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Stephen Matteo Miller is a Senior Research Fellow at the Mercatus Center at George Mason University. He joins the show to discuss his work on the history of financial crises as well as the evolution of the U.S. banking system since the late 1800s. Steph stresses the importance of capital requirements (how much capital or equity a bank holds relative to its liabilities) in combating financial crises. Furthermore, he argues that higher and simpler capital requirements, rather than more regulation, are the keys to a more market-disciplined banking system. David\u2019s blog: http://macromarketmusings.blogspot.com/ Stephen Miller\u2019s Mercatus profile: https://www.mercatus.org/stephen-matteo-miller David\u2019s Twitter: @DavidBeckworth Stephen Miller\u2019s Twitter: @SMatteoMiller Related links: \u201cEnding Too-Big-to-Fail May Require More Than the Minneapolis Fed Too-Big-to-Fail Plan\u201d by Stephen Miller https://www.mercatus.org/publications/too-big-to-fail-minneapolis-fed \u201cA Primer on the Evolution and Complexity of Bank Regulatory Capital Standards\u201d by Stephen Miller and James Barth https://www.mercatus.org/publications/primer-bank-regulatory-capital-standards *\u201cTo Establish a More Effective Supervision of Banking\u201d: How the Birth of the Fed Altered Bank Supervision* by Eugene White http://www.nber.org/papers/w16825.pdf