As flaws in the system of fractional-reserve free banking began to appear, private central bank-like institutions known as clearinghouses sprang up, and they helped pave the way for the Fed.
Governments take on a variety of responsibilities as a justification for greatly expanding powers — claiming these powers are necessary to fulfill these new responsibilities.
Who should represent physicians when doctors may hold very divergent views on matters of politics, economics, ethics, and even science? Michel Accad and Anish Koka interview Dr. Jane Orient.
In January, year-over-year growth in the money supply was at 3.3 percent. That was down from December's growth rate of 3.8 percent, but was up from January 2018's rate of 2.8 percent.
Like taxation, government spending diverts resources from real wealth-generating ventures. Borrowed funds for continued spending must also be repaid, so current spending translates to future taxation.
