fbpx
Politics Foreign Affairs Culture Fellows Program

Making the World Safe for J.P. Morgan and Goldman Sachs

Read Murray Rothbard’s classic essay “Wall Street, Banks, and American Foreign Policy.” Among other vital points, Rothbard very concisely describes why U.S. banks have little to do with actual economic freedom: Commercial bankers, engaged as they are in unsound fractional reserve credit, are, in the free market, always teetering on the edge of bankruptcy. Hence […]

Read Murray Rothbard’s classic essay “Wall Street, Banks, and American Foreign Policy.” Among other vital points, Rothbard very concisely describes why U.S. banks have little to do with actual economic freedom:

Commercial bankers, engaged as they are in unsound fractional reserve credit, are, in the free market, always teetering on the edge of bankruptcy. Hence they are always reaching for government aid and bailout.

Investment bankers do much of their business underwriting government bonds, in the United States and abroad. Therefore, they have a vested interest in promoting deficits and in forcing taxpayers to redeem government debt. Both sets of bankers, then, tend to be tied in with government policy, and try to influence and control government actions in domestic and foreign affairs.

Read on.

Advertisement

Comments

The American Conservative Memberships
Become a Member today for a growing stake in the conservative movement.
Join here!
Join here