by From Asad Zaman RG2 (Reading Guide 2) – Continues from previous posts on Reading Course: Central Banking and Readers Guide: Goodhart on Central Banks. Writeup is given following the ten minute video: [embedded content] Goodhart starts by discussing discontent with Central Banking System. He wrote this book well before the GFC 2007 -8, which has created much greater discontent. There are two different lines of attack on Central Banking: Free Banking: Private Creation and Provision of Money. Today, this idea would find shape in large scale private creation of money via bitcoins, FB Libra, community money, and many other innovative ideas for creation of money without governments being involved. Regulated Central Banks: Banks should follow specified rules, like Friedman’s rule of 6%
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from Asad Zaman
RG2 (Reading Guide 2) – Continues from previous posts on Reading Course: Central Banking and Readers Guide: Goodhart on Central Banks. Writeup is given following the ten minute video:
Goodhart starts by discussing discontent with Central Banking System. He wrote this book well before the GFC 2007 -8, which has created much greater discontent. There are two different lines of attack on Central Banking:
- Free Banking: Private Creation and Provision of Money. Today, this idea would find shape in large scale private creation of money via bitcoins, FB Libra, community money, and many other innovative ideas for creation of money without governments being involved.
- Regulated Central Banks: Banks should follow specified rules, like Friedman’s rule of 6% monetary growth, or Taylor rule, or certain other rules. This line of thinking emerges from a rational expectations approach, and will be discussed in greater detail later
Free Market Ideology does not accept Discretionary Monetary Policy. read more