Calomiris on the Crisis
By Arnold Kling
Charles Calomiris talks with Russ Roberts. It is a long podcast, and it is perhaps the best ever. I hope that it gets transcribed, published, and widely disseminated.
Consider the following statement:
Deposit insurance is the _____ for banking crises.
Calomiris argues that we should fill in the blank with “cause,” not “solution.”
But that is actually a minor part of his story. Listen to the whole thing.