Tyler Watts returns to the podcast to give an economic history lesson on how "free banking" worked in the US in the decades before the Civil War. Contrary to Barry Eichengreen's warnings in the NYT, stablecoins shouldn't scare us—freedom in banking is just as good as freedom in other industries.

Related: -  https://www.nytimes.com/2025/06/17/opinion/genius-act-stablecoin-crypto.html  - https://cooperative-individualism.org/rockoff-hugh_the-free-banking-era-a-reexamination-1974-may.pdf  - https://content.infineo.ai/articles/a-quick-case-against-the-fed 

Watch the video version of this episode here: https://youtu.be/pd6NiX7TMlA 

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