tag:blogger.com,1999:blog-53246864840716464.post5694791042179553297..comments2024-02-29T00:46:38.800-08:00Comments on Washingtons Blog: Fractional Fictional Reserve BankingUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-53246864840716464.post-66057560237813579882010-03-24T04:24:11.155-07:002010-03-24T04:24:11.155-07:00I liked your quotes from Austrian economists. As ...I liked your quotes from Austrian economists. As they were the ones to clearly predict both this crisis and the Great Depression, their school is the one that has by far the most credibility. They were correct in pointing out that the source of the business cycle is found in the ability of the government's central bank to create credit out of thin air. They also wisely recognized that the notion of a government monopoly on money--vs competing currencies in the marketplace--is economically unsound. Hayek wrote a book on how competing currencies could work and solve the many problems that result from government control of the currency (http://mises.org/Books/denationalisation.pdf).<br /><br />The more authority we give government, the more able they are to use it to abuse our rights, and the more inevitable it becomes that it will happen sooner rather than later.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-53246864840716464.post-61669798705014214062010-03-22T12:37:59.659-07:002010-03-22T12:37:59.659-07:00How do banksters get rich by "financing"...How do banksters get rich by "financing" your [home, auto, tuition, etc]? By creating credit out of thin air and then racking up the "interest" <br />http://www.libertariantoday.com/2010/03/how-do-banksters-get-rich-by-financing.htmlChris Moorehttp://www.libertariantoday.comnoreply@blogger.com