Money, Banking and the Federal Reserve
Econintersect: This week we have a presentation by Mises.org, produced in 1996. It is an appeal for the use of “hard money” based on one or more commodities used as money. The introduction uses a now discredited argument that barter preceded money and money was introduced as a convenience to facilitate barter. The archeological record has found that before money came into existence the medium of exchange was credit and the creation of money came only after credit was an established medium of exchange. The arguments presented for modern use of hard money do not depend on the historical story of barter in early civilizations. This film should be remade without the unnecessary “mythology”.
The introduction at YouTube:
Thomas Jefferson and Andrew Jackson understood “The Monster”. But to most Americans today, “Federal Reserve” is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.
Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary documentary is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.