According to Murray Rothbard of the Austrian School of Economics -- and thoroughly documented by him in A History of Money and Banking in the United States -- banking panics and the resultant depressions occurred often in the 19th century, but always because of the same factor: collapse of the credit part of the money supply which had been created by fractional-reserve lending. In other words, by de-facto bankster counterfeiting.
No comments:
Post a Comment