Matt Ridley Quote
In short, there is no question that a country can run a stable paper currency without a gold standard, a central bank, a lender of last resort, or much regulation; and not only avoid disaster, but perform well. Bottom–up monetary systems – known as free banking – have a far better track record than top–down ones. Walter Bagehot, the great nineteenth-century theorist of central banking, admitted as much. In his influential book Lombard Street, he effectively conceded that the only reason a central bank needed to be a lender of last resort was because of the instability introduced by the existence of a central bank. The
Matt Ridley
In short, there is no question that a country can run a stable paper currency without a gold standard, a central bank, a lender of last resort, or much regulation; and not only avoid disaster, but perform well. Bottom–up monetary systems – known as free banking – have a far better track record than top–down ones. Walter Bagehot, the great nineteenth-century theorist of central banking, admitted as much. In his influential book Lombard Street, he effectively conceded that the only reason a central bank needed to be a lender of last resort was because of the instability introduced by the existence of a central bank. The
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About Matt Ridley
Ridley is a libertarian, and a staunch supporter of Brexit. He inherited the viscountcy in February 2012 and was a Conservative hereditary peer from February 2013, with an elected seat in the House of Lords, until his retirement in December 2021.