modern monetary theory, endogenous money, fractional reserve banking, money multiplier

Editor's Note: Since I've been harping on the ways in which Modern Monetary Theory misrepresents institutional realities, I thought it worthwhile to republish the following essay by occasional Alt-M contributor Julien Noizet, from his personal blog Spontaneous Finance. The essay originally appeared on December 17, 2013. Two…

free banking, 100% reserve, public banks, economic history, friday flashback

(Originally appeared as George Selgin's first-ever post in Alt-M's predecessor blog freebanking.org.) *** Free bankers have been fighting a war on two fronts.  On one they face champions of central banking and managed money.  On the other they struggle against advocates of 100-percent reserve banking.  Although the…