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Other people's work

Vern McKinley will be speaking at the Cato Institute on June 4 at an event titled "Run, Run, Run: Was the Financial Crisis Panic over Bank Runs Justified?" The event will also be streamed over the Internet live and can be replayed on video later. If the Velvet Underground reference was intentional, Vern, I like it.

Larry Parks had an article called "Bitcoin's Futile Quest to Be a Currency" in the Wall Street Journal. (To be clear, Parks is not opposed to Bitcoin trying to be a currency; he says that rules adopted in March by the U.S. Internal Revenue Service stand in its way.)

Mark Spitznagel had a book that was published in 2013 but that I only found out about today, The Dao of Capital: Austrian Investing in a Distorted World. Here is a transcribed conversation between Spitznagel and Nassim Taleb that touches on the book, which I have not read.

Finally, The Gold Standard Now has begun to post the complete records of the Reagan-era U.S. Gold Commission. Portions have long been available on the Internet, but not the complete records. I suggested posting them here months ago, but the editors have not seen fit to accept any of the suggestions I have made regarding new material.

ADDENDUM: Another new book that I have not read is Brian P. Simpson, Money, Banking and the Business Cycle, in two expensive volumes. The author says, "It builds on the business cycle theory developed by Ludwig von Mises and Friedrich Hayek." Apparently the author is a proponent of 100% reserve banking.

  • Vern McKinley

    Sorry Kurt, my kids are younger so I am trying to stay current on music:

  • Brian Simpson

    Dr. Schuler,
    Thank you for the addendum. I apologize for the expense of the volumes. Unfortunately, I have no control over the prices. I asked my publisher (Palgrave Macmillan) if the prices could by lowered and the publisher said they could not be.

    I am a proponent of 100-percent reserve banking but my views on this issue are different than the contemporary Austrian economists who advocate 100-percent reserves. Unlike them, I do not believe fractional-reserve banking is inherently fraudulent and I do not believe fractional reserves should be outlawed. My position is that if we actually achieved a free market in money in banking, competitive pressures on banks would lead them to hold 100-percent reserves on checking deposits. I discuss why in detail in chapters 4 and 5 of volume 2 of my book.