Money, Banking and the Federal Reserve
Steeped in American history and Austrian economics, this extraordinary film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.
Steeped in American history and Austrian economics, this extraordinary film is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.
Jorg Guido Hülsmann addresses some of the Problems in Cycle Theory at the 2003 Austrian Scholars Conference.
One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently insolvent. But, government has eliminated runs on banks. Banks are not allowed to fail when they are mismanaged.
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(38:26)