Origins of the Federal Reserve
The financial elites of this country were responsible for putting through the Federal Reserve System as a governmentally created and sanctioned cartel device to enable the nation's banks to inflate the money supply in a coordinated fashion. FULL ARTICLE by Murray Rothbard.
Comments (2)
Saul Frugman
The Federal Reserve makes it easy to print lots of money. Printing money is good because it boosts consumer spending and GDP.
Published: November 13, 2009 7:36 AM
Stephen Grossman
I'm reading Rothbard's _Money..._ and am at the chapter on the Fed. It's an excellent corrective to pseudo-scientific statism. However, it's two books in one. The first is a valuable history of socialism's growth. The second is the absurd, overly-detailed, Marxist claim of big business controlling society. And Rothbard contradicts this by recognizing that intellectuals rationalized the growing socialism with the common good. Thus he should have provided the history of the intellectuals' appeals to the common good. Even more, ideas, not economic elites, cause history. The pseudo-morality of sacrifice was used by intellectuals to justify the common good as the guide to economic policy.
Listen to our current, mainstream politicians and intellectuals. Selfishness must be accepted or America and the market will vanish into some kind of socialist swamp.
Published: November 13, 2009 10:35 AM