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""""""""""""""""""""""""""""""""""""""""""""""""""""""""""1 Ludwig von Mises, Human Action: A Treatise on Economics (Auburn, AL: The Ludwig von Mises Institute, 1998). 2 A good question put forth by Clarence B. Carson, Basic Economics (Phenix City, AL: American Textbook Committee, 2003). 3 Murray Rothbard, “The Meaning of Revolution,” Libertarian Forum, Vol. I, No. VII, July 1, 1969, p. 1. Available at: http://mises.org/journals/lf/1969/1969_07_01.pdf. Accessed June 1, 2010. 4 Randall W. Forsyth, “Ignoring the Austrians Got Us In This Mess,” Barron’s, March 2009. 5 There are many other organizations and think tanks in the United states dedicated to free market economics, though not necessarily in the tradition of the Austrian School. 6 Henry Hazlitt, quoted in Fifteen Great Austrian Economists (Auburn, AL: The Ludwig von Mises Institute, 1999), pp. 178-179.

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#########################################################1 Frank Chodorov, The Rise & Fall of Society (Auburn, AL: The Ludwig von Mises Institute, 2007), p. 153. 2 Chodorov, The Rise & Fall of Society, p. 8. 3 Murray Rothbard, The Case Against the Fed (Auburn, AL: The Ludwig von Mises Institute, 1994), p. 3. Available at: http://mises.org/books/fed.pdf. Accessed June 2, 2010. 4 John Maynard Keynes, The Economic Consequences of the Peace (1919), pp. 235-236. Available at: http://www.gutenberg.org/etext/15776. Accessed June 2, 2010. 5 Henry Hazlitt, Thinking as a Science (New York: E. P. Dutton & Co., 1920), p. 244. Available at: http://mises.org/books/thinking.pdf. Accessed June 2, 2010. 6 Frederic Bastiat, The Law (Irvington-on-Hudson, NY: The Foundation for Economic Education, 2004), p. 5. 7 James Madison, The Federalist No. 51 (1788). Available at: http://www.constitution.org/fed/federa51.htm. Accessed June 2, 2010.

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##########################################################1 Ludwig von Mises, Human Action (Auburn, AL: The Ludwig von Mises Institute, 1998). 2 Murray Rothbard, Man, Economy, and State (Auburn, AL: The Ludwig von Mises Institute, 2004), pp. 4-5, some emphasis removed. 3 Rothbard, Man, Economy, and State, p. 47. 4 Rothbard, Man, Economy, and State, p. 169. 5 Clarence B. Carson, Basic Economics (Phenix City, AL: American Textbook Committee, 2003), p. 23. 6 Carson, Basic Economics, p. 21. 7 Paul Cleveland, “Government: The Good, the Bad, and the Ugly,” The Journal of Private Enterprise, 1997, pp. 81-99. 8 Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations (1776), Book IV, Chapter 2. 9 Cleveland, “Government: The Good, the Bad, and the Ugly.” 10 Mises, Human Action, p. 854.

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Chapter 4!

Losing Our Spirit

The most efficient organization in the

world is not any group of people but a

single person. A normal person can

conceive a plan, figure out how to carry

it out, and communicate the orders to

do the task to his faculties instantly,

with minimum likelihood they will be

misinterpreted… Moreover, an

individual who owns his own material,

has put up the investment for an

undertaking, and stands to gain

whatever profits arise from the

enterprise, must have the greatest

incentive to do the job well.

—Clarence B. Carson1

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The term entrepreneur is derived from the French word which

means “a person who organizes and manages a business undertaking,

assuming the risk for the sake of profit.” More specifically, his role is

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

that of the individual who brings together the various means of

production to their final useful end. In essence he takes the elements of

production which are land, labor and capital and “mixes” them in such a

way that a product or service results. The entrepreneur can be a great

industrialist or he can be a farmer operating on a parcel of land.

One thing is certain: producing a product or service is not for the

faint of heart. The endeavor is filled with uncertainty, beginning first

with the simple fact that the product or service may not sell! The idea of

having to gauge wants and needs from infinite human desires is all

calculated guess work! The quantities, categories, styles, size, weight—

an endless variety of considerations like these, can easily be

overestimated. Plus, undertaking production may be on borrowed money

or credit and interest rates may rise. What about competition? All of

these factors are uncertainties. Obviously, one prominent characteristic

of the entrepreneur is that of risk taker. Without question he is an

individual who operates one step away from total failure, a lifestyle not

for everyone in society. To the outsider the entrepreneur appears to be a

person of great independence with power to wield in an organization. In

reality the entrepreneur is at all times keenly aware of the perilous risks

he must take in making his decisions. As Rothbard explains:

The entrepreneur is not creating uncertainties for the fun of it. On the

contrary, he tries to reduce them as much as possible. The

uncertainties he confronts are already inherent in the market

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situation, indeed in the nature of human action; someone must deal

with them, and he is the most skilled or willing candidate.2

'''''''''''''''''''''''''''''''''''''''''''''''''"

The Market

The entrepreneur’s arena is the market place. Anywhere two or

more people meet to engage in buying and selling is a market.

