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Jeff Deist and Jay Taylor: Banks are Dangerous

Mises Weekends with Jeff Deist

Tags Money and BanksU.S. Economy

03/24/2016Jay TaylorJeff Deist

Central banks — and central bankers — are in uncharted waters. They don't know how to create economic growth, they don't know how to fight the great bogeyman of deflation, and they don't know how — or if — they'll ever be able to return to a time of "normal" monetary policy. Their pretense of knowledge, of being able to effectively control currencies used by billions of people, is coming to an end.

But it's not just an academic issue — all of us are affected by the possibility of negative interest rates, prohibitions on cash, and bank bail-ins. Will you be able to get cash out of your bank or money market account if the economy suffers another crash like 2008? Will governments force us into cashless, digital-only payment systems, tracking our every purchase and creating black markets in the process? Will you have to pay your bank, in the form of negative interest rates, for the privilege of holding your money? And will your deposits take a haircut if your bank suffers losses from its bad loans?

Jeff joins Jay Taylor on his radio show to discuss how both central banks and commercial banks are poised to change your life in some very unpleasant ways.

Note: The views expressed on are not necessarily those of the Mises Institute.

Jay Taylor

Taylor is editor of J Taylor’s Gold & Technology Stocks newsletter and host for the popular radio show, Turning Hard Times into Good Times.

Contact Jeff Deist

Jeff Deist is president of the Mises Institute. He previously worked as chief of staff to Congressman Ron Paul, and as an attorney for private equity clients. Contact: email; Twitter.

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