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Now is not that time.

And Republicans.

I've abandoned free market principles to save the free market system.

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Tom Woods.

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The Tom Woods Show.

Welcome to the Tom Woods Show, episode 418.

One of the topics that comes up quite a bit when talking about the Federal Reserve and Austrian economics is the problem of the panics that occurred before we had a Federal Reserve.

And the argument is we had all this economic instability in the 19th century, and that goes to show that we needed the stabilizing hand of modern central banking, and that that has improved things. So it's very important

for Austrians to go back and look at these panics and try to account for them. How did they

happen? Were they the result of capitalism run wild and so on and so forth? That's what we

need to do, and I've actually done an episode on this.

One of the most listened to episodes of this program is the episode I did on this very subject.

I will link to that on today's show notes page, tomwoods.com slash 418. I also have a resource

page, a free resource page filled with resources on exactly this, the panics before the Fed.

And that, I believe it's libertyclassroom.com slash panics.

I should have checked it before going on here in recording.

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