Economists refer to “the market” as a concept, knowing that markets

exist everywhere in great varieties and numbers, with things common to

all. The varieties and kinds of products and services in a nation such as

ours are complex and extensive. It boggles the mind to gauge the

demand for such products and services against existing or non-existing

supplies.

And what about setting prices for all these goods and services?

Who or what determines price? Certainly, the cost of production will

play an important role in pricing, but since people acting in the market

tend to buy the highest quality goods at the lowest prices possible, cost

of production is always subordinated to supply and demand. In effect,

cost of production is irrelevant to the buyer.

Another factor to consider, is that all markets will invariably

have competition. A successful product or service will quickly have

many imitators. Competitors can run away with much needed sales! This

phenomenon is most clearly seen in fads, trends, and styles that can

create windfall profits for some producers while completely destroying

others. An entrepreneur enters this arena and carefully calculates the

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pros and cons of his planned innovation. It is the action he takes that

starts the whole ball rolling. It is a most courageous undertaking. The

environment is filled with uncertainty. Yet, this is what he does and

society reaps the rewards.

All things being equal, the unhampered market has always been

seen by classical theorists as a mighty and efficient instrument of social

order. For example: with regards to prices, the market itself eventually

dictates the “going price” because a price in a free market is the amount

a willing seller will take and willing buyer will pay. In other words,

prices are arrived at by agreement between buyer and seller. Even the

simplest purchase involves an unspoken agreement. This market price is

the result of the interplay of a changing supply and demand because

these elements are dynamic. Nothing in the free market stands still for

long. And as far as competition goes, it and it alone is the stimulant to

market efficiency, both in price and quality. Competition keeps

producers from charging exorbitant prices. It is actually the friend of the

consumer. Therefore, in what can only be explained as a true marvel, the

free and unhampered market operates like an “invisible hand,” as Adam

Smith described it, or in Rothbard’s description:

[T]he “free market”…creates a delicate and even awe-inspiring

mechanism of harmony, adjustment, and precision in allocating

productive resources, deciding upon prices, and gently but swiftly

guiding the economic system toward the greatest possible

satisfaction of the desires of all the consumers.3

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"#$%&'()*+(&*)"

Every entrepreneur invests in a process of production because he

expects to make a profit; however, it is an error to think of the economy

in which he operates as being made up of only profits. In reality it is a

profit and loss economy. A loss occurs when an entrepreneur has made

poor judgments in estimating his future prices and sales. He understands

that a free market rewards its efficient entrepreneurs and penalizes its

inefficient ones. His goal is to be efficient; however, his biggest problem

is that profit and losses are intertwined with the going interest returns. It

is this rate of interest, especially when artificially manipulated, which

ultimately creates the greatest threat to his success. This process of

artificial manipulation is hidden. He does not see it coming. In effect he

is tricked! The results, of course, are always disastrous—business losses,

business failure or bankruptcy. For society at large the results are

massive unemployment, recessions, depressions and the dangerous

possibility of a complete collapse of the monetary system. As Austrian

economist Hans Sennholz writes:

Inflation and credit expansion always precipitates business

maladjustments and malinvestments that must later be liquidated.

The expansion artificially reduces and thus falsifies interest rates,

and thereby misguides businessmen in their investment decisions. In

the belief that declining rates indicate growing supplies of capital

savings, they embark upon new production projects. The creation of

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money gives rise to an economic boom. It causes prices to rise,

especially prices of capital goods used for business expansion. But

these prices constitute business costs. They soar until business is no

longer profitable, at which time the decline begins. In order to

prolong the boom, the monetary authorities may continue to inject

new money until finally frightened by the prospects of a runaway

inflation. The boom that was built on the quicksand of inflation then

comes to a sudden end.4

,#-%*#$!./0+#*%/&!

It is difficult for entrepreneurs to put enough money aside to

invest in even a small business enterprise. In this century, entrepreneurs

have learned to organize in order to raise enough money to go into

business. Aside from borrowing, the most common way is partnering

with others who have saved money to put up for capital. However, the

greatest limitation to partnerships is that there is no shield against

creditors in case of business failure. The individual partners can be held

individually liable for all debts of the partnership. Consequently,

partnerships are most often very small enterprises. In fact most

businesses in the United States are small: The latest figures from the

U.S. Census Bureau list 25,409,525 businesses in the United States, of

which only 5,885,784 have one or more employees. All the others do not

report a payroll.

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12(!3*/45!"#05(*!

There is a strange phenomenon with regards to corporations,

securities and the stock market which merits discussion here: Americans

hold a belief that the stock market is the driving force behind

corporations and American industry. Many believe declining stock

prices on the New York Stock Exchange or NASDAQ and other

exchanges signifies that the entire national economy is declining, and

that rising stock prices indicate that prosperity is ahead. This is indeed a

strange reaction to the stock market. Most Americans do not feel that

way about other products and services when they go up or down in

price. Why should stocks be any different? Clearly it is the manner the

stock market news is reported by the media, however, the major culprit

is misinformation about the stock market and how it functions.

