Among gold and silver investors there is a common cry to get rid of the Fed and return to the gold standard. However, with the Establishment having controlled our schools and universities for decades, the masses are duped into believing that the money and banking are much too complicated to be understood by anyone but those educated at our “more esteemed” universities.
Without a doubt, the masses believe that the arcane workings of the Fed and our monetary system are to be left to “the better educated,” to those who have “made a life of studying economics” and even have doctorates from Yale or Harvard. If you doubt this, try criticizing the concept of central banking (The Fed is our central bank.) in front of anyone with a college degree.
You may run across someone who is quick to criticize the Fed’s actions. “The Fed should lower (or raise) the discount rate,” is a likely comment. Those who really want to show their knowledge of our banking system may lay something like this on you: “The Fed should cut the minimum reserve requirements on CDs.” Better yet, you may get, “The Fed needs to raise the margin requirements on stock loans to cool stock market speculation.” Now you know you have a college graduate who sat through a couple of finance classes. This person has been completely indoctrinated into the world of central banking and government control of money. He (or she) is your average college graduate, and that is how the fraud of the Federal Reserve System is perpetuated. But, don’t even begin to try to get the average college graduate to discuss dumping the Fed and going back to the gold standard.
Fortunately, calls for dumping the Fed and returning to the gold standard come not just from “gold bugs” but also from economists who truly have made the study of economics lifetime endeavors. One such economist was the late, great Murray N. Rothbard.
Murray N. Rothbard was a scholar extraordinaire who made major contributions to economics, history, political philosophy, and legal theory. He developed and extended the Austrian economics of the legendary Ludwig von Mises and established himself as the principal Austrian theorist in the latter half of the twentieth century. Rothbard applied Austrian analysis to historical topics such as the Great Depression of 1929 and the history of American banking. Oh, yes, Rothbard received a PhD from Columbia University in 1956.
In 1995, Rothbard wrote a piece titled Taking Money Back, which was printed in the September and October issues of The Freeman. Taking Money Back outlined Rothbard’s reasoning and steps for dismantling the Fed and returning to the gold standard.
Lew Rockwell recently chose Taking Money Back as the lead article for his website, which has become one of – if not the most – popular free market, Libertarian websites on the Internet. Read Taking Money Back and learn that a truly learned man has called from dismantling the Fed and returning to the gold standard.
If you are interested in furthering your knowledge and understanding of money (and the flaws of our monetary system), start with a couple of Rothbard’s books. Excellent choices would be What Has Government Done to our Money?, The Case for the 100% Gold Dollar and The Case Against the Fed. All can be ordered from mises.org. If you want to learn the real cause of the Great Depression, order a copy of Rothbard’s America’s Great Depression.