''The Case Against the Fed'' is a 1994 book by
Murray N. Rothbard criticising the United States
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
,
fractional reserve banking, and
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
s in general.
It details a history of fractional reserve banking and the influence that bankers have had on
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
over the last few centuries.
Rothbard argues that the claim that the Federal Reserve is designed to fight
inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduct ...
is
sophistry
A sophist ( el, σοφιστής, sophistes) was a teacher in ancient Greece in the fifth and fourth centuries BC. Sophists specialized in one or more subject areas, such as philosophy, rhetoric, music, athletics, and mathematics. They taught ' ...
, that price inflation is caused only by an increase in the
money supply
In macroeconomics, the money supply (or money stock) refers to the total volume of currency held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circul ...
, and that since only banks increase the money supply, then banks, including the Federal Reserve, are the only source of inflation. He writes:
Publishing History
In English
* The Case Against the Fed.
Alabama
(We dare defend our rights)
, anthem = "Alabama"
, image_map = Alabama in United States.svg
, seat = Montgomery
, LargestCity = Huntsville
, LargestCounty = Baldwin County
, LargestMetro = Greater Birmingham
, area_total_km2 = 135,765 ...
:
Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
It ...
, 1994;
In Portuguese
* ''Pelo fim do Banco Central''.
Rio de Janeiro
Rio de Janeiro ( , , ; literally 'River of January'), or simply Rio, is the capital of the state of the same name, Brazil's third-most populous state, and the second-most populous city in Brazil, after São Paulo. Listed by the GaWC as a ...
: Editora Konkin, 2022;
See also
*
Austrian Business Cycle Theory
References
External links
Full versions of The Case Against the Fed, 2009 edition:
''The Case Against the Fed'' – full text web page''The Case Against the Fed'' – full text pdf file''The Case Against the Fed'' – Google Books''The Case Against the Fed'' – free audio bookFull text version in Portuguese, 2021 edition:
''Pelo fim do Banco Central'' - full text
{{DEFAULTSORT:Case Against The Fed
1994 non-fiction books
Finance books
Books by Murray Rothbard
Federal Reserve System