Why the Scottish "Free Banking" Episode Doesn't Justify Fractional Reserves

Bob continues his feud with George Selgin, explaining why the alleged free banking period in Scotland doesn't show that free-market banks would carry low reserve ratios.

• Reason Debate Between Bob and George Selgin: Mises.org/HAP453a
• George Selgin Interview on Free Banking: Mises.org/HAP453b
• Selgin's Response to Bob on Twitter: Mises.org/HAP453c
• Rothbard's Economic Controversies: Mises.org/HAP453d

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