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Source link: http://archive.mises.org/16198/over-to-you-h-parker-willis/

Over to You, H. Parker Willis

March 24, 2011 by

James Grant’s testimony before the US House Committee on Financial Services. Here find the explanation of our monetary woes. FULL ARTICLE by James Grant

{ 3 comments }

Greshams-law March 24, 2011 at 12:36 pm

Great article, thanks. Grant’s articles are always interesting, provocative and amusing to read. Didn’t know he had stuff on here.

Dennis March 24, 2011 at 2:15 pm

While the limited role for the Federal Reserve envisioned by H. Parker Willis would be a monumental improvement over what the Fed quickly and later further degenerated into, he remains a supporter of central banking and the real bills doctrine. Mr. Willis and his intellectual heirs seem not to have fully absorbed the money and banking theory developed by Mises and Rothbard.

Mike Sproul March 24, 2011 at 3:47 pm

Willis (and Grant) both seem not to have realized that if a bank can back its money with gold, it can also back its money with land, wheat, or bonds of adequate value. Indeed a 100% gold reserve requirement is an abrogation of the natural liberty of banks and their customers to choose what assets will back their money.

Of course, if a bank’s assets fall in value, while its money is denominated in gold, then it risks insolvency and a bank run, but that’s a chance that the bank’s customers should be free to take.

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