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George Selgin

Money and banking fallacy demolition expert. I promise not to waste our time by saying things you expect me to say.

George Selgin4 tuntia sitten

No, Senator Paul: the Fed has paid banks $188B to lend _to it_, thus financing its multi-trillion dollar portfolio w/out letting inflation get entirely out of control. W/out interest in reserves, instead of parking funds at the Fed, banks would lend elsewhere, fueling inflation.*

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George Selgin13 tuntia sitten

I can’t find a source for this quote so often attributed to Boulding. Heilbroner wrote something very similar* in 1968 (“Putting Marx to Work,” _New York Review of Books_), and I suspect it’s a misattribution. Anyone?

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George Selgin14 tuntia sitten

“Oh what a tangled web we weave, when first we practice to relieve [U.S. firms from foreign competition]!”

Spencer Hakimian22 tuntia sitten

Toyota is up +8% on the news of a 15% tariff. Why? It's simple. Ford, GM, Tesla, and all the other American manufacturers are going to be paying 50% more for their steel, 50% more for their copper, 25% more for their Canadian production, 25% more for their Mexican production, and 55% on their Chinese production. Toyota only has to pay 15% more and they're done with all the shenanigans. Ford has to pay much more than that. A lot more in fact. We've given a Japanese car company an advantage over American car companies. All in hope of bringing auto jobs back to America. 0D Chess.

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George Selgin23.7. klo 05.07

FDIC: opposed by FDR until the 11th hour, when he realized he couldn’t stop it. CCC: great program, but tiny: 250,000 with over 10 million then unemployed. The NIRA: The NRA part that tried "reshaping industry" was a failure that impeded recovery. The SCOTUS killed it in '35.

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George Selgin23.7. klo 02.19

In 2012, my coauthors and I published an article* asking, “Has the Fed been a Failure,” that is, had it failed to meet its promise? The answer was “Yes.” I’m confident we proved it. I’m also confident that any substitute the Trump administration comes up with will be even worse.

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George Selgin23.7. klo 01.58

In 2012 two coauthors and I published an article* asking “Has the Fed Been a Failure?”—that is, had it met its promise? The answer was “Yes.” I’m confident we proved it. I’m also confident that any replacement the Trump administration might come up with would be even worse.

George Selgin23.7. klo 01.52

In 2012 two coauthors and I published an article* asking “Has the Fed Been a Failure?”—that is, had it met its promise? The answer was “no.” I’m still confident we proved it. I’m also confident that any replacement the Trump administration might come up with would be even worse.

George Selgin23.7. klo 01.01

I favor showing leniency toward those willing to learn more—and a week in the stocks for academic economists who are aware of at least some of these writings, but deliberately ignore them.*

nic carter23.7. klo 00.47

i would like to make it illegal to talk about free banking (in the context of stablecoins) without having read the following books: - Free Banking in Britain: Theory, Experience, and Debate, 1800–1845 by @lawrencehwhite1 - Competition and Currency: Essays on Free Banking and Money by @lawrencehwhite1 - The Theory of Free Banking: Money Supply under Competitive Note Issue by @GeorgeSelgin - The Experience of Free Banking by Kevin Dowd - Money Free and Unfree by @GeorgeSelgin - Free Banking – The Scottish Experience as a Model for Emerging Economies by Randall Kroszner thank you for your attention to this matter!

George Selgin23.7. klo 00.30

Yet another essay noting flaws of U.S.-style “free banking” w/out recognizing either their regulatory causes or the good records, including the disappearance of banknote discounts, of other competitive banknote systems like those of Scotland (1772-1845) and Canada (1870-1935).