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Interesting week for Vladimir Putin and Donald Trump

Russian President Putin takes a potentially important step in the Ukrainian conflict by recognising the documents of the Donetsk and Lugansk People’s Republics whilst US President Trump stands in Washington and appeals over the heads of the US media directly to the American people.

The Saker

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This article is published with the permission of the author and was first published by The Saker

Putin’s latest move

I don’t follow the western corporate media so I don’t really know how much coverage this development has received in the West, but in Russia and the Ukraine the big news is the decision by Russia to begin recognizing official Novorussian documents such as passports, driver licenses, school and college diplomas, etc. The Russians were pretty specific in the way the made the announcement. They said that it was a temporary measure dictated by humanitarian considerations. They have a point. Until now, the residents of the Donetsk and Lugansk People’s Republics had to travel to the Nazi-occupied Ukraine to try to get their documents. Which, considering how the Ukronazis consider anybody from the Donbass was not only futile, but sometimes dangerous. This decision makes perfect sense practically. But, of course, it has a far-reaching symbolic dimension too. The timing is also crucial: by recognizing the documents issued by the DNR and LNR authorities, the Russians have de facto “semi-recognized” the authorities which issued them and that is just a fairly short step away from recognizing these republics.

Right now, the Kremlin is vehemently denying any such thoughts. But all the Kremlin-affiliated commentators are rather blunt about what this really means. According to them, the message for the junta in Kiev is simple: if you attack Novorussia or if you officially ditch the Minks agreements we will immediately recognize these two republics. And, once that happens, it’s over the the Ukronazis, these republics will be gone just like South Ossetia or Abkhazia. Of course, nobody will officially recognize the independence of these republics, but neither will anybody do anything meaningful about it. And, let’s be honest, the Russian authorities couldn’t care less about what western politicians or their corporate media have to say: they already heard it all and it’s not like they could be demonized much further.

The next logical move would be to move the Russian border control from the Russian border to the line of contact. Or not. If the Russians don’t do it, this might be a sign that they support the official position of the Republics which is that they want to liberate the totality of the Doentsk and Lugansk regions. By the way, the Russian Border Guards are elite and highly militarized forces whose presence on the line of contact would in no way prevent a Novorussian (counter-)attack against the Ukronazi forces. So the decision about where to deploy them would have a primarily political dimension and no real military consequences.

Right now the Ukronazis have basically gone officially on record in declaring that they never intended to abide by the terms of the Minsk 1 and Minsk 2 agreements. Here is what Anton Gerashchenko, an special adviser to the Minister of internal Affairs of Ukraine and a member of the Board of the Ministry of internal Affairs of Ukraine openly declared on Ukrainian national TV: (emphasis added).

Let’s immediately say that the Minsk Agreements were not implemented from the day they were signed in February 2015. This was a temporary measure on the side of the Ukraine and, I will be honest, a deliberate deception. Remember that the first Minsk Agreement was signed following the military disaster near Ialovaisk when we had no forces to defend the front from Donetsk to Mariupol. The second Minsk Agreement was signed following the treacherous Russian aggression on Debaltsevo and the formation of the “Debaltsevo Cauldron”. These agreements are not international agreements or anything else.

Needless to say, NOBODY in the West paid any attention to this statement, and why would they, after all, their line has always been that Russia is not abiding by the Minsk Agreement, even if Russia is not even a party to them (Russia is only a witness and guarantor). And if a senior Ukronazi official says otherwise, who cares?!

This amazing admission by Gerashchenko is only the latest in a series of steps taken and statements made by various Ukronazis to the effect that “we are done negotiating and from now on, we will solve this problem by force”. So far, the “force” applied has been primarily in the form of a total blockade of the Donbass which included the prevention of a large amount of vitally needed coal to the Nazi-occupied Ukraine from the Donbass even though this shipment had already been paid for. Officially Poroshenko does not condone this blockade, but in practice he is either unwilling or unable to prevent or stop it. Another sign that the Independent Banderastan is falling apart.

There is a strong feeling in Russia that Poroshenko is powerless and that the Ukronazi crazies are up to no good. Clearly, *nobody* in the Ukronazis elites has any intention of actually implementing the Minsk 1 and Minsk 2 agreements. That, by the way, might be a dangerous approach for a number of reasons:

First, these agreements were endorsed by the UNSC and every country out there, at least as far as I know. So Gerashchenko is wrong – the Minsk Agreements are binding under international law.

Second, the Ukrainian authorities recently found and released a document showing that Yanukovich had made an official request for a Russian intervention in the Ukraine. They wanted to show that he was a traitor. But in the process, they also showed that the last legitimate president of the Ukraine had made a legal request for a Russian intervention which might well mean that, at least in legal terms, any subsequent Russian intervention in the Ukraine would be 100% legal.

