Here’s an interesting piece from WaPo-owned Slate on the anti-Fed movement, which includes trimmers and phonies as well as the real deal. The good guys mentioned include Ron Paul, Jim Grant, Kevin Duffy, and the godfather, Murray Rothbard. Thanks to Bethany McLean for this sentence:
Murray Rothbard, the controversial libertarian economist who many consider the intellectual father of the anti-Fed movement, wrote in 1994 (The Case Against the Fed) that if the Fed were to be abolished, then “the banks would, at last, be on their own, each bank responsible for its own actions. There would be no lender of last resort, no taxpayer bailout [italics mine].”
Now, “controversial” typically means Don’t Read, but Murray’s genius, productivity, and writing ability have made him a colossus 15 years after his untimely death. He was always that, of course, but now people recognize it, in the freedom movement and the Austrian School, which is at its core Misesian-Rothbardian. Thanks to the Mises Institute, all Murray’s works are available for free on the web, with more to come.
The War Street Journal tries to tell us that real Austrian economists love the Fed and fractional-reserve banking, and are Koch-owned too, but such articles drop down a hole, in part because of Rupert Murdoch’s hilarious-Neanderthal attitude towards the internet. This Slate piece will not.
For the first time since the Fed’s enactment by the big banks so many years ago, this dangerous institution is unpopular, as well it should be. It wreaks havoc on regular people to the benefit of the State, the big banks, and Wall Street. All over the world, the Forgotten Man and Woman are seeing through the propaganda, and beginning to understand the truth. The Fed’s Depression-producing days are numbered.
And speaking of fractional-reserve banking, here is a great article by Neil Reynolds in the Globe and Mail on the work of Spanish RothbardianJesús Huerta de Soto. Read his key work. Professor de Soto is a giant.
cross-posted from the LewRockwell.com blog