It seems that another crack in the dam has appeared:
How long can it be before it cracks all the way and the whole creaking edifice bursts and the pressure is relieved?
Bad stuff is what happens when the state is involved in the production of money and the regulation of banking. Banking is no different to flipping and selling hamburgers; money is a commodity just like any other. The state should regulate neither banking nor burgers. If McDonalds was in the business of manufacturing money, there would be standardized, reliable, consistent money, redeemable everywhere on every high street, at a stable price.
As revolting an idea as this sounds at first, being people who know a little about good food:
it makes perfect sense. The McDonalds consistency ethic superimposed on the manufacture of money, free of regulation, would solve all the problems of unsound money.
Selgin outlines the foundation of this:
if you superimpose the Birmingham button maker money from the 1700s with McDonalds and modern computers, how this would work becomes instantly clear.