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 “intermediation paradigm” of banking and the “money paradigm.” Morgan also shares his thoughts on the government’s role in money, the history of free banking, and current-day banking regulation.