Murphy lays out the various camps in the debate over FRB. He endorses the view of Joe Salerno, namely that Mises favored "free banking" as the best means for limiting credit expansion and ensuring banks carry high reserve ratios.

• Bob's Article in the QJAE on Fractional Reserve Banking: Mises.org/HAP470a
• Joe Salerno, "Ludwig von Mises as Currency School Free Banker": Mises.org/HAP470b

The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree