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


U.S. Currency Wars with China—Past and Present

By Steve H. Hanke. August 6, 2019.

Trump’s Attack on Draghi and the Euro: A Clueless Gesture

By Steve H. Hanke. June 19, 2019.

Malaysia’s Mahathir Mohamed Goes for Gold

By Steve H. Hanke. June 3, 2019.

Cato Studies

Bailouts, Capital, or CoCos: Can Contingent Convertible Bonds Help Banks Cope with Financial Stress?

By Robert A. Eisenbeis. Policy Analysis No. 877. July 30, 2019.

Interbank Connections, Contagion, and Bank Distress in the Great Depression

By Charles W. Calomiris, Matthew S. Jaremski, and David C. Wheelock. Research Briefs in Economic Policy No. 173. July 24, 2019.

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.


Rememberances from Montenegro’s Momentous Currency Reform: The 1999 Adoption of the German Mark

Steve H. Hanke. Studies in Applied Economics. No. 135. May 2019.

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.

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

Ten Lessons from the Economic Crisis of 2008

Scott Sumner. Cato Journal. Spring/Summer 2019.

Assessing Global Financial Stability

Tobias Adrian. Cato Journal. Spring/Summer 2019.

Editor’s Note

James A. Dorn. Cato Journal. Spring/Summer 2019.


What’s Next for Venezuela?

Featuring Luis Almagro, Maria Corina Machado, Pedro Urruchurtu, & Juan Carlos Hidalgo. July 19, 2019. Policy Forum.

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.


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.