The New York Stock Exchange, the NASDAQ and the several

other stock exchanges in the United Sates, including those abroad, are

just that, exchanges. As Professor Carson notes, the entrepreneur would

more properly refer to it as the used stock market because that is all that

is offered for sale, used stock! New stock issues that are sold in return

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for money are not offered on these types of exchanges. Actual wealth or

capital is transferred to the corporation at the time of the initial public

offering of the stock, or IPO. This is a one-time event. It represents the

true stock market for the corporation, occurring whenever IPOs are

offered to the public for sale. Some financial firms specialize in these

special securities, but the point here is that the stock exchanges, as in the

New York Stock Exchange or the NASDAQ, for all the daily trading

they do, provide no capital whatsoever for American industry.

Also, individuals who buy and sell stocks are frequently referred

to as “investors.” This too, can be confusing. We must not forget that

these individuals are only buying and trading shares. Although they may

be purchasing a return in dividends, their real motivation to buy a stock

is for the opportunity to sell at a profit when prices rise. In effect, they

are really speculators. They are primarily focusing on the exchange

value of the commodity. This is why purchasers of stocks only want bull

markets. On the stock exchanges, speculation is rewarded by the rising

price of a stock. When prices fall, all those who bet on the increase will

lose. It is this anticipatory element that defines speculation.

For example: On the famous “Black Monday,” October 19,

1987, the stock market was shocked by the loss of $500 billion in one

day. In reality this colossal amount of wealth simply vanished into thin

air because it existed only in the quoted price of the stocks on the stock

exchange. Factories and computers didn’t disappear on Black Monday;

doctors and engineers didn’t forget their skills. All that happened on

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Black Monday was that the prices of many corporations’ shares of stock

plummeted.

Do not misunderstand; stock speculators do serve a social

purpose. By selling (or “shorting”) overvalued shares and buying

undervalued ones, speculators help correct mispriced stocks. It is

important for stocks to have the “right” market price, because the

stockholders are the actual owners of the corporation and are ultimately

responsible for its fate. With accurate share prices, these owners

understand just how socially valuable their property is, and will have the

incentive to exercise the appropriate amount of oversight.5

However, important as stock speculation is, it is not an activity

for the average household, and certainly should not be confused with

old-fashioned saving. The typical American has been conditioned to

believe that investing in the stock market is the same thing as “saving

for retirement.” Americans have been lulled into a false sense of

security, in which investing in tech stocks is admittedly classified as

“speculative” and “risky,” while investing in the whole S&P 500 is

considered the epitome of caution. But even people with a “diversified”

portfolio can lose 40 percent in a single year, as recent events have

shown!

Additionally, we are pointing to the fact that stock trading can be

a highly emotionally charged activity. False signals are frequently sent

into the economy by either overvaluing or undervaluing particular

stocks. Naturally, when prices start to rise, trading tends to become

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

irrational. Predictably, people panic when prices fall. Much of the

liquidity crisis created during the Crash of 1929 was that the irrational

thinking created by skyrocketing prices made a lot of stock speculators

borrow on credit (margin), or from other lenders, in order to buy stocks.

Buying stocks on credit has the potential to achieve greater gains,

however, as prices plummeted, speculators who did not get out in time

scrambled for cash to meet their obligations. Of course the cash was

nowhere to be found and huge losses were incurred by many.

A similar situation occurred during the recent inflation of prices

in the housing market. Many borrowed from their home equity on home

prices that were overinflated in order to buy even more real estate. Great

losses were suffered by those who did not flip those purchases fast

enough before market prices on homes crashed.

Erratic movement in the stock market is prompted by other

outside forces which we know to be artificial bubbles in the economy,

caused by monetary policy. Austrian economists refer to them as “boom

and bust business cycles.” Nevertheless, one still wonders why people

speculate on stocks? What is the attraction? While it is true that some

professional traders have the ability to profit on prices going up or down

and can exit the market quickly, not everyone has this advantage.

Furthermore, it is still speculation. No one can predict with accuracy

each and every time. Many have discovered too late that speculation in

stocks can be an extremely risky endeavor especially if one’s entire

life’s savings are vested in it.

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Unfortunately this has become a large problem for many middle

class Americans. Huge losses have been suffered by individuals who

unknowingly were driven into the stock market via their employment

benefits, disguised as their retirement savings. These good people, who

for the most part are living from paycheck to paycheck, are taking great

risks with what they believe is their retirement savings. Individual

retirement accounts, the 401(k), 403(b), and other government

sponsored programs, all have their underlying assets invested in the

stock market mostly through mutual funds. Furthermore, these allocated

funds are virtually untouchable till age 59! unless one is willing to

incur a 10% penalty, plus pay the federal income tax which has only

been deferred.

All this has presented an unpleasant dilemma for Americans and

their dreams for retirement. To put this in perspective, we should not

overlook the fact that the median income for a working couple in the

United States is only $47,500! That means that half of this nation’s

working couples make less than this! Only 2% of the entire nation’s

population makes an income larger than $355,000. This means that the

margin for financial planning error for virtually 98% of Americans is nil.

