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George, My seeming lack of confidence on this issue is more to prevent stepping on toes in this forum. I think the evidence is definitely on the side of free banking. I do think fractional reserves would obtain. However given the unknown economic landscape of the future, what the reserve ratio would be (among other things) is something I wouldn't
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Thanks for the vote of confidence. Yes I'm aware of that argument. I think we can expect a higher reserve ratio, but it remains to be seen whether a 100 percent would be the eventual outcome. For what it's worth, I don't think that would happen.
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Since this thread has long devolved into a rather heated debate over free banking versus a 100 percent reserve standard, I just want to mention how arguments against free banking in particular seriously undermine the case for free markets in general. In essence one is committing to the idea that the market, in the absence of monopolistic force, will
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Tell him to go read Kevin Carson.
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I agree with everything George Selgin has said and am delighted he took the time to say it, too.
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I always have to pause when I read comments like these. Is the significance of Austrian economics really reducible to what some would call an obscure and esoteric philosophical question? Even if we disagree with particular Austrians on some things such as free will or whether praxeology is the way to do economics or whatever, can't we still appreciate
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Yes, the name. Good catch. I couldn't remember the spelling. All I'm saying is being polite helps.
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Isn't the question about who would be the best at defending libertarianism? Surely knowledge of economics figures very importantly in that, but it doesn't take a professional economist to understand how voluntary exchange works. In any case, I don't think Long came to the subject yesterday. To my knowledge he has a very good understanding
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Hands down, I would pick Roderick Long. Caplan is a good choice too, but in my opinion Long is always very persuasive in meeting criticism.
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I've been a fly on the wall in this forum for over a year now. I usually don't have the time to discuss at length any issue broached in here, so I usually just listen to what you all have to say. My first impression when I began visiting here was that many of the people were very knowledgeable about Austrian economics. I've since changed