"Fractional-reserve banking has been a con job from the beginning. Rothbard and Mises pointed this out, and they were hated for it. The economists trust bureaucracy. They trust people with Ph.D.'s just like themselves. But, except at the Federal Reserve, the agencies are run by lawyers and by appointees who hope to get a fat lobbying salary when they leave the government. Why should we think that a bunch of Harvard- and Yale-educated lawyers, who were recruited by New York City banks that were always protected by the Federal Reserve System, would have any idea of how to run an economy? We now know how well they could run the economy: they stripped off million-dollar bonuses for running the system over the falls."
Gary North
http://mises.org/story/3333
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