Any type of financial setback or losses in the market or anywhere else

for that matter can be financially catastrophic. Somehow the definition

of real savings has been obscured.

There is absolutely no way to retire from work without first

having stockpiled a substantial amount of real savings. For an average

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

annual retirement income of $60,000 to $100,000, this means a stockpile

of several million inflation-plagued dollars! It simply cannot be done by

the average citizen in today’s economic environment. As it now stands,

most Americans live day to day buried in a mountain of debt and with an

ever rising cost of living. Most of that cost is taxes, not only direct taxes,

but indirect taxes caused by inflation. Americans know they need to

save and want to save, they simply cannot. Unless they can become fully

informed of the real source of their money problem, they will not be able

to solve this dilemma. Mises explains:

Everything that is done by a government against the

purchasing power of the monetary unit is, under present conditions,

done against the middle classes and the working classes of the

population. Only these people don’t know it. And this is the

tragedy….

These people can only provide for their old age practically

by either entering into labor contracts that give them a pension for

their later age, or they can save a part of their income and invest it in

such a way that they can use in later years. These investments can

either be either simple savings deposits with banks, or they can be

life insurance policies or bonds...6

There is a different position to consider when analyzing the middle class

employee to that of the business owner. Mises clarifies this distinction:

The man who owns an agricultural estate, the producer of

oil or foods, or the businessman who owns a factory is in a different

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

position. When the prices of the products that he is selling go up on

account of the inflation, he will not be hurt in the same way in which

other people are hurt by the inflation. The owner of common stock

will see that, by and large, most of this common stock is going up in

price to the same degree as the prices of commodities are going up

on account of the inflation.

But it is different for people with fixed incomes. The man,

who retired 25 years ago with a yearly pension, let us say of $3,000,

was by and large in a good situation or was believed to be in a good

situation. But this was at a time when prices were much lower than

they are today….

What I want to point out is that the greatest problem today

is precisely this, although the people don’t realize it. The danger is

due to the fact that people consider inflation as something that hurts

other people. They realize very well that they too have to suffer

because the prices of the commodities they are buying go up

continually, but they don’t realize fully that the greatest danger for

them is precisely the progress of inflation and the effect it will have

on the value of their savings.

…We should not forget that over and above the

consequences of destroying a country’s monetary standard, there is

the danger that depriving the masses of their savings will make them

desperate.7

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

In addition to this problem, is the fact that life has a way of

completely derailing the best and most disciplined savings plan. For

example, the fear of losing one’s employment is a constant threat to

individuals these days, particularly during recessionary times. An

accident or illness that incapacitates the breadwinner for extended

periods of time can deplete savings and limit income. Since statistics

show that Americans can continue to pay living expenses for no more

than three months without income, bankruptcy is many times inevitable

under any one of these circumstances. The same is true in the case of

divorce or other form of lawsuit. What about the untimely death of the

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

bread winner? Yes, life, as we all know, is fragile and filled with

uncertainties. When these life events are coupled with severe money

problems, is there any wonder why Americans are forced to turn to the

government as the ultimate care giver?

Finally, the current housing crisis has added insult to injury. The

American home, one of the most sought after dreams and storehouse of

savings for all Americans, has been completely undermined. Americans

are reaching levels of complete exasperation, a sense of total defeat and

hopelessness.

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

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########################################################1 Clarence B. Carson, Basic Economics (Phenix City, AL: American Textbook Committee, 2003), p. 185. 2 Murray Rothbard, Man, Economy, and State (Auburn, AL: The Ludwig von Mises Institute, 2004), p. 555. 3Rothbard, Man, Economy, and State, p. 1024. 4 Hans Sennholz, “The Great Depression,” reprinted from a Freeman article from October 1969, posted June 24, 2009 at: http://mises.org/daily/3515. Accessed June 3, 2010. 5 See Robert P. Murphy’s “The Social Function of Stock Speculators,” November 22, 2006, at: http://mises.org/daily/2381. Accessed June 2, 2010. 6 Ludwig von Mises, “Inflation Destroys Savings,” excerpted from a speech given circa 1960s, posted May 18, 2010 at: http://mises.org/daily/4408. Accessed June 3, 2010. 7 Mises, “Inflation Destroys Savings.” 8 Carson, Basic Economics, p. 263.

!"#$%&'()*'+,$*$-'!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

Chapter 5#

Money is such a routine part of everyday

living that its existence and acceptance

ordinarily are taken for granted. A user

may sense that money must come into

being either automatically as a result of

economic activity or as an outgrowth of

some government operation. But just

how this happens all too often remains a

mystery.

—Federal Reserve Bank of Chicago1

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What is the right quantity of money?

As we well know, there has been an astronomical increase of the

money supply by the Federal Reserve Bank during the last four decades,

especially in 2008. The general public innately knows that all this new

money creation is not a good thing for society simply because the more

we have of something the less it is worth. Before pondering the question

of the best or the “optimal” amount of money, try asking these

questions: What should the optimum amount of canned peas be in

society? Or: What is the optimum amount of fresh turkeys? Or:

watermelons? Or: cattle? or whatever commodity comes to mind. The

!"#$%&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

point is that the more consumable goods we have in society the better it

is for everyone. In fact, more goods in the market help bring down

prices and our standard of living goes up, because there is more to

consume and enjoy per capita. However, this is not the case with more

money. An increase of money provides no social benefit whatsoever.

