End the Fed?

At the micro level, I understand banking well enough: the bank lends me money and I have to pay it back with interest. At the macro level, however, the banking system is a mystery. So for me–and likely for you, too–a new video series on central banking by the Center for Freedom and Prosperity is of considerable interest. This leadoff video by Dan Mitchell of the Cato Institute offers a brief introduction to the history of central banking. Future videos will explore alternatives to the current system, which has neither a very long pedigree nor a particularly good track record:

I doubt whether ending the Fed is the right answer, but one silver lining of the recent financial crisis might be the opportunity to rethink our central banking system.

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