prednáška ceqls: george selgin: privatizácia peňazí
DESCRIPTION
KI s podporou Nadácie Tatra banky a v spolupráci s ďalšími partnermi organizovali ďalšiu - v poradí už tridsiatuprvú - z cyklu prednášok CEQLS, ktorá sa uskutočnila dňa 13. mája 2013 v Bratislave a dňa 14. mája 2013 v Košiciach. Tentoraz bol našim hosťom George Selgin, profesor ekonómie na University of Georgia (USA). Viac o prednáške nájdete na www.konzervativizmus.sk Conservative Institute organized another of the CEQLS Lectures: George Selgin, Professor of Economics at the University of Georgia, was our guest on May 13, 2013 in Bratislava and on May 14, 2013 in Košice. More information at www.institute.skTRANSCRIPT
Privatization Privatization of Moneyof Money
Silver Content of Roman Coins
Regal Copper Coins: Good Worn
Counterfeit
“The judicious operations of banking, by providing, if I may be allowed so violent a metaphor, a sort of wagon-way through the air, enable the country to convert, as it were, a great part of its highways into good pasture and corn fields, and thereby to increase very considerably the annual produce of its land and labour.”
RS RD
Reserves
(MV)*
Payments
Reserve and Spending Equilibrium under Free Banking
“The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented, cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of paper money, as when they travel about upon the solid ground of gold and silver.”
An Act for granting to theire Majesties severall Rates and Duties…for secureing certaine Recompenses and Advantages…to such Persons as shall voluntarily advance the summe of Fifteene hundred thousand pounds towards the carrying on the Warr against France
The Bank of England Act (1694)
I have tediously insisted that the natural system of banking is that of many banks keeping their own cash reserve, with the penalty of failure before them if they neglect it. I have shown that our system is that of a single bank keeping the whole reserve under no effectual penalty of failure. And yet I propose to retain that system, and only attempt to mend and palliate it.
I can only reply that I propose to retain this system because I am quite sure that it is of no manner of use proposing to alter it... You might as well, or better, try to alter the English monarchy and substitute a republic, as to alter the present constitution of the English money market, founded on the Bank of England, and substitute for it a system in which each bank shall keep its own reserve.
