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Perhaps much of the hostility toward Free Banking from the Austrian (or should I say, Rothbardian) camp stems from the assumption that with Free Banking we would have FRB and with FRB we would get business cycles. Thus, beneath it all, there is a serious reluctance by some to grant that power to the unhampered market if it is it--the unhampered market--that is *also* capable of touching off a boom that results in a bust. And, of course, this doesn't bode well for those who take it for granted that the "unhampered market" is inherently stable, and business cycles can only be precipitated by an exogenous force, such as government. This *might* have been why Rothbard was so against FRB and therefore it explains why he would need to equate it with fraud in order for it to be outlawed in a Libertarian society.
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May 7, 2010