- Downloads:
- acusacion_contra_la_reserva_federal.pdf
- The Case Against the Fed.epub
- The Case Against the Fed.pdf
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 “progressives” 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 Fed’s 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 Fed’s role in causing inflation and the business cycle. Abolition of this nefarious agency must be part of any agenda for genuine financial reform.
The HTML version of this book is available here.
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.
In contemplating the life and career of Ludwig von Mises, one is struck by the nobility and grandeur, the high courage, of his lonely and lifelong struggle on behalf of truth and laissez-faire. But what led Mises to pursue his lonely and seemingly doomed struggle until the very end?
Remembering Murray Rothbard on our imperialistic wars: "The true principle of isolationism is that the government should be isolated and people who trade, interchange, and engage in voluntary travel, migration, and so forth should be allowed to peacefully do so."
Remembering Murray Rothbard on our imperialistic wars: "The true principle of isolationism is that the government should be isolated and people who trade, interchange, and engage in voluntary travel, migration, and so forth should be allowed to peacefully do so."
Mises Institute, 2008
