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Free banking depends on having a base standard, George Selgin argues

Free banking depends on having a base standard, George Selgin argues
Free banking needs a base standard

George Selgin explains that free banking can operate alongside any monetary standard, but it cannot replace the need for an established base currency such as gold, silver, fiat, or Bitcoin.

He emphasizes that free bank IOUs must be redeemable into a recognized standard form of money for the system to function effectively.

Selgin has previously critiqued policy interventions during crises, describing responses to collapsing spending as bailouts for producers. He has also noted that both Hoover-era policies and Britain’s decision to leave the gold standard were major factors in the U.S. depression of the 1930s. His recent comments follow a series of analyses of monetary regimes and crisis responses.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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