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.