The Money Multiplier: Myth or Reality?

Mises DailyDecember 16, 2002
The existence of the money multiplier is the outcome of fractional reserve banking, writes Frank Shostak, which the current banking system makes possible. The money multiplier is not only real; it is a good tool to help us understand the process by which the banking system creates inflationary...

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Organization of Debt Into Currency and Other Papers

BooksMarch 21, 2006
Princeton, NJ: D. Van Nostrand Company, Inc., 1964. From Murray Rothbard's History of Economic Thought: "One of the most unusual — and most advanced — of the American admirers of Fredéric Bastiat was the Boston merchant Charles Holt Carroll (1799–1890). A staunch adherent...

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Money, Bank Credit, and Economic Cycles

BooksMarch 15, 2006
The three years since the publication of the previous English edition of Money, Bank Credit, and Economic Cycles have seen a continuation of the economic recession process set in motion after the 2007 financial crisis. This process has consisted of the inevitable microeconomic readjustment and...

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A Treatise on Currency and Banking

BooksOctober 4, 2008
This remarkable hard-money treatise appeared in 1840. This book is a great narrative to read in light of the current cycle of boom and bust.

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Money, Banking, and the Federal Reserve

JournalsJanuary 24, 2008
The complete transcript of the Institute's famous documentary on the Federal Reserve...

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Credit Policies of the Federal Reserve System

BooksJuly 17, 2009
Charles Hardy examines the history of the Federal Reserve's policies and their impact on the organization of the banking system in the post-World War I period...

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The Origins of the Federal Reserve

BooksFebruary 8, 2011
The Fed did not originate as a policy response to national need. It was founded by two groups of elites: government officials and large financial and banking interests.

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Guido Hülsmann's "Revolutionary Essay" on Fractional-Reserve Banking

BlogJuly 29, 2014

In a must-read post on Zero-Hedge, Tyler Durden highlights Guido Hülsmann's neglected 2003 article "Has...

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America's Money Machine: The Story of the Federal Reserve

BooksMay 27, 2009
Groseclose shows that at no time in its history has the Fed actually achieved what it promised: low inflation, economic stability, stable growth, reliable regulation of the banking system.

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Fractional-Reserve Bitcoin Banks?

BlogSeptember 21, 2013

Writes John Carney at CNBC:

One of the odder claims made aboutBitcoins that you hear from time to time is that there can't be fractional reserve banking in the electronic currency.
This is supposedly...

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Complete Libertarian Forum (1969-1984)

BooksJanuary 22, 2010
Libertarian Forum existed from 1969 to 1984. It was a passionate, smart, gossipy, and often shocking newsletter that is as fresh today as when it was written.

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"Banish Fractional Reserve Banking for Real Reform"

BlogJune 25, 2013

. . . says Thomas Mayer, a former IMF economist and former Chief Economist of Deutsche Bank Group and Head of DB Research, and now a Deutcshe Bank Senior Advisor. In a letter today to the Financial Times, Mayer writes:...

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Choice in Currency

BooksMarch 10, 2009
Hayek shows that it is crucial to bring the forces of competition to bear in currency markets.

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A History of American Currency

BooksJune 7, 2007
Sumner's lesson is that paper currency leads to a trap: continued crisis, hyperinflation, or the restoration of sound money...

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Organization of Debt into Currency and Other Papers

BooksMarch 28, 2006
Charles Holt Carroll defended sound money in a blazing series of essays appearing in the latter decades of the 19th century.

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The Cyprus Deal and the Unraveling of Fractional-Reserve Banking

BlogMarch 27, 2013

The “Cyprus deal” as it has been widely referred to in the media may mark the next to last act in the the slow motion collapse of fractional-reserve banking that began with the implosion of the savings-and-loan industry in the U.S. in the late 1980s. This trend continued with the...

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Bank Credit

BooksDecember 6, 2006
This 1931 textbook develops the principles of bank credit considered in the abstract, and sets forth the main factors underlying the loans made by banks to borrowers.

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The History of Banks

BooksJuly 22, 2009
This book discusses the history of banking beginning in Venice and Genoa. It continues by demonstrating the advantages and necessity of free competition in the business of banking.

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Effects of the War on the Money, Banking, Credit System of the United States

BooksSeptember 27, 2011
Students of money and banking will find this volume filled with solid information and marked by penetrating insight and illuminating interpretation.

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