Mises Wire
Author:
Murray N. Rothbard
Online Publish Date:
the last major country to enjoy, or be saddled with, a central bank. All the major European countries had adopted central banks during the 18th and 19th centuries, since that would have meant a bitter confrontation with Britain’s now-powerful unions. Ever since the imposition of an extensive unemployment-insurance system, the freedom to keep inflating, in order to raise prices, do an end run around union wage rates, and ensure cheap credit for business. The British authorities had