classical liberalism, David Hume, Friedrich Hayek, Herbert Spencer, Ludwig von Mises

(It occurred to us that some of our early posts, and especially ones from Alt-M’s predecessor, Freebanking.org, may deserve a new airing, as they remain pertinent, but haven’t been seen by many of our newer readers.  With that in mind, we’re pleased to introduce Friday FLASHBACKS: an occasional weekend dip…

bank runs, FDIC, Lehman Brothers, money market mutual funds, moral hazard

The majority of federally insured savings and loans failed in the 1980s, wiping out the Federal Savings and Loan Insurance Corporation in 1989.  The fiasco ultimately cost taxpayers around $150 billion to make savings depositors whole.  Two years later, the failures of hundreds of commercial banks put the Federal Deposit…

Alexander Hamilton, antebellum banking, First Bank of the United States, mercantilism, ten dollar bill

In this past summer’s controversy over whether Alexander Hamilton’s image should be replaced on the $10 bill, outraged commentators made many extravagant claims on behalf of Hamilton’s wisdom in matters of money and banking policy.  For example, Ben Bernanke blogged that “Hamilton was without doubt the best and most foresighted…