Month: July 2021

The Bear’s Lair: Banknotes should be issued only by banks

The world’s central banks are working on issuing digital currencies, where through the “blockchain” they will have knowledge of all transactions. This idea is clearly a gross affront to civil liberties, but it raises the question: why do governments and central banks have the sole right to issue bank notes? Over the last 30 years, […]

The Bear’s Lair: The Oxfordshire School of economic thought

Oxfordshire, beautiful rolling land of small villages before 1900, may seem (outside the eponymous University itself) an unlikely seedbed for an economic theory. Yet in its idyllic villages and modest country houses, a theory of political economy developed, quite distinct from the Whiggish view of Adam Smith and William Gladstone that became known as “classical” […]

The Bear’s Lair: Financiers have learned nothing in 250 years

We are coming up next year on the quarter-millenary of the Ayr Bank crash of 1772 and last year we had the 300th anniversary of the 1720 South Sea Bubble. When looking at these 18th Century disasters I am reminded again and again that the financiers’ failures were very similar to those of 2007-08, or […]