The Monetary Elite Vs. Gold's Honest DisciplineWeltanschauung Financial Press, 2005 - 276 pages The Monetary Elite vs. Gold's Honest Discipline in a Nutshell. Many people believe that monetary gold inhibits the Fed from effectively managing money on behalf of the public interest. The Monetary Elite vs. Gold¿s Honest Discipline presents evidence in support of an opposing view. First, the Fed wields its substantial power on behalf of a monetary elite not on behalf of the general public. Second, this power essentially depends on a monetary unit that is undefined and that the Fed can create effortlessly, at virtually no cost, at will, and by fiat. Third, the banking system is empowered by governmentally granted special privileges to pyramid these intrinsically worthless and totally undefined ¿reserves¿ that the Fed creates out of thin air into still more dubious dollar claims, which banks distribute at interest throughout the economy. This book explains why the current structure of our monetary system is fatally flawed. If, however, our monetary unit were defined as a weight of precious metal and if the banking system did not enjoy special privileges that circumvent the free market, the monetary elite¿s self-serving mischief-making would be significantly curtailed. Under such circumstances, all but a handful of specially privileged elites would be better off and our monetary system would reflect free markets principles. |
Contents
Section 1 | 19 |
Section 2 | 24 |
Section 3 | 25 |
Section 4 | 52 |
Section 5 | 53 |
Section 6 | 70 |
Section 7 | 71 |
Section 8 | 103 |
Section 9 | 117 |
Section 10 | 151 |
Section 11 | 186 |
Section 12 | 187 |
Section 13 | 217 |
Section 14 | 243 |
Common terms and phrases
Alan Greenspan allowed Argentina assets Austrian School bankers banking system benefit billion bona fide borrowers bubble capital cause central banks Chapter checking account clients commercial banks Congress debt debtors deficit demand deposits deposit guarantees depositors dollar economic effect Enron example existing favors FDIC Fed's federal deposit Federal Reserve fiat currency fiat money financial sector flawed fractional reserve banking fraud free market FRNs FSLIC Greenspan hedge funds increased inflation insolvent institutions interest rates investment issue junk bonds lender of last lending loans Ludwig von Mises market mutual funds Milton Friedman monetary elite monetary policy monetary system money creation money market mutual money supply money-center banks newly created money panics parasites portfolio privileges problem profits real estate reform regulators relatively rescue risk S&L crisis scarcity integrity speculative supposedly taxpayer bailouts tion trade transactions trillion ultimately Wall Street wealth