Economics Lecture: The Historical Case Against the Federal Reserve – Regulatory Origins of American Banking and Financial Instability Before 1914
Monday, June 25, 2018 7:00 – 10:00 pm
Community Room (located behind the station building)
Richmond Police Station (between Geary Blvd. and Anza St.)
461 – 6th Avenue, San Francisco, California
Hosted by Golden Gate Liberty Revolution Meetup (fka the Ron Paul Meetup). GGLR holds its meetings on the 4th Monday of the month. Meetings are free and open to the public.
After-meeting socials are around 10:00 pm at Overtime Sports Bar & Restaurant, 4134 Geary Blvd, San Francisco.
Details contributed by lecture presenter Chris Silber:
The Federal Reserve has received renewed criticism and scrutiny in the decade since the global financial crisis. Yet the Fed has large and powerful lobbies of apologists among the mainstream press, academics, and policymakers who have argued without the Fed the U.S. banking system would return to the more frequent and disruptive financial crises of the pre-Fed era.
While it’s true that the U.S suffered from frequent banking panics throughout the 19th century, was the absence of a central bank really the cause? And if so, why then during the same period did countries like Canada and Scotland experience remarkable financial stability without a central bank? Were in fact pernicious state and federal regulations the real source of the U.S. banking system’s fragility? And if so shouldn’t Fed apologists in academia and the mainstream press know better?
Chris Silber will discuss the regulatory history of U.S. banking including the real causes of frequent financial crises during the period: restrictive unit banking laws, America’s antebellum central banks, and the post-Civil War National Banking System. The similarly unstable English and contrasting sound Canadian and Scottish systems will also be examined.
Chris Silber previously presented at GGLR Meetup lectures on monetary history, business cycles, and the Great Depression.