false 0 2008-10-26T05:12:16-07:00 50782 147 2008-10-26T05:12:16-07:00 3 0 false false Sun Dec 07 22:35:14 -0800 2008 Mon Oct 20 09:35:25 -0700 2008 Sun Dec 07 22:35:14 -0800 2008 PDF and audio.

The first half of the book is a great introduction to how fractional reserve banking works and why it sucks.

Unfortunately, the later half is devoted to a dry and biased account of the history of the debate on central banking in the US and its culmination in the creation of the Federal Reserve. In it, the public are stupid, there are no legitimate arguments for central banking, and the tiny subset of pro-fed lobbyists are either rich banking tycoons or their lackeys. Rothbard often basis such claims on such rock-solid evidence as being married to the cousin of a guy who once dated the daughter of the president of a bank once owned by J.P. Morgan. (some slight hyperbole, but you get my drift) Ultimately, the layers upon layers of innuendo are meaningless in the context of the supposed thesis of the book since the advocacy of Morgan, Rockefeller, et al says nothing about the utility of the central banking system. At least the last three chapters return from the conspiracy abyss to provide some useful insight into the FDIC.

If the book ended at page 70 I'd rate it four stars. Alas, it gets three stars. If you pick this one up, don't bother with pages 70-134.]]>