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Free Banking vs Central Banking ebook
by Brendan Trainor
For those who say that "Libertarian Deregulation" caused
the current financial crisis, the libertarian response is: "Brother, you
don't even know what DEREGULATION is. The fingers pointing at such
relatively minor "deregulations" as the repeal of the
"Glass-Steagall Act of 1933"
(limits on bank holding companies owning other financial companies) by the
much
maligned "Gramm-Leach-Bliley Act" are actually pointing at a minor
"re-regulation" in an already overly regulated banking and monetary
market.
The only real deregulation of banking worth noting in the libertarian
analysis of banking and monetary policy occurred way back in 1832,
when President Andrew Jackson vetoed the Charter of the Second Bank of
the US. This was the first step in the Jacksonian policy of real bank
deregulation, where the banks were to be treated by government as just
another business, without special government privileges or subsidies.
Although never totally free, the ideal of "free
banking" was at least the target of the Jacksonian and van Buren
regimes.
After the Civil War, President Ulysses S Grant began the RE REGULATION
of US Banking by signing a series of laws creating the US Banking
System, where the five most powerful New York City Banks were given
statutory privileges over all the other banks in the nation.
The Progressives, with plenty of lobbying from the Rockefeller and
Morgan interests, completed the RE REGULATION of the banks with the
creation of the FEDERAL RESERVE SYSTEM in 1913.
After President Franklin Roosevelt had finished with the NEW DEAL,
anything resembling a libertarian, deregulated and free banking system
was ancient history.
I wrote this report in the early 1990's for a Macroeconomics class. This
was about 15 years before the current meltdown occurred. I do not speak
for all libertarians, because there is an internal debate over whether
"free banking" or "100 % reserve" banking is the best form that banking
should take. I generally side with the free banking side, but I think in
a truly free market, both types of banks could co-exist.
I hope you enjoy reading this report, and that you gain some insight
into what a "Deregulated" banking system would REALLY entail.
To Download this Ebook - click here
Brendan Trainor
Marxists & Libertarians in the Anti-WarMovement
by Brendan Trainor.
Written in the Summer of 2005, this article shows how Marxists and Libertarians in the
anti-war movement view the causes and cures of war. Marxists see capitalism as the
exploiter of humanity and the ultimate cause of war. Although their ideas have led to well
over a hundred million dead at the hands of the state, their view of the world as conflict
between owner and worker in the productive process still inspires the anti-war left.
Libertarians understand that the productive process is not exploitative, but that
government and its mercantilist cronies are the cause of war. Brendan shows where Marxists
and Libertarians can agree, and where they ultimately must disagree if peace, not war, is
to be the norm in human affairs. click
to download
