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George Selgin: Disbanding FOMC will not instantly create stable free-market monetary systems

George Selgin: Disbanding FOMC will not instantly create stable free-market monetary systems
Disbanding FOMC not instant solution

George Selgin argues that many libertarians mistakenly believe dismantling the FOMC and removing the Eccles Building would quickly lead to the emergence of stable free-market monetary institutions.

He cautions that eliminating central banking structures would not automatically resolve cycles and inflation, nor would it avoid short-term costs. Selgin suggests meaningful reform of the monetary system is more complex than simply abolishing existing institutions.

Selgin has previously evaluated the effectiveness of policy measures during major economic events, challenging assertions that the Social Security Administration ended the U.S. Great Depression. He has also discussed how solutions addressing supply shocks may alleviate inflation only when such shocks are the primary cause, rather than excess spending, in a separate analysis focused on inflation dynamics. These perspectives provide further context for his caution against quick fixes to the monetary system.

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