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!"#$%&!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

#########################################################1 Federal Reserve Bank of Chicago, Modern Money Mechanics: A Workbook on Bank Reserves and Deposit Expansion (1994), p. 1. Available at: http://www.rayservers.com/images/ModernMoneyMechanics.pdf. Accessed June 3, 2010. 2 G. Edward Griffin, The Creature From Jekyll Island (Westlake Village, CA: American Media, 2002), p. 315. 3 G. Edward Griffin, The Creature From Jekyll Island, pp. 317-318. 4 Quoted in Griffin, p. 323. 5 Quoted in Griffin, p. 329. 6 Frederic Bastiat, The Law (1850), available at: http://bastiat.org/en/the_law.html. Accessed June 3, 2010.

Chapter 6$

Deposit Banking

The actual process of money

creation takes place primarily in

banks….[B]anks can build up

deposits by increasing loans and

investments...This unique attribute of

the banking business was discovered

many centuries ago. It started with

goldsmiths.

%!"#"$%&'(")"$*"'+%,-'./'0123%4.5''

he major control [of changes in the quantity of

money] rests with the central bank. The actual

process of money creation takes place primarily in banks.”2 This

statement, made in a 1994 Federal Reserve publication, can be

immensely helpful in dealing with one of the more difficult hurdles in

this intellectual debate. This hurdle has to do with the fact that some of

us reading this book are in the banking profession, or have friends and

family who are bankers. If this happens to be the case, there will be a

natural rising of our defenses not only to protect ourselves, but those

close to us that make an honest living being bankers. This is quite

understandable. Nearly everybody can appreciate this reaction regardless

!"#$%&'()*+,&+-(6666666666666666666666666666666666666666666666666666666666'

of his or her own profession. And most of us do have friends who are

bankers. We are also all aware of the criticism many times expressed

toward the legal professional, the medical doctor, the accountant, broker,

minister. No one is immune. Nevertheless, the main thing about this

statement made by the Federal Reserve is that it allows all of us,

regardless of profession or personal views, to confront the undeniable

fact it states: In our current financial system, money is ultimately created

and controlled by the Federal Reserve. It is a seat of power, set apart

from all other powers in society. It creates and controls what we use as

money, utilizing a system involving thousands of our commercial banks,

making this system unique.

However, what we must continually keep in mind is that banking

is a very old profession dating back centuries. Even the system we speak

of, the Federal Reserve System, was established almost 100 years ago.

All modern-day bankers, in fact, all citizens have been born into this

present system. Indeed, many bank professionals have probably never

even heard the type of analysis we present in this book. So we certainly

are not implying that the rank and file bank employee is consciously

participating in a sinister plot to defraud the general public.

At the same time, we must not be naïve. As we demonstrate in

this book, the present financial system allows commercial banks to

literally create money out of thin air, for the benefit of their owners and

their major customers. This system did not fall out of the sky. It was

!"#$%&'()*+,&+-(6666666666666666666666666666666666666666666666666666666666'

shaped and at times literally designed by the very people who stood to

profit from its creation.

The point of the present book is not to level accusations against

particular individuals. We are instead trying to alert the American public

to the fact that our current monetary and banking system rests on sand

(or more accurately, on paper). The primary purpose for studying the

path by which we arrived, is to demonstrate that it doesn’t have to be

this way. Modern Americans—including the vast majority of those who

currently work in the banking sector—have little reason to suspect that

life would be possible without a central bank exercising complete

dominance over the nation’s money. For many people, the key to this

realization is learning that powerful groups benefited from morphing our

system into its present form, a form that would be unrecognizable to

Americans from the early days of the Republic.

The Mystery of Banking

The Federal Reserve and its banking system have always been

shrouded in mystery. In order to better understand this mystery it will

serve us well to continue to use a publication from the Federal Reserve

as our guide, in addition to Murray Rothbard’s historical account from

his book The Mystery of Banking.

We will begin our study with the following three selections from

a 1994 publication distributed by the Federal Reserve Bank of Chicago:

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Money is such a routine part of everyday living that its existence and

acceptance ordinarily are taken for granted. A user may sense that

money must come into being either automatically as a result of

economic activity or as an outgrowth of some government operation.

But just how this happens all too often remains a mystery. … The major control [of changes in the quantity of money] rests with

the central bank. The actual process of money creation takes place

primarily in banks….[B]anks can build up deposits by increasing

loans and investments...This unique attribute of the banking business

was discovered many centuries ago. It started with goldsmiths.

