Banks Cannot Create Money
By Jorg Guido Hulsmann
This article appeared in the Summer 2000 issue of The Independent Review

Central banking and related institutions were not created de novo but as responses (however misguided) to prior problems caused by fractional-reserve banking. Contrary to Selgin, the only permanent beneficiaries of fractional-reserve banking are the bankers themselves.

 PDF Read the Full Article (PDF, 10 pages)

Other Independent Review articles by Jorg Guido Hulsmann
    Winter 2003   Has Fractional-Reserve Banking Really Passed the Market Test?

Subscribe Today

Buy Single Issues

Independent Review Issues

Articles by Subject

Independent Review Articles on Related Subjects