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Money, Banking, and the Federal Reserve Part 1 of 5
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"The Federal Reserve System virtually controls the nation's monetary system, yet it is accountable to no one. It has no budget; it is subject to no audit; and no Congressional Committee knows of, or can truly supervise, its operations."
These are the words of the late professor Murray N. Rothbard, economist and academic advisor of the Ludwig von Mises Institute. The institute is dedicated to the ideals of a free market and sound money. This program is dedicated to the memory of Murray N. Rothbard and his prolific work on money and banking.
For more than twenty years, the living standards of middle class Americans have steadily declined; incomes have remained flat or falling and the opportunities and security we once took for granted have begun to fade. For most families, one income no longer pays the bills; it requires two or more incomes to afford a home, pay medical and childcare expenses, and put children through school. Unless present trends change, young workers are unlikely to ever live as well as their parents. Good jobs with a future are harder to come by; education doesn't count for what it once did; taxes continue to rise while social security is going bankrupt. Private pensions are no longer reliable; economic volatility and uncertainty are on the rise. Politicians espouse numerous theories about the cause of this country's economic woes; seldom however do these officials look below the surface: the roots of our economic ills can be traced to central banking and our present monetary system.
The Federal Reserve claims to manage our money; instead it makes our money worth less and less every day. It has generated continuous and worsening business cycles and lowered our living standards.
Lew Rockwell: It's really no different from a burglar in your house wanting to steal your money. That's what the Federal Reserve does. It depreciates your savings; it takes away your economic security; and it ought to be treated as an institution that does that, rather than something of alleged benefit.
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