Jan 29

The Mystery of Banking, by Murray Rothbard ★★★★★

This book starts out as a technical treatise on economics, explaining in fairly simple language and graphs how economics works in the real world. Rothbard then develops the history of banking in the Western world in the last 200 years, showing from an Austrian economic perspective where things have gone wrong. Rothbard is especially critical of fractional reserve banking, adequately showing how it amounts to nothing but dishonesty and theft. Rothbard shows how a return to the gold-standard is entirely doable, that the fear of not enough specie is unwarranted, even in a massive economy such as the USA. I admit that I didn’t follow all of the arguments, perhaps owing to my absence of complete familiarity with banking terminology. Even still, there is enough to glean from the book to sufficiently familiarize one with the root causes for the economic mess that we are now in. I’ll definitely be reading more of Rothbard. It is sad that Austrian economics takes such a severe hit from the so-called “conservative” politicians, who unknowingly mirror the thinking of their “liberal” colleagues. This book is a worthy reading, even for one conversive in economics. It’s free, you can easily download it and read it on your iPad, so there is no excuse.

Tagged with:
2 Comments »
Aug 09

Honest Money

By Kenneth Feucht books 2 Comments »

Honest Money, by Gary North ★★★★★

This book was read on my iPad in e-book format. Gary North offers very basic economics, but does diligence in seeking a biblical answer to the creation, flow, and use of money in an economy. North was an advisor to Ron Paul, and I’m sure influenced Paul significantly. I appreciate North’s insights into the economic scene, as well as his desire to avoid labeling himself an Austrian or free-market economist. I dreaded the possibility that he would have a lengthy appeal for return to a gold standard, which he does not. Instead, he suggests that the market itself can decide standards that determine value. Thus, the state would have no role in fixing the price of gold, silver and other commodities. In addition, the state would be removed from its role in the manufacture of “money” or the operation of banks. While this is radically opposed to our banking system, it seems far more reasonable than the current system, which, like all historically similar systems, will lead to collapse of the entire monetary system. North’s words will unfortunately be heeded by all too few people, and the government will continue to enslave us more and more. This is a book that can be obtained free from North’s website, can be read in a single evening or two, and should be on everybody’s must-read list.

Tagged with:
2 Comments »
preload preload preload