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b'Morgan Ricks is a law professor at Vanderbilt University. Previously, he was a senior policy advisor and financial restructuring expert at the U.S. Treasury Department where he focused primarily on financial stability initiatives and capital market policy in response to the financial crisis. Today, he joins the show to discuss his new paper, *Money as Infrastructure* where he contrasts what he calls the \\u201cintermediation paradigm\\u201d of banking and the \\u201cmoney paradigm.\\u201d Morgan also shares his thoughts on the government\\u2019s role in money, the history of free banking, and current-day banking regulation. David\\u2019s blog: macromarketmusings.blogspot.com David\\u2019s Twitter: @DavidBeckworth Morgan\\u2019s Twitter: @MorganRicks1 Morgan\\u2019s Vanderbilt profile: https://law.vanderbilt.edu/bio/morgan-ricks Related Links: *Money as Infrastructure* by Morgan Ricks https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3070270 *The Money Problem* by Morgan Ricks http://press.uchicago.edu/ucp/books/book/chicago/M/bo22438821.html'