Professor Lawrence White, an economist from George Mason University, joins the Freedom Report podcast today to discuss free market monetary policy. At the Jackson Hole Summit, White and a group of rebel economists gathered to discuss the topic of whether or not central banks are the problem or the solution to America's financial woes.
Professor White is an advocate of "free banking," which is the Austrian economic system of ending the Federal Reserve and allowing the free market to regulate the supply of money in the marketplace. We don't allow government to set the price of bread, gas, or cars... so why do we allow them to set the price of money?
Professor White believes that money has become controlled by political interests, and thinks that the free market can more effectively allow for stable economic growth, without all the booms and busts of the modern era.
The Federal Reserve has got to go. Today's podcast delves into the nuances of monetary policy, how the Federal Reserve came to be, their track record, and what a more free market policy would work. Professor White joins us in this very special episode, broadcasting from Jackson Hole, Wyoming.