Source: Mises Institute
The Case Against the Fed
by Murray N. Rothbard
Rothbard provides a succinct account of the origins of money, showing how money must originate from a commodity. Banking originated from goldsmiths, who issued warehouse receipts for gold deposited with them. From this a fractional reserve system developed, inherently prone to monetary expansion and panic.
In the late nineteenth century, a movement toward bank centralization arose among both โprogressivesโ and bankers, the latter eager to increase their profits. From these plans, the Federal Reserve System developed. Rothbard shows the dominate influence of the banking House of Morgan at the Fedโs inception. During the New Deal, Rockefeller interests took first place in influence, with the Morgan interests reduced to a subordinate though still potent role.
The book concludes with an account of the Fedโs role in causing inflation and the business cycle. Abolition of this nefarious agency must be part of any agenda for genuine financial reform.
Introduction: Money and Politics
The Genesis of Money
What is the Optimum Quantity of Money?
Monetary Inflation and Counterfeiting
Legalized Counterfeiting
Loan Banking
Deposit Banking
Problems for the Fractional-Reserve Banker:
The Criminal Law
Problems for the Fractional-Reserve Banker: Insolvency
Booms and Busts
Types of Warehouse Receipts
Enter the Central Bank
Easing the Limits on Bank Credit Expansion
The Central Bank Buys Assets
Origins of the Federal Reserve:
The Advent of the National Banking System
Origins of the Federal Reserve: Wall Street Discontent
Putting Cartelization Across: The Progressive Line
Putting a Central Bank Across:
Manipulating a Movement, 1897-1902
The Central Bank Movement Revives, 1906-1910
Culmination at Jekyll Island
The Fed at Last: Morgan-Controlled Inflation
The New Deal and the Displacement of the Morgans
Deposit "Insurance"
How the Fed Rules and Inflates
What Can Be Done?
Author:
Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
Ways to connect
PGP Fingerprint: 7351 9c62 95cc 8130 d8b1 c877 ec99 9aaf 5b1f b029
Email: thetruthaddict@tutanota.com
Telegram: @JoelWalbert
The Truth Addict Telegram channel
Hard Truth Soldier chat on Telegram
The Truth Addict Media Archive (downloadable documentaries, interviews, movies, TV, stand-up, etc)
Mastodon: @thetruthaddict@noauthority.social
Session: 05e7fa1d9e7dcae8512eed0702531272de14a7f1e392591432551a336feb48357c
Odysee: TruthAddict
Rumble: thetruthaddict09
NoAgendaTube: The Truth Addict
Donations (#Value4Value)
Buy Me a Coffee (One time donations as low as $1)
Bitcoin:
bc1qc9ynhlmgxcdd2mjufqr8fxhf248gqee05unmpg (on chain)
nemesis@getalby.com (lightning)
joelw@fountain.fm (lightning)
+wildviolet72C (PayNym)
Monero:
84k3UpLs9mScFSJbPHxx9EiE3xFkz3nhwjCUeHvSZBpTE1nLeJGJzmbAoJANwdLi6zXkXr9NB2DeeNr2dVmuuGdw6gyAx5n