Murray Rothbard, in The Case for a 100 Percent Gold Dollar (1974), maintains that fractional-reserve banking is fraudulent and inherently destabilizing of the economy. However, by considering how a regime of laissez faire in money and banking might operate, we may reach a judgment quite different from Rothbards.
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|Other Independent Review articles by Michael S. Rozeff|
|Spring 2008||Anarchy, State, and Public Choice|