Quote:
Originally Posted by Paul Markham
So what's the alternative?
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free market banking.
Check out "The Mystery Of Banking", by Murray Rothbard:
http://mises.org/resources/614/Mystery-of-Banking-The
Rothbard's extraordinary book unravels the mystery of banking: what is legitimate enterprise and what is a government-backed shell game that can't last. His explanation is clear enough for anyone to follow and yet precise and rigorous enough to be the best textbook for college classes on the topic. This is because its expositional clarity--in its history and theory--is essentially unrivaled.
Most notably, he uses the T-account method of explaining the relationship between deposits and loans, showing the inherent instability of fractional-reserve banking and how it sets the stage for centralization, inflation, and the boom-bust cycle.
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