Money and Banking

The essay added later to the collection: a critique of proposals to nationalize banking and credit, weighing bureaucratic against profit management and warning of credit overexpansion and immobilization.

The two great confusions about money and interest, from Aristotle’s “money cannot beget money” to modern credit expansion, and how monetary manipulation by banks and governments produces inflation and the business cycle.

Aristotle called interest unnatural. Aquinas called it unjust. For centuries, the Church banned it. Guido Hülsmann argues they were wrong about the free market—but accidentally right about the fiat system.

Money did originate from the state, no matter how many times contemporary monetary theorists might claim otherwise.

Money didn't originate from the state, no matter how many times contemporary monetary theorists might claim otherwise.

Bob sits down with fund manager and author Larry Lepard to discuss his book The Big Print, which argues that the core problem with modern America is not corporate greed or partisan politics, but a monetary system deliberately structured to benefit those closest to the Fed.

To help mark the passing of former Federal Reserve Chairman Alan Greenspan, we run this 2001 piece from Dr. Joseph Salerno, who understood the Greenspan fraud long before "The Maestro" tanked the US economy by setting off the Housing Bubble.

On the day Greenspan died, this 2001 essay by Joseph T. Salerno deserves a second life. It documented what the mainstream refused to see.

Despite support from some economists in the free market camp, fractional reserve free banking is doomed for failure, as Murray Rothbard pointed out.

Despite support from some economists in the free market camp, fractional reserve free banking is doomed for failure, as Murray Rothbard pointed out.