Friday, January 22, 2010

Real Banking Reform? End the Federal Reserve by Richard M. Ebeling

President Obama announced on January 21 that he will push for legislation that would significantly limit the size of banks to make sure that they are not “too big to fail,” as well limiting their ability to invest in what the president referred to as investments that are “too risky.”


Two important questions immediately come to mind: First, when is a bank “too big” to be too big to fail? And, second, when is an investment “too risky” and who is to make that judgment call?


The fact is, the answers to both questions will end up being decided by politicians who sign off on the regulatory legislation and by bureaucrats who will have the discretionary power to implement the new guidelines.


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The next major question that needs to be asked is: How do they know? These are the same politicians whose time horizon goes no further than the next election day, and who pander to the special interest groups that provide them with the campaign contributions and the votes that keep them in office.


And these are the same bureaucrats whose bread and butter are based on constantly finding more “social problems” and “market failures” to justify getting bigger budgets each year, along with more authority to control other people’s lives as the vehicle to get promotions and higher pay and perks within the bureaucratic structure.


They are not quite the god-like oracles and disinterested ethical eunuchs they claim to be in their public rhetoric about their desire to only further some elusive and indefinable “common interest” and “general welfare.” They are, in fact, what the ninteenth century French economist, Frederic Bastiat, called the “legalized plunders” of society.


They are also the same people who have a professional knack for shifting responsibility for their own policy mistakes on to others. The current economic and financial crisis was “made in Washington D. C.,” by politicians and bureaucrats who orchestrated a disastrous monetary policy and a frenzy-like housing boom, the consequences of which have now fallen on the shoulders of millions of ordinary Americans, as well as many others around the world.


But listening to those politicians and bureaucrats it is all the fault of the greedy bankers and businessmen, whose irresponsible behavior now has to be reined in by wise and judicious government regulation. It reminds one of that scene in the old movie, Casablanca, in which the prefect of police announces that he is ordering Rick’s Café to be closed because he is shocked to discover there is gambling going on in the backroom, and just then the croupier walks up to the prefect and says, “Your winnings, sir.”


Free Markets and the Banking Industry

In reality, those politicians and bureaucrats have neither the knowledge nor ability to rationally regulate either banking or business in general, even if they were the disinterested public servants they so loudly claim to be. Theirs is the arrogance of the social engineer who believes himself wise enough to mastermind the complex economic affairs of an entire nation.


The advantage of a decentralized and competitive market economy is that it can leave each of us free to manage and guide our own business affairs, with our limited and specialized knowledge about our own particular circumstances. It is the role of market prices and the profit and loss mechanism to guide us into producing and providing those products and services that consumers want to buy, while providing the required feedback to tell us if we are doing so successfully or not. The market gives us the necessary pat on the head (profits) or slap on the behind (losses), to see that the supplies we offer are more or less matching up with things that are demanded.


This applies no less to the banking industry than any other line of business in the economy. The problem with the banking industry is that it is not a free, competitive market. It is already highly regulated – in spite of the rhetoric coming out of Washington and much of the news media – and it operates within a system of monetary central planning.


Banks are supposed to act as intermediaries lending the savings of income earners to others who wish to borrow that savings for investment activities and other future-oriented desired uses. The market rates of interest are supposed to balance the supply of savings with the demands to borrow, and see to it that the investments undertaken do not over reach the savings available to sustain and maintain them. A construction project begun may not be completed, for example, if the blueprint design that is guiding the work requires more resources and building material than are available to finish the job.


How “big” any bank should be is the same question that can be asked about any other business in the free market: It should be the size that represents its profitability and market share as a reflection of its success in better serving its customers than its rivals in the market place.


What kind of and how much risk should a bank take on in investing its capital and its depositors’ saving? That type and degree of risk that sound business practices suggest in a financial environment not manipulated or distorted by “activist” monetary policy. If a bank makes a sufficient number of mistakes in making these decisions, then it will fail the market test and should be allowed to go under, regardless of its size. This will create more caution by other banks in making their own investment decisions when they really believe that there is no taxpayers’ safety net to bail them out.


Central Banking the Cause of Economic Crises

America’s central bank – the Federal Reserve – is the monopoly controller of the supply of money and credit. It has the ability to create the illusion that there is more savings in the economy to start and work on investment projects than is really the case by pumping money into the banking system “out of thin air.” As a result, interest rates can be artificially pushed down for a period of time that generates a mismatch between investments undertaken and the real savings pool available to support them. Investment and housing bubbles can be created that eventually must burst.


