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Murray Rothbard

The Case Against the Fed

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The Case Against the Fed takes a critical look at the United States Federal Reserve and central banks in general. It details the history of reserve banking and the influence that bankers have had on monetary policy over the last few centuries. The claim that the U.S. Federal Reserve is designed to fight inflation is proven false in this book,--in fact, it is price inflation which is caused only by an increase in the money supply, and since only banks increase the money supply, then banks, including the Federal Reserve, are the only source of inflation. First published in 1994, this book is more vital and relevant today than ever.
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153 printed pages

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Impressions

  • Olaoluwa Adejumoshared an impressionlast year
    👍Worth reading

    This is a very good book.

    It explains in details the flaws of Fractional reserve banking and how the Federal Reserve is the main cause of inflation and constant booms and bust it promise to fight.

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    Quotes

    • Olaoluwa Adejumohas quotedlast year
      The gold stock of the Fed should be revalued upward so that the gold can pay off all the Fed's liabilities—largely Federal Reserve Notes and Federal Reserve deposits, at 100 cents to the dollar. This means that the gold stock should be revalued such that 260 million gold ounces will be able to pay off $404 billion in Fed liabilities.
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      • Olaoluwa Adejumohas quotedlast year
        A gold-coin standard, coupled with instant liquidation for any bank that fails to meet its contractual obligations, would bring about a free banking system so “hard” and sound, that any problem of inflationary credit or counterfeiting would be minimal.
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        • Olaoluwa Adejumohas quotedlast year
          That role, in fact, is the very purpose of its existence: to cartelize the private commercial banks, and to help them inflate money and credit together, pumping in reserves to the banks, and bailing them out if they get into trouble.
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