Fractional Reserves and the Fed

Joseph T. Salerno

The following is a testimony before the U.S. House Committee on Financial Services, Subcommittee on Monetary Policy (Chairman: Ron Paul). Dr. Salerno was able to give this testimony thanks to the generous support of Mises Institute donors.

https://mises.org/library/fractional-reserves-and-fed

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Fractional-reserve banking is responsible for the crises and recessions that repetitively grip the economy