Review of Murray Rothbard’s “The Case Against the Fed”
September 5th, 2009
by Gary
(download the book here, pdf)
Now that for the first time since its creation the highly secretive Federal Reserve is starting to be brought out into the light as to its real purpose and counterproductive practices which harm, rather than help the economy.
While everyone should get a copy of Ron Paul’s “End the Fed,” to be available on September 16 but can be preordered now, there is another great book by Murray Rothbard called “The Case Against the Fed,” where anyone wanting to discover the history of the Federal Reserve and the real motivations behind creating it by some of the major bankers of that time, can delve into the highly readable book and have their eyes opened to the extraordinary events and personalities involved with it, and more importantly, what the terrible effects of its creation has brought about.
At the beginning of the book Rothbard deals with the biggest weakness in our present banking system: fractional reserve banking. He talks about and exposes how the banking system would collapse if there were runs on the bank because reserves are so low in contrast to the money floating around and being used in the economy.
When you hear about increasing reserves in the financial media, this is what it’s talking about: banks having more money in reserve to fight off circumstances like we’re in today, where the taxpayers have to bail out the banks which can’t meet their commitments.
The other major point made by Rothbard is in reference to inflation, which he asserts is caused solely by the Federal Reserve. If Americans and others around the world ever really understand the causes and devastation of inflation, it would incite a revolution in the financial industry, and one that would help sweep away the dross of the Federal Reserve and its fruit of inflation. Anyway, Rothbard hits it hard to show the reality of that powerful dynamic and how we need to fight against it.
Some of the other issues Rothbard tackles are booms and busts, how the Federal Reserve causes inflation and what he believes needs to be done about the situation, among many other things.
I would highly recommend you getting Murray Rothbard’s “The Case Against the Fed,” and read that and the upcoming “End the Fed” from Ron Paul. Together they’ll give you the ammunition you need to join the revolution.
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.
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