The Case Against the Fed
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İzlenimler
- Olaoluwa Adejumobir izlenim paylaşıldıgeçen yıl
👍Okumaya değerThis is a very good book.
It explains in details the flaws of Fractional reserve banking and how the Federal Reserve is the main cause of inflation and constant booms and bust it promise to fight.
Alıntılar
- Olaoluwa Adejumoalıntı yaptıgeçen yılThe gold stock of the Fed should be revalued upward so that the gold can pay off all the Fed's liabilities—largely Federal Reserve Notes and Federal Reserve deposits, at 100 cents to the dollar. This means that the gold stock should be revalued such that 260 million gold ounces will be able to pay off $404 billion in Fed liabilities.
- Olaoluwa Adejumoalıntı yaptıgeçen yılA gold-coin standard, coupled with instant liquidation for any bank that fails to meet its contractual obligations, would bring about a free banking system so “hard” and sound, that any problem of inflationary credit or counterfeiting would be minimal.
- Olaoluwa Adejumoalıntı yaptıgeçen yılThat role, in fact, is the very purpose of its existence: to cartelize the private commercial banks, and to help them inflate money and credit together, pumping in reserves to the banks, and bailing them out if they get into trouble.
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