This situation easily fosters a feeding frenzy in which banks and other financial institutions undertake risks in support of investment ventures that would never appear attractively profitable at higher market-based interest rates, and if the amount of money available to lend out was limited to the real savings that has been set aside out of people’s incomes.


There often is unreasonable systemic risk-taking in the banking sector, but it is not due to anything inherent in the banking business or the profit-motivated behavior of bank managers or lending officers. It has to do with the Federal Reserve’s mismanagement of the financial environment in which bank managers and lending officers are given “money to burn” through monetary expansion, and induced to inappropriately evaluate what is reasonable risk and who is a creditworthy borrower due to false interest rate signals resulting from misguided monetary policy.


A Free Market Agenda for Banking Reform

The only real banking reform that would reduce the possibility and likelihood of the type of financial and economic disaster through which we have been passing is to radically reform the monetary system. This means abolishing the Federal Reserve System and end monetary central planning by doing away with central banking.


In other words, the goal of real reform should be the establishment of private, competitive free banking in the United States.


The following would be the steps to bring this about:


1.The repeal of the Federal Reserve Act of 1913 and all complementary and related legislation giving the federal government authority and control over the monetary and banking system.


2. Repeal of legal-tender laws, which give government the power to specify the medium through which all debts and other financial obligations, public and private, may be settled.


3. Repeal of all restrictions and regulations on free entry into the banking business, including interstate banking.


4. Repeal of all restrictions on the right of private banks to issue their own bank notes and to open accounts denominated in foreign currencies or gold and silver.


5. Repeal of all federal and state rules, laws, and regulations concerning bank reserve requirements, interest rates, and capital requirements.


6. Abolish the Federal Deposit Insurance Corporation. Any deposit-insurance arrangements and agreements between banks and their customers, or among associations of banks, would be private, voluntary, and market-based.


This six-point plan for banking reform would set America on a path to far greater monetary, banking, and financial stability than anything central banking has or can provide. It would be the establishment of a real free enterprise system in the banking industry, and put an end to the danger and damage of a Federal Reserve-created business cycle for the remainder of the twenty-first century.

260 comments:

  1. If only hou had the daministration's ear!

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  2. If only you had the administration's ear!

    ReplyDelete
  3. Free banking is definitely the classical liberalism solution to the problems created by ego-driven interventionism.

    ReplyDelete
  4. While I agree that free banking is a worthwhile goal this prescription, if enacted all at once, would create an economic disaster. In today's dishonest culture said disaster would be more "proof" that free banking does not work and more controls are needed. This Rx is the medical equivalent of telling a heroin addict with a serious daily habit to quit cold turkey. If it did not kill the patient outright it would certainly cause a lot of unnecessary pain and suffering, not to mention very high probability of relapse The end goal of free banking is clear how we get there is really the tricky problem, i.e., the transition from the current system to a free market banking system is not a trivial problem.

    ReplyDelete
  5. In response to the comment by "dmfdmf," all that these six steps would do is open the banking industry in the United States to banking competition.

    There could develop a "parallel" banking system outside and independent of the Federal Reserve System. To the extent to which market participants found it advantageous to use these emerging private banking and monetary alternatives they would come to replace the current Federal Reserve monetary monopoly system.

    This would be possible because the Federal Reserve would have been stripped of its legal monopoly status.

    As the Austrian economist, Friedrich A. Hayek, once expressed it, the people in the market would now have the option of a "choice in currency."

    That is, banks and market participants might choose to continue to use Federal Reserve Notes and checking and other accounts denominated and provided by banks choosing to still operate under the rules of the Federal Reserve.

    But it would open the possiblity for people to legally and domestically opt-out of the current monetary and banking system, if they chose to.

    Furthermore, the existence of such an emerging private, free banking system that was parallel to the Federal Reserve System would, itself, as an incentive for the Federal Reserve to be more "conservative" and "moderate" in its policy choices and decisions.

    Why? Because it would run the risk of more and more people and banks leaving the Federal Reserve if it's policies were too "expansionary" and destablizing.

    Richard Ebeling

    ReplyDelete
  6. A question. Is requiring 100% reserves compatible with free banking, or is that a (another) form of regulation?

    Professor Reisman recently gave a speech ( I think it was the Irvine Conference.) where he suggested that, given the current level of excess reserves in the banking system, the fed increase increase the money supply to where the banks excess reserves equal 100% of deposits then require 100% reserves. This he argued would not increase the money supply at all and would not cause such immediate shock than that would occur otherwise.

    Likewise, does a commodity currency (gold perhaps, or bi-metallic) conflict with free banking?

