Kristoffer Hansen, a Mises Fellow, shares insightful perspectives on fractional reserve banking and free banking. He clarifies Mises' acknowledgment of the benefits of fractional reserve banking, as highlighted by economist Larry White. The conversation explores the historical influence of the Currency School on economic stability and the intricate relationship between commodity-backed money and business cycles. Hansen also discusses the inefficacies of Peel's Act in preventing banking crises and delves into various definitions of inflation, emphasizing Mises' complex views on money.