sexta-feira, março 21, 2008

a system which nobody can control

"Monopoly Money" por Alvaro Vargas Llosa:
In a system of free banking, institutions that do not protect the value of the currency simply collapse--and their collapse does not wreck the entire economy. Under a rule of law that punishes fraud and counterfeiting, the risk of failure without bailouts is enough to guarantee a more stable system. And in such a system, it would be harder for the government to spend as much money as it does now--a major factor in the devaluation of the dollar--because it could not create money, only tax and borrow.

Advocating the abolition of the Federal Reserve, an institution people take for granted, seems too radical for most people, who think financial crises are the result of too little, not too much, government regulation.

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