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Central Banks: Reform or Abolish?
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Central Banks: Reform or Abolish?

Gerald P. O'Driscoll
Cato Institute, 2012
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Recommendation

In this contrarian critique of central banks, Cato Institute senior fellow Gerald O’Driscoll makes a compelling case for letting competing banks issue their own forms of exchange and for a return to the gold standard. O’Driscoll doesn’t identify a source of political will for such an upheaval, but he embraces the notion with zest. getAbstract recommends his ideas to investors, policy makers, business students and anyone seeking insights about central banking.

Take-Aways

  • Economist Milton Friedman argued that governments couldn’t protect the value of currency without the heft of a central bank.
  • Most central banks have failed to preserve value.
  • Central banks should make loans only in times of liquidity crisis, and then only at a “penalty rate.”

About the Author

Gerald O’Driscoll is a senior fellow at the Cato Institute. He is an expert on global monetary and financial issues.

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