… [B]ankers discovered that they could make loans merely by giving

their promises to pay, or bank notes, to borrowers. In this way, banks

began to create money. More notes could be issued than the gold and

coin on hand because only a portion of the notes outstanding would

be presented for payment at any one time….Transaction deposits are

the modern counterpart of bank notes. It was a small step from

printing notes to making book entries crediting deposits of

borrowers, which the borrowers in turn could “spend” by writing

checks, thereby “printing” their own money.3

We can all benefit by first acknowledging that the concept of

banking can be confusing. For example, one view of a bank is simply as

an institution that makes loans. By studying historical records we learn

that the earliest bankers were merchants who extended credit to their

customers and charged a fee for the delay of payment. This fee or

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interest was the price on time. This type of lending became a good

business practice where transactions of this sort multiplied and were

conducted outside in the market place with the merchants and their

customers “sitting” on bankas—the Italian word for benches, or banks.

One family in particular, in the 14th century, the Medici family, became

so successful at this type of business that they are regarded as the first

institutionalized bankers. But for our purposes, the important point is

that this type of banking was non-inflationary. In other words, the

business did not counterfeit or increase the money supply. It was simply

a legal and very profitable lending business.

Most people think of banks or bankers as businesspeople who

borrow money from one set of people and lend that money to another

group. These bankers charge an interest differential, or at least this is the

perception. This form of lending is known as loan banking. For our

purposes, the important distinction about loan banking is that it is non-

inflationary.

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Transaction deposits are the modern counterpart of bank notes. It was

a small step from printing notes to making book entries crediting

deposits of borrowers, which the borrowers in turn could “spend” by

writing checks, thereby “printing” their own money.

It would take many years of building a reputation of integrity

before a practice of counterfeiting warehouse receipts could actually be

done without being detected. Once the crime of counterfeiting has begun

there is the worry of being caught. The warehouseman could obviously

be accused of embezzlement and sent to jail. To prevent this from

happening it would be of utmost importance to hire attorneys and

financial experts to convince the courts that what the warehouseman was

doing was not a crime, but merely entrepreneurial activities. To make

this argument palatable, the courts would have to be convinced that the

deposits into the warehouse were not bailment contracts, but are actually

debt contracts.

At the time deposit banking was developing, bailment law had

not developed sufficiently to overcome the growth of deposit banking.

The British courts ruled in favor of deposit banking defining the money

deposit as a debt contract. These decisions were approved by American

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courts and were ultimately adopted as law. In 1848 the House of Lords

ruled in the case of Foley v. Hill and Others:

The money placed in the custody of a banker is, to all intents and

purposes, the money of the banker, to do with as he pleases; he is

guilty of no breach of trust in employing it; he is not answerable to

the principal if he puts it into jeopardy, if he engages in hazardous

speculation; he is not bound to keep it or deal with it as the property

of his principal; but he is, of course, answerable for the amount,

because he has contracted.4

This decision that we have to this day in the United States

completely overlooks the fact that in the case of a “bank run” where all

depositors demanded their money all at once, the banker could not

possibly live up to his contract. Furthermore, it also authorizes a banking

system structured on deceiving the public.

The Central Bank

In order to go a step further and obtain a full grasp of what we

have explained thus far, the reader must imagine being in the deposit

banking business. First of all, suppose you have been in business many

years in the community conducting an honest 100% reserve warehouse

business where all property was promptly returned to customers upon

presentation of their warehouse receipts. You have one million dollars in

!"#$%&'()*+,&+-(6666666666666666666666666666666666666666666666666666666666'

gold on deposit in the warehouse, but now decide you are going to make

a killing in this business and counterfeit five million dollars more in

warehouse receipts. You will then have five times more in warehouse

receipts than gold on deposit. As long as these warehouse receipts (bank

notes) trade as gold among your loyal clientele you are safe and will

make a lot of money.

But what if all of your customers decided to demand their gold

all at the same time, in effect a run on your bank? This event would not

only expose your fraud, but would be unstoppable. It would certainly

bankrupt you, law or no law!

!"#$%&'()*+,&+-(6666666666666666666666666666666666666666666666666666666666'

Apart from the bank run, there is another powerful limit on your

counterfeiting scheme. What if one of your customers passed one of

your fake (i.e. non-backed) receipts to a non-bank customer, who in turn

presented it to another competing bank for redemption? The competing

bank would then present the ticket to you in the course of normal inter-

bank clearing operations. Consequently, redemption is a real problem

especially if that one fake warehouse receipt happens to be a two million

dollar receipt. Once again, your chicanery would have led to your ruin.

Only one force can overcome this limit…an agreement!

Developing an agreement with one or two competing banks whereby

!"#$%&'()*+,&+-(6666666666666666666666666666666666666666666666666666666666'

counterfeiting could be done together would be relatively easy to

accomplish. But in a society with thousands of banks it would not be

possible. To accomplish that feat, a central bank is needed.

Historically, the central bank has always had two major roles: (1)

To help finance the government’s deficits, and (2) to form an alliance of

the private banks in a society in order to remove the two great market

limits of the bank run and redemption.

A significant fact is that the original central bank, the Bank of

England in the late 17th century, began as a crooked deal between a near

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bankrupt government and a corrupt group of financial promoters. Not

surprising since governments are always broke and short of money!

