Private Issues (5): Conclusion

In the Free Banking era -- which might more aptly be called the Free-For-All Issue of Money era -- inflation was well-controlled, but panics were not.

In the Golden Age that followed World War II -- which was far too short to be called an "age" -- panics were well-controlled, but inflation was not.

The difference is that the one period had a gold standard and the other did not.

The similarity is that in both periods, the disparity between base money and private-issue money existed. Monetary imbalance existed, in both periods.

I propose to solve the problem of monetary imbalance.