John Cochran writes today:
Central banks in general, and the Fed in particular, are here to stay for the foreseeable future. Given Austrians most fully understand the evils perpetuated on the economy by specially privileged fractional reserve banks supported by a central bank, Austrians most definitely should contribute to second-best solutions à la Rosen and Ravier. But one must also keep in mind good central bank policy is just bad policy that could have been worse. The best long-term outcome is open competition in currencies that have the potential to reduce central bank influence and improve central bank performance. In the long run, central banks and their fiat currencies might wither away as consumers choose sound money alternatives offered on the market.