Over the centuries, other large nations eventually copied this

institution from England. Our United States was the last major nation to

establish a permanent central bank, adopting the Federal Reserve System

in 1913, which was explicitly modeled on the central banks that had

developed overseas. Our money and our society have never been the

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Federal Reserve Bank of Chicago, Modern Money Mechanics: A Workbook on Bank Reserves and Deposit Expansion (1994), p. 3. Available at: http://www.rayservers.com/images/ModernMoneyMechanics.pdf. Accessed June 3, 2010. 2 Modern Money Mechanics, p. 3. 3 Modern Money Mechanics, pp. 1 and 3. 4 Murray Rothbard, The Case Against the Fed (Auburn, AL: The Ludwig von Mises Institute, 1994), p. 42.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Henry Hazlitt, What You Should Know About Inflation (New York: D. Van Nostrand Company, Inc., 1965), p. 2. 2 Ludwig von Mises, Human Action (Auburn, AL: The Ludwig von Mises Institute, 1998), pp. 761-763. 3 See Robert P. Murphy, “The Costs of Government,” at: http://www.econlib.org/library/Columns/y2010/Murphygovernmentcosts.html. Accessed May 31, 2010. Government statisticians count government expenditures as part of Gross Domestic Product, and so the ratio of government spending to the size of “the economy” is artificially deflated. But once we recognize that many of the government’s “services” aren’t really worth what the politicians spend on them, the true fraction of real economic output seized by the government becomes much larger. 4 The Keynes quotation is listed in a Paul Krugman blog post, “Bush is right about something,” February 19, 2008, at: http://krugman.blogs.nytimes.com/2008/02/19/bush-is-right-about-something/. Accessed June 3, 2010. 5 For a full comparison of the Austrian and Keynesian theories, and their ability to explain historical episodes, see Robert P. Murphy’s The Politically Incorrect Guide to the Great Depression and the New Deal (Washington, D.C.: Regnery, 2009). 6 In practice, the Federal Reserve doesn’t directly buy new bonds auctioned by the Treasury. Instead, private dealers buy the new bonds, and then resell them to the Fed. 7 For a fuller description of this process, see Robert P. Murphy, “The Fed as Giant Counterfeiter,” at: http://mises.org/daily/4029. Accessed May 31, 2010.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Friedrich A. Hayek (ed. W. W. Bartley III), The Fatal Conceit: The Errors of Socialism (Chicago: The University of Chicago Press, 1988), p. 6. 2 Hayek, The Fatal Conceit, p. 7.

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##########################################################1 Ludwig von Mises, Bureaucracy, p. 53, available at: http://mises.org/etexts/mises/bureaucracy/section1.asp. Accessed June 4, 2010. 2 Friedrich A. Hayek, “The Use of Knowledge in Society” (1945), American Economic Review, XXXV, No. 4, pp. 519-530, available at: http://www.econlib.org/library/Essays/hykKnw1.html. Accessed June 4, 2010. 3 Hayek, Foreword to Ludwig von Mises, Socialism (Indianapolis: Liberty Fund, 1981), pp. xix and xxi. 4 Mises, Bureaucracy, p. 226. 5 Mises, Bureaucracy, p. 227. 6 Mises, Human Action (Auburn, AL: The Ludwig von Mises Institute, 1998), p. 696.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Ludwig von Mises, “Planning for Freedom,” p. 92. 2 Jesús Huerta de Soto, Money, Bank Credit, and Economic Cycles (Auburn, AL: The Ludwig von Mises Institute, 2009), p. 586. 3 Huerta de Soto, footnote 104, pp. 586-587. 4 See for example Robert P. Murphy, “The Source of Air-Travel Insecurity,” November 26, 2001, at: http://mises.org/daily/836. Accessed June 1, 2010. 5 Murray Rothbard, For a New Liberty (San Francisco: Fox & Wilkes, 1994), pp. 217-218.

