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Cato Institute, Wash., D. C., 2017, 379 pgs.,
index, notes, references, tables, figures, with several chapters contributed by
Lawrence White, and William Lastrapes
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Reviewer comments:
Professor Selgin writes from a 'libertarian' perspective and to some extent
from the "Austrian School' of economic thought. He is the director of the
Cato Institute's Center for Monetary and Financial Alternatives The author
cites numerous scholarly reports by others detailing the real history of money
and banking in the United States, which show that the FED claims that its own
creation was essential to 'cure' what it asserts was a malfunctioning and
disaster prone American banking system before 1913. And he cites other studies
to show that since 1913 the FED has mismanaged national monetary policy to make
matters worse.
I include the dates of original publication of these essays in order for the
reader to understand what the author knew and did not know about the entire
development of the subject since those dates.
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Introduction
Dr Selgin describes his purpose for writing these essays now published in one
volume. They were originally written over several decades, so some may be
'dated' in tone, but all are still relevant. His contention is that many
professional economists today do not really understand either what the pre-FED
actual American banking system was and accomplished or what the FED has
actually failed to accomplish since 1913. They simply accept the FED's own
propaganda.
He writes: "Despite the Fed's spotted record, most people, economists
included, continue to regard it and, more particularly, its governing and
monetary policy making bodies, the Federal Reserve Board and the Federal Open
Market Committee, as the best of all possible means for managing the U.S.
dollar, and for indirect regulating interest rates, prices, unemployment, and
countless other macro- and microeconomic variables."
He continues: "Yet the surprising truth is that most economists, including
most champions of the monetary status quo (or something not far from it) are
only vaguely familiar with alternative arrangements, assuming that they are
aware of them at all."
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Chapter 1 - A Fiscal Theory of Government's
Role in Money -with Lawrence White, originally published in 1999.
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Chapter 2 - Central Banks and Sources of
Financial Instability - based on a lecture from 2009
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Chapter 3 - Legal Restrictions, Financial
Weakening, and the Lender of Last Resort - originally published in 1989
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Chapter 4 - The Suppression of State Bank
Notes: A Reconsideration - originally published in 2000
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Chapter 5 - Monetary Reform and the
Redemption of National Bank Notes, 1863 - 1913- with Lawrence White -
originaslly published in 1994
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Chapter 6 - New York's Bank: The National
Monetary Commission and the Founding of the Fed. - originally published in 2016
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Chapter 7 - The Rise and Fall of the Gold
Standard in the United States - originally published in 2013
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Chapter 8 - Has the Fed Been a Failure? with
William Lastrapes and Lawrence White - originally published in 2012
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Chapter 9 - Operation Twist-the- Truth: How
the Federal Reserve Misrepresents its History and Performance - originallly
published in 2014
This is a particularly devastating critique not only of the continual failures
of the FED to perform its public missions but even more of its constant public
relations campaigns to claim that it has been and is doing its mission. The
author provides extensive direct quotations from senior FED officials that are
obviously false in their claims.
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Chapter 10 - Liberty Street: Bagehotian
Prescriptions for a 21st-Century Money Market - Originally published in 2012
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Some related references
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Selgin, George,Fractional Reserve
Banking
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Selgin, George,FLoored!
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Conti-Brown, Peter - The Power and
Independence of the Federal Reserve
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Kay, John - Other People's Money
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Kaufman, Henry - Tectonic Shifts in
Financial markets
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Booth, Danielle Dimartino - FEDUP
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Foroohar, Rana- Makers and Takers
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Wallison, Peter - Hidden in Plain Sight:
What Really Caused the World's Worst Financial Crisis and Why it Could Happen
Again - Ecounter Books
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Melloan, George - The Great Money
Binge
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von Mises, Ludwig - The Theory of Money
and Credit
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Mishkin, Frederic S. - The Economics of
Money, Banking &Financial Markets
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Board of Governors - The Federal Reserve
Systemn Purposes and Functions
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Wessel, David - In FED We Trust
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Admati, Anat & Martin Hellwig - The
Bankers' New Clothes
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Calomiris, Charles W. - Stephen H. Haber -
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
-
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Mehrling, Perry - The New Lombard Street:
How the Fed Became the Dealer of Last Resort
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Bernholz, Peter - Monetary Regimes and
Inflation
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Newman, Patrick - Review of
Monetary Regimes and Inflation
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Davies, Glyn - History of Money
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Ingham Geoffrey - The Nature of Money
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Martin, Felix - Money - The Unauthorized
Biography
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Ferguson, Niall - The Assent of Money
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Wray, L.Randall - Modern Money Theory
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Wetherford, Jack - The History of
Money
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Frederic Mishkin - The Economnics of
Money, Banking, and Financial Masrkets Fifth Edition
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Frederic Mishkin - The Economnics of
Money, Banking, and Financial Masrkets Ninth Edition
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David Graeber - Debt: The First 5.000
Years
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