Bob responds to a recent interview where George Selgin says the historical record proves that fractional reserve banking is a market outcome. Bob gives two separate reasons, and ironically plays different Selgin clips to validate each of them.

Mentioned in the Episode and Other Links of Interest:

• Selgin's interview on free banking. His debate with Murphy at the Soho Forum. And his recent interview with David Beckworth on Custodia.
• Murphy interviews Selgin on banks as credit intermediaries.
• John Cochrane on The Narrow Bank.
• Murphy's journal article critiquing the Selgin/White view of fractional reserve free banking.
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