[Reading] ➬ The Case Against the Fed ➳ Murray N. Rothbard – Saudionline.co.uk

The Case Against the Fed chapter 1 The Case Against the Fed, meaning The Case Against the Fed, genre The Case Against the Fed, book cover The Case Against the Fed, flies The Case Against the Fed, The Case Against the Fed f5a5ab903f449 The Most Powerful Case Against The American Central Bank Ever Written This Work Begins With A Mini Treatment Of Money And Banking Theory, And Then Plunges Right In With The Real History Of The Federal Reserve System Rothbard Covers The Struggle Between Competing Elites And How They Converged With The Fed Rothbard Calls For The Abolition Of The Central Bank And A Restoration Of The Gold Standard His Popular Treatment Incorporates The Best And Most Up To Date Scholarship On The Fed S Origins And Effects


10 thoughts on “The Case Against the Fed

  1. says:

    Murray Rothbard, in customary fashion, destroys the myths surrounding the Federal Reserve in The Case Against the Fed Though this is only about 150 pages long, Rothbard is able to go into detail about the theories surrounding fractional reserve banking and central banking, the specific history of central banking in America, and his plan to abolish the Fed I think this is a fantastic short work I only wish it was longer The only thing keeping this from five stars from me is my disagreement with Rothbard over 100% reserve banking I believe that free banking absent of any central bank is the answer, not imposed 100% reserve banking If 100% reserve banking is what the people demand in a free market, that is what will dominate, but it should be up to the market to decide Rothbard opens this book theoretically, explaining banking from an elementary perspective He explains how fractional reserve banking emerged and how fractional reserve banking would constitute fraud in the warehousing industry He discusses the inherent insolvency of banks in a fractional reserve system thus, it is in the banks best interest to cartelize to ensure that inflation is evenly spread throughout the banking system A cartelized system with a central bank at the head benefits banks with a lender of last resort and a system in which one bank s expansion of credit does not take down the entire banking system Further, a central bank enables inflation during recessions, which flies in the face of contractionary pressures typically brought on by the market A central bank enables larger booms and intense busts, a theory that is borne out by the last century in America.Beyond his general criticism of central banking, Rothbard does a great job to describe the banking industry s complicity in and support of the Federal Reserve System More specifically, he documents the J.P Morgan control of the initial Federal Reserve and the later takeover by Rockefeller interests If Rothbard s Austrian theories do not convince readers of the Fed s shadiness, the mainstream banking industry s overwhelming support of the Fed should do the trick.I would recommend The Case Against the Fed to anyone with an interest in banking, financial markets, or economics I really wish people would have read books like these and Ron Paul s End the Fed before proclaiming Ben Bernanke a hero in 2009 An ability to look deeper beneath the surface seems to have been lost among our politicians and media members Hopefully the Fed s continuing blunders over monetary policy will convert people to the anti central banking end of the spectrum Though I am of a free banking advocate than a 100% reserve banking advocate, Rothbard s discussions of the Fed are important.


  2. says:

    The Case Against the Fed exposes the Federal Reserve System as the most secretive and fraudulent federal agency that is accountable to nobody where it is not even subject to budgets or audits nor Congressional Oversight Basically, it has complete immunity from any transgressions because the banks have convinced the government and the public to grant the Federal Reserve full monopolistic and absolute power over the monetary system without any accountability.The Federal Reserve System engages in fraud by counterfeiting through the process known as fractional reserve banking banks commit fraud by inversely pyramiding deposits by lending than what is in reserves In the process, fractional reserve banking expands the money supply, for the result is consequently the boom and bust cycle.Over the history of central banking, counterfeiting money has proven to be tricky because it is impossible without monopolization, for the only method to control money is to eliminate free market restrictions on fractional reserve banking America has had four central banking systems, and each system was incrementally designed to monopolize money Free market restrictions prevent commercial banks from inflating the currency by issuing pseudo banknotes Commercial banks can t inflate universally without the assistance of a central bank acting as the lender of last resort, so when the public realizes the banks insolvency, the central bank bails them out.Rothbard explains how bankers, academics, politicians, and businessmen hoodwinked the American public through widespread propaganda tactics to convince them that the only way to fix the run on banks was fractional reserve banking with a central bank even though the apparent cure was already the problem.The existence of the FDIC is rather an amusing notion because how can fractional reserve banking possibly be insurable considering all banks are inherently insolvent besides no business can be properly insured because insurance is managing risk from uncontrollable events whereas business has controllable events yet impossible to manage risk of the marketplace Overall, Murray Rothbard is undeniably and irrefutably an economic genius along with being a brilliant author The Case Against the Fed is geared towards novice readers of economics, yet every time I indulge in a book with Rothbard s name on it, it is always enjoyable no matter what.


