Gerald P. O'Driscoll reviews the history of central banking. He argues decentralized banking is possible, but getting there will be difficult.
Lawrence H. White reviews the unenviable track record of the Federal Reserve.
Scott Sumner argues that monetary policy needs to be flexible to respond to crises, and that commodity standards don't meet that test.
Jerry L. Jordan argues that legislative restraints on monetary policy tend to fail; in this area, we just can't trust government to watch itself.
The Federal Reserve is conventionally thought of as a good thing. Gerald O'Driscoll asks: Good compared to what?
Scott Sumner argues that the Federal Reserve should perform nominal GDP targeting, which will make its actions both predictable and beneficial.