October 9, 2013 by History in a Hurry
Rothbard on the FED: He Told Us So
Written by Gary North on October 9, 2013
The news that President Obama will nominate Janet Yellen as Chairman of the Board of Governors of the Federal Reserve System should remind us of the disaster that the Federal Reserve is and has been.
It was not quite 100 years ago that the Federal Reserve Act was signed into law by President Wilson. This was on December 23, shortly after the Senate voted for it. There was no serious opposition in either the House or the Senate.
I have created a short link to the inflation calculator of the Bureau of Labor Statistics. We can see what it would take today to buy $100 worth of consumer goods in 1913. The number is $2,362. The link is here: www.bit.ly/BLScalc.
Back in 1964, Murray Rothbard’s little book appeared: What Has Government Done to Our Money? I read it that year. I regarded it then as the best short introduction to money theory I had ever read. My opinion has not changed. It even has a Wikipedia entry, which is well deserved. You can download a free copy here: http://mises.org/money.asp.
Plunder Woman (Janet Yellen)