Comment: The Fed and the Free Market

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The Fed and the Free Market

Since 1933, an exclusive monopoly over the national monetary supply was granted by Congress to one bank (or banking cartel).

Prior to that, even 1913-1933, the nations money supply was private and any bank (that met standards) could issue money.

So, there's an a priori issue when discussing "the free market" in the US which is that the monetary market itself is a nationalized and socialized market, as there is one and only one supplier under law.

We can't even discuss a free market until the exclusive franchise on money has been revoked.

Interestingly and as an aside, you do not have to "end the fed" to do this. You just need to take away their exclusive franchise and the Fed will end ITSELF as a result of producing an inferior product to competing monetary products produced by other market players.