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Gary Patton

The Origins of the Fed - Ron Paul - Mises Daily - 0 views

mises.org/...The-Origins-of-the-Fed

business banking mone

shared by Gary Patton on 06 Dec 11 - No Cached
  • The Federal Reserve cartelizes the banking industry, allowing individual banks to inflate together, earning them and the government enormous profits, while making sure that they are never held accountable for their fraudulent practices.
  • early 1900s — during the so-called Progressive Era — the US government began a radical program of intervention into the economy.
  • a precursor of socialism and fascism
  • ...7 more annotations...
  • conferred special privileges on favored firms, insulating them from the competition of the free market
  • This illegitimate and unconstitutional process happened time and time again
  • era when the US free market received a beating
  • in a system of government intervention, industries are no longer accountable to the needs of the people.
  • the years of many evils: the income tax, "making the world safe for democracy" through World War I, centralization through direct election of senators, the imperial presidency, Prohibition, and the Federal Reserve System
  • Academics, as is still the case, provided intellectual cover for these crimes
  • The central-banking movement began to grow a year before the Panic of 1907 in New York.
  • Gary Patton on 06 Dec 11
     
    The Federal Reserve cartelizes the banking industry, allowing individual banks to inflate together, earning them and the government enormous profits, while making sure that they are never held accountable for their fraudulent practices.
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