Money and Banking

The Fed is a racket at heart, a con game writ large — what else can you call an organization with the exclusive privilege of printing money in the

Tom Woods has made an invaluable contribution with his latest book. The public today looks for an explanation of the current economic crisis and a prescription for recovery.

The problem is not really economic but political. And as long as "the leadership of the Party" and "Marxism, Leninism, Mao Ze-dong thought" remain enshrined in the preamble to the Chinese constitution, the solution is likely to remain as elusive as ever.

"In a year or two, we just moved right from that stock-market bubble, almost seamlessly, into the real-estate bubble, and nobody could see that there was any similarities."

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

Austrian economists are not fooled, because they reject the idea of empirical data in the validation of theory in the social sciences.

Presented as part of the Mises Institute’s Brown Bag Seminar series on April 15, 1997 in Auburn, Alabama.