Great Recession

Featuring David Beckworth. May 19, 2016. Policy Forum.

Derivatives: Weapons of Mass Destruction or Tools of Stability?

Featuring Thaya Brook Knight. February 11, 2016. Policy Forum.


Sound Money, Freedom, and Prosperity

By James A. Dorn. April 25, 2015.

Prescription for Economic Recovery

By William Poole. October 19, 2011.