Selgin just punched the 100-percent wasp's nest again

Selgin just punched the 100-percent wasp's nest again
One day George Selgin is picking a friendly fight with the Market Monetarists, the next day he is picking a fight with the Rothbardian Austrians. You will have to respect George for always being 100% intellectually honest and behaving like a true gentleman - something you can not always say about his opponents. His latest fight is over the old story of fractional reserve banking versus 100% reserve banking. Personally I never understood the 100%-crowd, but I am not going to go into that debate other than saying I agree 100% with George on this issue. However, I want to do a bit of PR for George's posts and the response to his posts. Here is George's first post: 100-Percent Censorship? Here is  Joseph Salerno's response to George: The Selgin Story  (Warning: This is typical Rothbardian style) And George's response to Salerno: Reply to Salerno When you read an exchange like this you will realise why Rothbardian style Austrianism is completely marginalised today and George is a well-respected monetary historian and theorist. Larry White also has a good post on fractional reserve banking - and why it is the true free market outcome in an unregulated market economy. If you are interested in this discussion then you should have a look at Larry and George's classic article “In Defense of Fiduciary Media – or, We are Not Devo(lutionists), We are Misesians”. Related post: I am blaming Murray Rothbard for my writer’s block Update 1: The fist fight continues - here is a not too clever attacks on George from the comment section on Economic Policy Journal (which has nothing to do with a Journal) and here is George's response: More Dumb Anti-Fractional Reserve Stuff


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