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#########################################################1 Ludwig von Mises, Economic Freedom and Interventionism, p. 244. 2 For a very readable introduction, see Robert P. Murphy’s The Politically Incorrect Guide to Capitalism (Regnery, 2007). 3 Mises, The Theory of Money and Credit, p. 461. 4 See Hanke’s calculations at: http://www.cato.org/zimbabwe. Accessed May 20, 2010. 5 G. Edward Griffin, The Creature From Jekyll Island (Westlake Village, CA: American Media, 2002), pp. 187-188. 6 Quoted in Creature, p. 188. 7 Rothbard, The Case Against the Fed (Auburn, AL: The Ludwig von Mises Institute, 1994), pp. 62-63. 8 Robert P. Murphy, The Politically Incorrect Guide to the Great Depression and the New Deal (Washington, D.C.: Regnery, 2009). 9 These facts are cited in Murphy’s book on the Great Depression, though some are documented in his online article “The New Deal Was a Bad Deal,” August 10, 2009, at: http://www.publicsquare.net/article_new-deal-was-a-bad-deal-302.htm. Accessed June 3, 2010. 10 Herbert Hoover, The Memoirs of Herbert Hoover: The Great Depression, 1929-1941 (New York: The Macmillan Company, 1952), p. 29. 11 Herbert Hoover, quoted in Murray Rothbard, America’s Great Depression, Fifth Edition (U.S.A.: The Ludwig von Mises Institute, 2008), p. 321. 12 A. C. Miller, quoted in Lionel Robbins, The Great Depression (Auburn, AL: The Ludwig von Mises Institute, 2007 [1934]), p. 53. 13 John Kenneth Galbraith, quoted in G. Edward Griffin, The Creature From Jekyll Island, p. 425. 14 Letter from Benjamin Strong, quoted in G. Edward Griffin, The Creature From Jekyll Island, p. 426. 15 Thomas E. Woods, Jr., Meltdown:A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse (Washington, D.C.: Regnery, 2009), pp. 26-27.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Ludwig von Mises, The Theory of Money and Credit, p. 454. 2 Mises, The Theory of Money and Credit, p. 480. 3 See the Wikipedia entry at: http://en.wikipedia.org/wiki/Gold_reserve. We also acknowledge that many cynics doubt the Federal Reserves’ official numbers. An added benefit of our hypothetical scenario is that it would force the Fed to prove the authenticity of its reports. (The Fed currently does not submit to outside audits of its gold holdings.) 4 Ron Paul, End the Fed (New York: Grand Central Publishing, 2009), pp. 202-203. 5 See http://www.federalreserve.gov/releases/h41/current/. 6 Quoted in G. Edward Griffin, The Creature From Jekyll Island (Westlake Village, CA: American Media, 2002), pp. 352-353. 7 Quoted in Griffin, The Creature From Jekyll Island, pp. 354-355. 8 John Kenneth Galbraith, quoted in Griffin, Creature, p. 351.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 R. Nelson Nash, Becoming Your Own Banker, Fifth Edition (Birmingham, AL: Infinite Banking Concepts, 2008), p. 18. 2 Nash, Becoming Your Own Banker, p. 3. 3 Dwayne Burnell, A Path to Financial Peace of Mind (Bothell, WA: FinancialBallGame Publishing, 2010). 4 We are simplifying somewhat in this section of the text, in order to introduce the mechanics of a policy loan. In practice, some insurance companies reduce the dividend that they pay to a policyholder, based on the size of any outstanding policy loan. (In other words, if two policyholders had identical whole life policies and cash values, but one had an outstanding loan while the other did not, some insurance companies would pay higher dividends to the second policyholder.) The advantages of self-financing through policy loans are obviously reduced, if doing so slows the internal rate of return on a policy’s cash values. However, this slight complication does not change the fact that the borrower still does much better by obtaining his financing at much lower interest rates from the insurer, than by turning to a traditional finance company. 5 The psychological motivation is not the only advantage of IBC. Depending on the specifics, it is possible that the internal rate of return on a whole life policy’s cash values are greater than the after-tax yield on bank CDs. Nash’s Table 1 (p. 45) illustrates a plausible scenario in which someone eventually accumulates more wealth by financing car purchases through IBC, rather than by using a sinking fund involving bank CDs. 6 Nash, Becoming Your Own Banker, pp. 17-18.

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#########################################################1 R. Nelson Nash, Becoming Your Own Banker, Fifth Edition (Birmingham, AL: Infinite Banking Concepts, 2008), p. 77. 2 “Cash value in life insurance: What’s it worth to you?” from http://www.insure.com/articles/lifeinsurance/cash-value.html, accessed May 25, 2010. 3 The presentation was given by Scott Bretl, president of The Financial Self Reliance Group. 4 See Robert Wenzel’s blog post: http://www.economicpolicyjournal.com/2010/02/where-did-links-go-that-point-to.html, accessed May 25, 2010. 5 See Nelson Nash, “Tax-Qualified Retirement Plans, Etc.” at: http://www.lewrockwell.com/orig8/nash2.1.1.html, accessed May 25, 2010. 6 Jesús Huerta de Soto, Money, Bank Credit, and Economic Cycles (Auburn, AL: The Ludwig von Mises Institute, 2009), p. 590. 7 Huerta de Soto, Money, Bank Credit, and Economic Cycles, pp. 590-591.

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#########################################################1 Jesús Huerta de Soto, Money, Bank Credit, and Economic Cycles (Auburn, AL: The Ludwig von Mises Institute, 2009), p. 587. 2 Joe Salerno, “Rothbardian Antibank League on the Rise,” at: http://blog.mises.org/11773/rothbardian-antibank-league-on-the-rise/. Accessed May 27, 2010. 3 Percy Greaves, quoted in Huerta de Soto, footnote 106, p. 592. The italics have been added by de Soto. 4 Huerta de Soto, pp. 594-595. 5 Huerta de Soto, pp. 161-162, italics in original.

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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$1 Ludwig von Mises, Human Action (Auburn, AL: The Ludwig von Mises Institute, 1998), p. 861. 2 Lara and Murphy’s respective websites are http://www.usatrustonline.com/ and http://consultingbyrpm.com/. 3 Robert Higgs, Crisis and Leviathan: Critical Episodes in the Growth of American Government (U.S.A.: Oxford University Press, 1989).

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