  3. says:

    This is the best starting point for anyone who wishes to understand the problems with debt based central banking Given the economic turmoil over the past year, I suspect this book would garner attention, as it should.Rothbard deftly illustrates the dangers of fractional reserve lending, which is the primary source of a bank s income on its deposits which it is not allowed to count as revenue The Federal Reserve rules the roost in the banking world, and sadly it is not a reserve, has never been audited, and is one of the most corrupt entities in the American government.Rothbard gives a brief history of the Fed, and then shows the reader how it prints money, distributes this money, creates inflation, which in turn hurts investors and people who wish to retain savings.If you want to understand the current economic problems in America, take it from one of the foremost experts in the Austrian school of economics.


  4. says:

    The most important thing I learned in this book is that the private ownership of the Federal Reserve is not the most interesting part of its sneakiness It is the control and power which the Federal Reserve can exert by expanding and contracting credit at will totally unregulated, that makes it so pernicious The issuance of high powered money money at stage 1 of the inflation process to the Fed s friends and families makes it terribly powerful.One interesting tidbit was the fact that Marriner Eccles a latter day saint was part of the Rockefeller led ousting in 1930s of the Morgan family who had principle control over the Fed initially He also served as Chairman of the Fed from 1934 1948 Hm.


  5. says:

    Besides Ron Paul s similar stance on the issue, there is not many other books out there that present such a full, convincing, and scathing case against the Federal Reserve being the central bank in the U.S and the undue influence it has over the economy, markets, and the actions people take on a daily basis The benevolence of the Fed is quickly laid 6 feet under and you will be caught thinking about the dollars you hold in your hand every time you go to the store If you are interested in the markets, economy, money, or what the future has in store for the U.S dollar, this is an absolute must read.


  6. says:

    Ever since the creation of the Federal Reserve, the U.S taxpayers have been hostages to the banking cartel.This book simply explains how the Feds cause the cycle of boom and busts, and how they profit from it It explains how inflation and fractional reserve banking works, also to their benifit at the expense of the taxpayer.In summary the book expains how the Morgans and Rockerfellers have a monopoly on counterfieting the U.S dollar with the full faith and credit of the U.S Government.This book, though written in 1994, helps one understand what is going on in todays economic crisis.


  7. says:

    Generally considered to be a classic introduction to Austrian economics, I highly recommend The Case Against The Fed as a starting point for those interested in the financial driving factors behind American boom bust cycles Note that while you can purchase a convenient electronic copy of this book for a few dollars which I recommend doing you can also download it for free from the Ludwig von Mises Institute at


  8. says:

    the first half of the book is very pertinent to our current economic situation and the second half exposes the in bed ness of industry and central banking.


  9. says:

    Murray Rothbard gives a withering rebuke of the institution that may have impact on our daily lives than any other in the country.


  10. says:

    The cardinal strength of this book lay in the former half a wonderfully edifying instruction on the nature of money, banking, and fractional reserve banking The latter half rather slipped off its feet on the ascent the book was making and tumbled a bit While spelling out the machinations involved in the advent of the Fed, I recall thinking to myself the author and reader were involved in a game of how many degrees of separation are there between central bank apologists and or Fed officials and the financial oligarchs of the era.


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