Liberty Forged

the State has no money of its own, so it has no power of its own. ` Nock

Creation of ‘The Federal Reserve’ and it’s relationship to Industrialization

Posted by Jesse on October 27, 2008

Industrial cartel/merger policies can only be preserved through use of the state.

Competition in the market, absent the strong-arming of state legislation, will always present a challenge to those that seek to dominate the market.

Rothbard’s Founding of the Federal Reserve (video)

Murray outlines the argument by the intellectuals during the progressive era and the rise of state privilege that has assumed its place in American society and politics. It is accepted as the foundation of American economic policy today.

·Elimination of Free Banking (monopolization of money/national banking system/fractional reserve banks)

·Credit expansion/”Lender of last Resort”/Inflation

·1/2 hour of details about how the Federal Reserve Act came to be and the actors that drove this policy.

·Question and Answer session for the last 8 minutes

also see Rothbards short explanation of Fractional Reserve Bank accounting, What Has Government Done to Our Money (primer), The Case Against the Fed (book)

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·Great Mises Institute media on the nature/origin of money and the Federal Reserve as an institution.

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