2min chapter

The "What is Money?" Show cover image

"Money: Free and Unfree" with George Selgin (WiM209)

The "What is Money?" Show

CHAPTER

Does the Federal Reserve Need a Monopoly?

The fed doesn't nacesaraly need capital or anything to back it. But what doss need anything or need tat legal monopoly, right? It needs, yes, oh, yes, thatneed indeed. Once tou have a fieat currency like the dollar that's so entrenched, then you might argue doesn't even need the monopoly - at least not for a while because people are going to keep usingit. The dollar would continue to be popular and continue to be demanded on the basis of the powerful momentum that's now behind it.

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