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U.S. 12/ Canada 0, Keep Cash on Hand

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12 to 0? No, not the latest hockey score from Sochi. Rather, 12 is the number of times since 1840 that the U.S. has faced a systemic banking crisis, while Canada has had 0.

Remember “too big to fail?” Well how about “built to fail?” At this year’s excellent Cato Benefactors Summit in Sarasota, Florida, Louise Bennetts, Cato Institute’s associate director of financial regulation studies, helped explain how financial “reforms” are actually setting the stage for the next crisis in the banking industry. Louise recommended to Dick and me that we read Fragile by Design, which, among many things, tells why Americans perhaps want to keep their cash close at hand. In Fragile by Design, authors Charles W. Calomiris and Henry Kaufman explore the murky world of politicians, bankers, bank shareholders, depositors, debtors, and, of course, “we, the people”—the befuddled taxpayer.

After ordering Fragile by Design, go to Cato.org and review upcoming Cato events not only in Washington, but also around the country. You may be as baffled as we are as to why the Washington elites aren’t being thrown out and why Cato Institute is not making policy decisions for our country today and for future generations.

To give you a better taste of what goes on at a Cato event, we will be posting more in coming weeks from such Cato scholars as Roger Pilon, Chris Preble, Ilya Shapiro, Gene Healy, Jim Harper, Dan Mitchell, the Michaels Cannon and Tanner, and, of course, former BB&T CEO John Allison. And this is just the short list. Have you read anything about Congressman Justin Amash? He was the breath-of-fresh-air Keynote speaker at Cato’s Benefactors Saturday dinner. Dick and I feel honored to be part of this remarkable organization. Stay tuned and stay in touch.

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Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.

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