Based heavily upon the brilliant Murray N. Rothbard book, The Mystery of Banking, Robert P. Murphy delivers an excellent lecture on the “theory” (such as it is) underlying the structure of central banking.
“Of all the many ways of organising banking, the worst is the one we have today.”
Mervyn King, Governor of the Bank of England
If by the end of the lecture you think, “Crikey, it can’t really be as mad as that, can it, surely nobody would ever consciously construct and defend such an insane monetary system?”, then welcome to the pleasure dome; I am afraid to say that just like Mervyn King you really have acquired full understanding:
More information about this lecture series available here.
Lecture slides available here.
Freely downloadable PDF and EPUB copies of The Mystery of Banking available here.