Fifty years ago the NYT published my letter about the Federal Reserve and legalized counterfeiting.
The Fed is the engine of inflation and causes the boom-bust cycle
MAKE AMERICANS FINANCIALLY INDEPENDENT
The inspirations for my letter came from three Murray Rothbard’s monographs: What Has Government Done to Our Money? (available free from the Mises Institute), The Case Against the Fed, and The Case for a 100% Gold Dollar. These are three of the most important essays about sound money. In 2019, my contribution to the Federal Reserve literature was published, Why the Federal Reserve Sucks.
My letter is more relevant today than when it was published a half century ago. Since May 1976, the money supply has increased from $1.072 trillion to $21.76 trillion (March 2025). In short, the creation of trillions of new money has lifted consumer prices, real estate prices, asset prices and primarily benefited the one percenters at the expense of low and middle income families. Furthermore, by manipulating short term interest rates the Fed is responsible for the booms and busts since it was created.
Conclusion, the Fed is the enemy of the people and distorts the economy.
James Bovard on protectionism.
Recent interviews discussing the state of the economy with Perry Atkinson, Jim Peters, and Randy Durham.
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Dave Campbell and I discuss MAFI on the Clarity and Chaos podcast.
Col. Mike and Dr. Mike and I discuss Trump and his promises on the National Security Hour.
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Restoring free enterprise, medical freedom, and a constitutional federal budget.
The insufferable Jim Cramer reveals his economic ignorance in a recent CNBC rant.
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Tom DiLorenzo’s pamphlet, Axis of Evil, is now available at the Mises Institute.
Order a free copy of Rothbard’s money and banking classic monograph. Or, you can read it online here.
My December 10 talk on medical care.
Bob Murphy interviews Dr. Keith Smith of the Surgery Center of OK.
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin's autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022. He is also the author of Why the Federal Reserve Sucks.