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FED (fractional reserve (banks conglomoerate two functions (money…
FED
fractional reserve
Fed injects new money
banks conglomoerate two functions
money warehouse
loan service
creates an illusion to depositors
money multiplier
Progressive Era
Income Tax
Other government institutions
boom-bust cycle
Ludwig von Mises
false boom
no future buyers
no savings
1908 Monteray Comission
Federal Reserve Act
Rockefeller
Morgan
Kun
Loeb
Bankers + Government
bailouts
incentivizes banks to act irresponsibly
Gold Standard
no elasticity
inflation