Great article caltex, thanks a lot for that. I have some quesitons on that thought, maybe you can answer em for me?
Quote:
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The need for a lender of last resort in the U.S. banking system was due to a systemic weakness caused unintentionally by state and federal banking regulations. (Canada, with a freer banking system, had no such systemic weakness and no need for a lender of last resort.)
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In what way is the Canadian banking system freer than the US system, and what kind of systemic weaknesses does the US system have that calls for a lender of last resort?
Also, the article measures that Austria economists argue the stock crash can be attributed to something else than rampant speculation - do you happen to have anything on that?
Oh, and a noob question here
Who is responsible for printing money if there is no central bank?