What a sweet retrospective—and thank you, @DavidBeckworth and Alicia, for your kind words. Here’s to the next 500! 🥂

An old interview, updated.

Another MR correspondent thinks Walter Bagehot opposed free banking on consumer protection grounds. Were he to actually read _Lombard Street_, he'd discover that Bagehot regretted the Bank of England's monopoly status, preferring the "natural system" of coequal competing banks.

Below, one of several silly replies to @tylercowen's query "What Should I ask George Selgin?" FTR, though I've written about its history, I've _never_ looked forward to the gold standard's revival. My writings, starting with my first book, mostly take a fiat stnd. for granted.

Wow! He actually found it!

"[Austrian economists] never identify [malinvestments] before the downturn." Neither, of course, do investors themselves! The _whole point_ of the theory is that no-one can tell where funds are being malinvested 'til the crash because easy money is distorting relative prices! 1/2

Folks, help Tyler out here:

"This anthropology (or sociology) book has convinced me that socialism works." --Person who never looked at an actual socialist economy, or mixed such economies up with capitalist welfare states like Sweden's.

According to @DrRichardWerner, most economists believe that, to make a loan, a bank must “transfer funds from other accounts within or outside the bank.”1/

in honor of @crampell, the 🐐, leaving wapo, here’s the video of when she decapitated stephen moore live on television