Sound Commercial Banking
Reconciling The Real Bills Doctrine: Bitcoin Standard and Gold Standard Versus The Fiat Standard and The Crypto World
This study began with the resurrection of the Rothbardian fiat 100% reserve by Stephen Livera in a recent edition of Bitcoin Magazine and my reply and followed by a Twitter thread with George Selgin from Cato Institute.
I was a big fan of George Selgin and Lawrence H. White ever since I read one of their first works in 1987, The Evolution of a Free Banking System. I was even a bigger fan of Richard Timberlake who just recently passed on as he preceded in real-time Selgin and White as well as in my previous life. Although I was not familiar with his most recent work with Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 nor any of his work post my incarceration.
As a young man, I had the great privilege and honor to meet Professor Timberlake in Georgia as my then-young family made its trek from Kansas City to Disney World and he graciously took our family with three young sons into his home.
At the time we had a lengthy discussion about E. C. Harwood's description of The Lost Art of Commercial Banking, yet to the best of my knowledge. Harwood never mentions The Real Bill Doctrine in his description of Sound Commercial Banking. Nor did Professor Timberlake express any…