    Just curious more than anything. I agree 110% with 100% reserves and commodity currency, just trying to see how that fits with free banking (which I understand has been a point of disagreement among Austrians, although I am hardly learned enough to take a side).

    Thanks.

    ReplyDelete
  7. What form of money should government demand to settle taxes? Whatever may be used to pay taxes has a special role in the economy. Should the government reject money promises from unapproved banks? And a related issue is what form of money should the governments pay their suppliers?

    Private business should be free to use any form of money and banking systems. But the government is the 800lb gorilla that will, in practice, dictate what everybody else will use for most purposes.

    And do you attempt to stop banking fraud and embezzlement? Fractional Reserve Lending of gold claims is simply fraud. Should it be permitted?

    And finally, there is the problem collusion/combination. Money creation and money lending are both highly profitable activities, provided you can rig the market. Money cartels backed by violence may arise naturally (they always seem to). Won't "free banking" just result in the kind of problems of the past? (ie "fleecing the flock"/"rowing the economy", economic sabotage, deception, fraud and finally "reform")

    I believe that the government should issue its own fiat money to suppliers and the general public, and withdraw it against taxes. The current covert frauds and embezzlements in banking should become criminal, but free banking should be lawful.

    Unfortunately, I don't see a solution to these issues from the six point plan.

    ReplyDelete
  8. In response to "Tunecede," yes, 100 percent reserves is compatible with a free banking system.

    But as understood and argued for my a number of "Austrian" free market economists such as Ludwig von Mises and Lawrence H. White, a free banking system would be one in which the market would determine the reserve requirements that would be offered to bank depositors.

    Most likely it would have a spectrum of banks offering reserves backing deposits from 100 percent to some amount less.

    Again, a free banking system would operate with some commodity (such as gold) serving as the "reserve money" on the basis of which banks would issue "bank notes" and deposits of various types as claims to that gold commodity.

    Dr. Reisman is an excellent economist who I admire very highly. But I'm not sure what he means when he says that the new reserves created over the last year and a half would "cover" all outstanding bank deposits.

    I say this because there is nothing backing our currency at the present time (and has not since the U.S. was taken off the gold standard in 1933 and Americans were denied the legal right to demand redemption of their notes and deposits in gold.)

    The reserves recently created by the Federal Reserve is just more of the same paper money (in the form of computer created money on the "books" of the banking system.) It is nothing "real" as under the old gold standard.

    Mr. Wrigley raises many interesting and important questions. And I do not claim to have any complete answers to all of them.

    I think that the government should accept any number of widely used private currencies that may come into existence under a free banking system for purposes of citizens paying their taxes.

    I would not consider it desirable for the government to "favor" one or a handful of currencies with the "privilege" of being the ones reserved for this tax payment purpose.

    And it seems logical that whatever number of private bank currencies it receives in taxes should be the fund out of which it undertakes its expenditures.

    There is bank fraud under the present Federal Reserve-managed banking system. So the fact that under a free banking system there may be fraudulent bankers is no argument against free banking.

    Alas, since the beginning of time there have been "con artists." The task is to be an informed customer and try to avoid being "taken in." And if it happens, well, that is also one of the purposes of law and the legal system under all business and contract relationships.

    I would just add on this point that if there is one msjor "fraudster" and "conman" who has consistently plundered people in society it is the government, and its central banks. It is called inflation, devaluation, and depreciation of the currency. And with the goverment as the monopoly provider of the money in a national economy, the average citizen has historically had little options to get out of this fraud and looting of the real purchasing power of the money he has honestly earned.

    As for my six-point proposal, it was meant to be a suggestion of the general ideas and principles to begin the process of removing government's monopoly over the monetary system. A short article, obviously, could not offer a methodical and far more detailed analysis of any attempted transition process and shift to a radically different monetary system.

    Richard Ebeling

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  10. Adrian Wrigley said, "Private business should be free to use any form of money and banking systems. But the government is the 800lb gorilla that will, in practice, dictate what everybody else will use for most purposes."

    Adrian, you're right - which is why we could actually introduce competitive currency and begin the process of eliminating the Fed NOW, from the *bottom up*, by simply making every State come into compliance with the Article I, Section 10 of the U.S. Constitution, which states: "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts". If States obeyed that clear requirement - to use ONLY gold and silver for payments to and from the State - citizens would start using gold and silver coins, banks would start offering accounts in gold and silver, checks could be written off of those accounts (which would act like paper currency for all intents and purposes), debit cards could be created off of those accounts (would would act like e-gold for all intents and purposes)... a Perfect Storm from below.

    It's what we're attempting to do. See http://www.ConstitutionalTender.com/ for more info. :)

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