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This article explains why attempting to achieve economic outcomes by managing interest rates fails. The basis of monetary interventionist theories ignores the discoveries of earlier free-market thinkers, particularly Say, Turgot and Böhm-Bawerk. It also ignores Gibson’s paradox, which demolishes the theory that managing interest rates controls price inflation. And incredulously, the whole basis of banking regulation assumes that commercial banks are just intermediaries between depositors and borrowers. That model of banking fails to address the simple fact that banks create credit out of thin air and that deposits are the property of the banks, and not their customers.

United kingdomAdam smithIrving fisherRichard wernerHenry dunning macleodBank charterCongressional budget officeJean baptiste sayCharter actProfessor wernerPresident bidenPresidents hooverஒன்றுபட்டது கிஂக்டம்பண்படாமனித இயல்பு ஸ்மித்இவிஂக் மீனவர்ரிச்சர்ட் வெர்னர்