Why Banking Is No Ordinary Industry
Special powers to inflate the money supply — granted by the state — make banking unlike other private industries.
Special powers to inflate the money supply — granted by the state — make banking unlike other private industries.
The verdict of sound economics is universal. Tariffs cripple economies, reduce the standard of living, and pit some groups against others.
From Chapter 14, "The Federal Reserve as a Cartelization Device: The Early Years, 1913–1930".