There is a financial markets reform that would avert the next financial meltdown, support free-market capitalism, infuriate the mega-banks, (which are far from free-market institutions)and make Sen. Dodd a genuine hero. For decades hence historians would speak of "the Dodd reform" as a turning point in the history of American...

If free market types are to grapple effectively with the late crisis, they need to get one thing clear in their heads: The mega banks are not free market institutions. They are agencies of the government.

Creating and maintaining the currency is a core function of government, laid out right...