Penguin, this is a great discussion. Do me a favor if you get bored. What are your thoughts about this? http://www.freebanking.org/2012/02/09/the-other-bagehot/Boo[/quoteYikes! That is rather off-the wall, but interesting nonetheless. While concentrating power makes change easier, it can also make mistakes far more difficult. I'd argue that free banking is a good idea with regard to actual lending, but it can make currency and interest rates precariously variable. A system like that of the US seems to solve the problem nicely, but right regulation is a must to prevent greed from eating away at the financial sector.-Penguin
