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The Case Against the Fed Paperback – November 14, 2011
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About the Author
Murray N. Rothbard, the author of 25 books and thousands of articles, was a historian, philosopher, and dean of the Austrian School of economics. The S.J. Hall Distinguished Professor of Economics at the University of Nevada, Las Vegas, he was also Academic Vice President of the Ludwig von Mises Institute in Auburn, Alabama. --This text refers to an alternate Paperback edition.
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I would also like to thank Thomas E Woods Jr (a frequent poster here) for turning me on to Rothbard and the Austrian School through his (highly recommended) book Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
The knowledge in this book is well-referenced and the book is clearly written.
Americans have their head in the sand about problems we've had with central banks in the past. Andrew Jackson and others smashed them all for a reason.
The government is a runaway debt train - with the Fed and the banking cartel printing paper to fuel it.
I recommend other books by Murray Rothbard and Ron Paul - and two especially good educational books that explain why our Founding Fathers wrote the Constitution in the first place. "First Principles" by Thomas Tripp and "5000 Year Leap" by Skousen.
The reality is that the Federal Reserve is a pseudo-public entity that is privately operated and owned by 5 to 6 private banks in Europe and the United States. The creation of the Federal Reserve marked the beginning of the privatization of our political institutions, national resources and money. The Government borrows money from the Federal Reserve and in return the Federal Reserve banks receive government bonds. In other words, the Federal Reserve Bank and its owners possess the Federal Government and the American public through the trillions of dollars we borrow from them yearly. The deeper in debt our government becomes, the more ownership the Federal Reserve will have over our lives.
Murray Rothbard is an opponent of the Federal Reserve system, and in his book "The Case Against The Fed" he discusses his economic views and makes his case against them. His book will give the reader a basic ecconomic review, and a historical perspective of the Federal reserve and its creation, as well its impact on our lives and its modus operandi. It's a book worth reading....
The creation of "The Fed" was a result of a decades long movement by a group of enormously powerful bankers and tycoons such as J.P. Morgan, John D. Rockefeller and Paul Warburg (among others) to create a central bank in the US. They claimed that this was a safeguard for the nation's economy, but Rothbard argues convincingly that these bankers true motive was nothing more than consolidation of power over the nation's wealth. Besides that, Rothbard argues that not only is the Fed not a safeguard for the economy, but it is actually the CAUSE of much of our economy's woes. He cites such practices as fractional reserve banking (which is essentially legal counterfeiting) and argues how this is responsible for massive inflation and erratic "boom and bust" cycles. He calls for the dissolution of the Fed and a return to the gold standard. With my aforementioned ignorance of economics, I cannot judge the accuracy of Rothbard's arguments, but I can say that this is a well-written and well-argued Case Against the Fed. Four stars.
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Rothbard very clearly reasons against the evils of an elastic money supply.Read more