Money and Banks

The Fed is essentially a giant counterfeiting machine. That would be criminal for you, but is legal for JPMorgan's men under the Federal Reserve Act written by the big bankers.

Honest money and private property rights are the foundation for a peaceful society. The price system is what makes this work because it reflects the real availability of each scarce product and service, especially during emergency times.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

How are money prices determined? The stock of the money commodity responds to demand and supply of the consumers and their preferences just as with any other good.

This completes the study of money and of the effects of changes in monetary relations on the economic system. Like all commodities, money has its own supply and demand and price: purchasing power. Everyone deals in money.

As Murray Rothbard explained in The Case Against the Fed, business firms cannot be insured, and especially not fractional-reserve banks.

Wise citizens would do well to stay tuned to the penny and observe what it reveals about monetary policy and the future of the dollar.