One hundred years after its foundation, the Federal Reserve has been entrusted with an enormous expansion in its operating powers for the sake of reviving a sluggish economy during the financial crisis. The aim of the present volume is to present a thorough and fundamental analysis of the Fed in the recent past, as well as over the entire course of its history. In evaluating the origin, structure and performance of the Fed, the contributors to this volume critically apply the principles of Austrian monetary and business-cycle theory. It is argued that the Fed has done harm to the U.S. and increasingly, the global economy by committing two types of errors: theoretical errors stemming from an incorrect understanding of the optimal monetary system, and historical errors, found in episodes in which the Fed instigated an economic downturn or hindered a budding recovery. The book contains not only a critical analysis of the activities of the Fed over its history, but also a road map with directions for the future.

One hundred years after its foundation, the Federal Reserve has been entrusted with an enormous expansion in its operating powers for the sake of reviving a sluggish economy during the financial crisis. The aim of the present volume is to present a thorough and fundamental analysis of the Fed in the recent past, as well as over the entire course of its history.In evaluating the origin, structure and performance of the Fed, the contributors to this volume critically apply the principles of Austrian monetary and business-cycle theory. It is argued that the Fed has done harm to the U.S. and increasingly, the global economy by committing two types of errors: theoretical errors stemming from an incorrect understanding of the optimal monetary system, and historical errors, found in episodes in which the Fed instigated an economic downturn or hindered a budding recovery. The book contains not only a critical analysis of the activities of the Fed over its history, but also a road map with directions for the future."

LARGE PRINT EDITION More at LargePrintLiberty.com.
Talk about great timing. 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. But there is more. This book provides an explanation of money's origins and its meaning in the free market. The abstract theory is here, but always with real application to history and modern banking practice. Never does a paragraph go by without an example drawn from his massive knowledge of the subject.

LARGE PRINT EDITION More at LargePrintLiberty.com. F.A. Hayek said that his biggest regret in a lifetime of writing was that he never wrote a book-length refutation of Keynesian economics. He seriously doubted that Keynesian style planning would ever captivate governments, so he focused on different things. Economist Sudha Shenoy decided to rectify the problem. As a Hayek scholar, she noted that Hayek had in fact addressed Keynesian policy in scattered places throughout 40 years of writing. She decided to select the most poignant passages. She linked them all together with marvelous commentary and analysis. And voila Here is the book on Keynesian economics that Hayek never wrote.