5min chapter

Policy@McCombs cover image

Charles Calomiris on FinTech

Policy@McCombs

CHAPTER

What We Learned From the Free Banking Area

In 18 61, the government placed all its debt into the banks in the fall of 18 61. But when the civil war came it was a completely different story. All the debt they had just put banks fell in value dramatically. And so how did they solve that problem? You can guess: They issued bills. So what did we learn? I think we learned that this is a much better way to run a banking system. We learned that instead of giving special privileges to a few people, that it was better to have free entry, an competition.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode