Mises Wire
Author:
Douglas French
Online Publish Date:
In his book The Case against the Fed , Murray Rothbard writes a section on deposit insurance, which was instituted under FDR’s New Deal in 1933 at $2,500 per account and over time raised, reaching $250,000 during the banking crisis of 2008. As Rothbard explains, the term insurance “properly applies to risks of future calamity that are not readily