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 Taking Money Back by Rothbard

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Taking Money Back by Rothbard Vide
PostSubject: Taking Money Back by Rothbard   Taking Money Back by Rothbard Icon_minitimeSun Oct 05, 2008 8:26 am
http://mises.org/story/2882
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Taking Money Back by Rothbard Vide
PostSubject: Re: Taking Money Back by Rothbard   Taking Money Back by Rothbard Icon_minitimeSun Oct 05, 2008 4:13 pm
How could the Federal Reserve System possibly be abolished? Elementary: simply repeal its federal charter, the Federal Reserve Act of 1913.

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If this proposal seems harsh on the banks, we have to realize that the banking system is headed for a mighty crash in any case. As a result of the S&L collapse, the terribly shaky nature of our banking system is at last being realized. People are openly talking of the FDIC being insolvent, and of the entire banking structure crashing to the ground. And if the people ever get to realize this in their bones, they will precipitate a mighty "bank run" by trying to get their money out of the banks and into their own pockets. And the banks would then come tumbling down, because the people's money isn't there. The only thing that could save the banks in such a mighty bank run is if the Federal Reserve prints the $1.6 trillion in cash and gives it to the banks — igniting an immediate and devastating runaway inflation and destruction of the dollar.
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Taking Money Back by Rothbard

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