Two more cents from me on the topic, from Bloomberg's Echoes blog.
Sir, I can find no comment by you on this Bloomberg article.
The article itself is by me, Paul.
My apologies George - I did not spot the byline.
As you well know the continued existence of the penny is a political event not an economic event.
Politicos always want to “do something”. However, “something” has to be perceived as doing “something big“. Those items right under their nose, that are in essence something big, are pure invisible.
Dr Selgin, Paul Krugman has just launched an attack against your work in the New york times column.
"Why we regulate"
I quote him
" Why, exactly, are banks special? Because history tells us that banking is and always has been subject to occasional destructive “panics,” which can wreak havoc with the economy as a whole. Current right-wing mythology has it that bad banking is always the result of government intervention, whether from the Federal Reserve or meddling liberals in Congress. In fact, however, Gilded Age America — a land with minimal government and no Fed — was subject to panics roughly once every six years. And some of these panics inflicted major economic losses."
You must do something !!
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