The Case Against the Fed - Mises Institute

T he Case Against the F ed

The Ludwig von Mises Institute acknowledges with gratitude the

generosity of Mr. Doug Casey and the Eugene B. Casey Foundation and the Hon. Ron Paul and CTAF, Inc., who made the original publication

of this book possible.

T he Case Against the F ed

Murray N. Rothbard

Ludwig von Mises Institute

AUBURN, ALABAMA

All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles.

Copyright ? 1994 by Murray N. Rothbard Copyright ? 2007 by the Ludwig von Mises Institute

Ludwig von Mises Institute, 518 West Magnolia Avenue, Auburn, Ala. 36832;

ISBN: 978-0-945466-17-8

Cover photo by David Hittle

Contents

Introduction: Money and Politics................................................ 3 The Genesis of Money..................................................................... 12 What is the Optimum Quantity of M oney?............................. 18 Monetary Inflation and Counterfeiting...................................... 20 Legalized Counterfeiting............................................................... 27 Loan Banking...................................................................................... 29 Deposit Banking............................................................................... 33 Problems for the Fractional-Reserve Banker:

The Criminal L a w ..................................................................... 40 Problems for the Fractional-Reserve Banker: Insolvency. . . 45 Booms and Busts............................................................................... 54 Types of Warehouse R eceip ts...................................................... 55 Enter the Central B an k ................................................................... 57 Easing the Limits on Bank Credit Expansion......................... 62 The Central Bank Buys Assets...................................................... 64 Origins of the Federal Reserve:

The Advent of the National Banking System ................... 70 Origins of the Federal Reserve: Wall Street Discontent........ 79 Putting Cartelization Across: The Progressive Line............... 82 Putting a Central Bank Across:

Manipulating a Movement, 1897-1902............................... 90 The Central Bank Movement Revives, 1906-1910 ................. 106 Culmination at Jekyll Islan d ........................................................... 114 The Fed at Last: Morgan-Controlled Inflation............................118 The New Deal and the Displacement of the Morgans.......... 129 Deposit "Insurance"......................................................................... 134 How the Fed Rules and Inflates.................................................. 137 What Can Be Done?............................................................................145 In d ex.................................................................................................... 153

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