James Grant

James Grant is an associated scholar of the Mises Institute. He founded Grant’s Interest Rate Observer in 1983 following a stint at Barron’s, where he originated the “Current Yield” column. His latest books include John Adams: Party of One; Mr. Market Miscalculates; and Mr. Speaker! The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster.

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Free Market James Grant

The banking dilemma seems eternal, like the monetary dilemma, the tax dilemma, and the marital dilemma. The essence of the banking dilemma, however, is that the depositors' money is not in the vault awaiting the depositors' decision to withdraw it. Instead it is out on loan or invested in the money market or in mortgage-backed securities.

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