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


The Rupiah Is In Trouble, Again

By Steve H. Hanke. Globe Asia. September 23, 2015.

A Global Trust Deficit

By Richard W. Rahn. Washington Times. August 24, 2015.

The Fed Flirts With the Right Move at the Wrong Time

By Gerald P. O’Driscoll Jr.. The Wall Street Journal. August 24, 2015.

Cato Studies

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.

The Role of Mortgage Finance in Financial (In)Stability

By Mark A. Calabria. Working Paper No. 23. September 12, 2014.


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.

More Credit, More Money: Poland and the Euro-zone

Steve H. Hanke. Central Europe Digest. November 5, 2013.

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

Risk, Regulation, and Capital Markets

Policy Report. September/October 2015.

Emergency Economic Summit for Greece

Policy Report. July/August 2015.

Thinking Ahead of the Next Big Crash

George C. Bitros. Cato Journal. Winter 2015.


Reforming the Federal Reserve’s Rescue Authority

Featuring Mark A. Calabria. September 16, 2015. Policy Forum.

Emergency Economic Summit for Greece

Featuring . May 19, 2015. Policy Forum.

Wasting a Crisis: Why Securities Regulation Fails

Featuring Thaya Brook Knight. May 13, 2015. Book Forum.


Sound Money, Freedom, and Prosperity

By James A. Dorn. April 25, 2015.

Prescription for Economic Recovery

By William Poole. October 19, 2011.