The American Economy and the End of Laissez-Faire: 1870 to World War II

10. Cartelization of Banking: The Fed

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The Federal Reserve was created in 1913 by Morgan men to cartelize the banking system and limit competition. This is fractional reserve banking rather than 100% reserves. Rothbard thinks it is fraud. It increases the money supply in an inflationary manner by creating money out of thin air.
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The American Economy and the End of Laissez-Faire: 1870 to World War IIBy Murray N. Rothbard
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