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


Argentina’s Peso, Nothing But Trouble

By Steve H. Hanke. March 16, 2019.

Bitcoins and Bolivars: Two Hot Potatoes

By Steve H. Hanke. February 25, 2019.

Zimbabwe Introduces a New Currency and a Maxi-Devaluation

By Steve H. Hanke. February 22, 2019.

Cato Studies

Reducing Moral Hazard at the Expense of Market Discipline: The Effectiveness of Double Liability before and during the Great Depression

By Haelim Anderson, Daniel Barth, and Dong Beom Choi. Research Briefs in Economic Policy No. 155. March 20, 2019.

FLOORED! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession

By George Selgin. Working Paper No. 50. March 1, 2018.

Incarceration, Recidivism, and Employment

By Manudeep Bhuller, Gordon B. Dahl, Katrine V. Loken, & Magne Mogstad. Research Briefs in Economic Policy No. 85. September 21, 2017.


Venezuela’s Hyperinflation, 29 Months and Counting

Steve H. Hanke. inFocus Quarterly. Spring 2019.

The SAGE Encyclopedia of Business Ethics and Society: Dollarization

Steve H. Hanke. SAGE Publications., Inc.. May 23, 2018.

The SAGE Encyclopedia of Business Ethics and Society: Currency Boards

Steve H. Hanke. SAGE Publications., Inc.. May 23, 2018.

Public Filings

Venezuela’s Tragic Meltdown

By Steve H. Hanke. Testimony. March 28, 2017.

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.

Cato Reviews & Journals

Fighting Financial Crises

Vern McKinley. Regulation. Spring 2019.

China’s Future Development: Challenges and Opportunities

James A. Dorn. Cato Journal. Winter 2019.

From Real Bills to Too Big to Fail: H. Parker Willis and the Fed’s First Century

Jeffrey M. Lacker. Cato Journal. Winter 2019.


Macro Musings LIVE: Selgin on the Fed’s Experimental Monetary Framework

Featuring David Beckworth and George Selgin. January 15, 2019. Special Event.

36th Annual Monetary Conference: Monetary Policy 10 Years after the Crisis

Featuring Peter Goettler, George Selgin, James A. Dorn, Lydia Mashburn, Rep. Jeb Hensarling, Phil Gramm, Claudio Borio, Josh Zumbrun, Stephen D. Williamson, Peter Ireland, Tobias Adrian, Vincent R. Reinhart, Ylan Mui, Michael D. Bordo, Joseph E. Gagnon, David Beckworth, John A. Allison, Jeffrey M. Lacker, Scott Sumner, & Jeffrey Frankel. November 15, 2018. Conference.

Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi

Featuring James Freeman, Vern McKinley, Christy Ford Chapin, & George Selgin. September 24, 2018. Book Forum.


The Imperative for Financial Reform in Brazil

By Mark A. Calabria. August 10, 2016.

Sound Money, Freedom, and Prosperity

By James A. Dorn. April 25, 2015.

Prescription for Economic Recovery

By William Poole. October 19, 2011.