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


Unraveling the Secular Stagnation Story

By Steve H. Hanke. Globe Asia. August 26, 2016.

The EU Needs to Take a Chill Pill on Italy

By Steve H. Hanke. Gulf News. August 25, 2016.

How Central Banks Cause Financial Crises

By James A. Dorn. Investor’s Business Daily (Online). August 12, 2016.

Cato Studies

Does the Geographic Expansion of Banks Reduce Risk?

By Martin Goetz, Luc Laeven, and Ross Levine. Research Briefs in Economic Policy No. 59. August 31, 2016.

Fiscal Sentiment and the Weak Recovery from the Great Recession: A Quantitative Exploration

By Finn E. Kydland and Carlos E. J. M. Zarazaga. Research Briefs in Economic Policy No. 58. August 17, 2016.

Legislating Instability

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


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

The Government Is Lousy at Lending

Ike Brannon. Regulation. Fall 2016.

The G20 and Global Governance

Stephen Kirchner. Cato Journal. Fall 2016.

Interest on Reserves and the Fed’s Balance Sheet

John B. Taylor. Cato Journal. Fall 2016.


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.

Monetary Rules for a Post-Crisis World

Featuring John B. Taylor, Mark A. Calabria, Scott Sumner, Walker F. Todd, David Beckworth, & George Selgin. September 7, 2016. Conference.

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

Featuring David Beckworth. May 19, 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.