Even better, Yanukovich is still in Russia. And, from a legal point of view, you could make the case that he is still the legitimate president of the Ukraine. If the Yemeni President in exile Abdrabbuh Mansour Hadi could ask the Saudis to intervene in Yemen, why would that no be an option for Poroshenko Yanukovich to ask for such an intervention in the Ukraine?

Right now, the Russians are making no such legalistic statements. But you can be sure that they have already aligned all their ducks in a neat row just in case they do decide to openly intervene in this civil war.

How realistic is the possibility of a Russian recognition of the breakaway republics or an overt Russian intervention in the Ukraine?

I think that it all depends on what the Ukronazis crazies do. If they really attack Novorussia I expect the Kremlin to recognize the DNR and LRN. A Russian intervention? I doubt it, but only because I believe that the DNR/LNR can handle a Nazi attack. So the only question for me is how long Poroshenko will stay in power and what the real crazies will do once they overthrow him. Right now this mostly depends on the USA but since the US elites are locked in desperate struggle for power, I don’t see the Trump taking and dramatic decisions anyway, not in the Ukraine, not elsewhere. At least not as long as there is a question mark as to who is really in charge in the White House. Everybody is waiting for the outcome of that struggle, including Moscow and Kiev.

Trump – all words, no action, but good words

In the meantime, Trump has been busy doing speeches. Which sounds pretty bad until you realize that these are good speeches, very good ones even. For one thing, he still is holding very firmly to the line that the “fake news” (which in “Trumpese” means CNN & Co. + BBC) are the enemies of the people. The other good thing that twice in a row now he has addressed himself directly to the people. Sounds like nothing, but I think that this is huge because the Neocons have now nicely boxed Trump in with advisors and aides which span from mediocre, to bad to outright evil. The firing of Flynn was a self-defeating disaster for Trump who now is more or less alone, with only one loyal ally left, Bannon. I am not sure how much Bannon can do or, for that matter, how long until the Neocons get to him too, but besides Bannon I see nobody loyal to Trump and his campaign promises. Nobody except those who put him in power of course, the millions of Americans who voted for him. And that is why Trump is doing the right thing speaking directly to them: they might well turn out to be his biggest weapon against the “DC swamp”.

Furthermore, by beating on the media, especially CNN and the rest of the main US TV channels, Trump is pushing the US public to turn to other information sources, including those sympathetic to him, primarily on the Internet. Good move – that is how he won the first time around and that is how he might win again.

The Neocons and the US ‘deep state’ have to carefully weigh the risks of continuing their vendetta against Trump. Right now, they appear to be preparing to go after Bannon. But what will they do if Trump, instead of ditching Bannon like he ditched Flynn, decides to dig in and fight with everything he has got? Then what? If there is one thing the Neocons and the deep state hate is to have a powerful light pointed directly at them. They like to play in the dark, away from an always potentially hostile public eye. If Trump decides to fight back, really fight back, and if he appeals directly to the people for support, there is no saying what could happen next.

I strongly believe that the American general public is deeply frustrated and angry. Obama’s betrayal of all his campaign promises only made these feelings worse. But when Obama had just made it to the White House I remember thinking that if he really tried to take on the War Machine and if he came to the conclusion that the ‘deep state’ was not going to let him take action or threaten him he could simply make a public appeal for help and that millions of Americans would flood the streets of Washington DC in support of “their guy” against the “bastards in DC”. Obama was a fake. But Trump might not be. What if the Three Letter Agencies or Congress suddenly tried to, say, impeach Trump and what if he decided ask for the support of the people – would millions not flood the streets of DC? I bet you that Florida alone would send more than a million. Ditto for Texas. And I don’t exactly imagine the cops going out of their way to stop them. The bottom line is this: in any confrontation between Congress and Trump most of the people will back Trump. And, if it ever came to that, and for whatever it is worth, in any confrontation between Trump-haters and Trump-supporters the latter will easily defeat the former. The “basket of deplorables” are still, thank God, the majority in this country and they have a lot more power than the various minorities who backed the Clinton gang.

There are other, less dramatic but even more likely scenarios to consider. Say Congress tries to impeach Trump and he appeals to the people and declares that the “DC swamp” is trying to sabotage the outcome of the elections and impose its will upon the American people. Governors in states like Florida or Texas, pushed by their public opinion, might simply decide not to recognize the legitimacy of what would be an attempted coup by Congress against the Executive branch of government. Now you tell me – does Congress really have the means to impose it’s will against states like Florida or Texas? I don’t mean legally, I mean practically. Let me put it this way: if the states revolt against the federal government does the latter have the means to impose its authority? Are the creation of USNORTHCOM and the statutory exceptions from the Posse Comitatus Act (which makes it possible to use the National Guard to suppress insurrections, unlawful obstructions, assemblages, or rebellions) sufficient to guarantee that the “DC swamp” can impose its will on the rest of the country? I would remind any “DC swamp” members reading these lines that the KGB special forces refused not once, but twice, to open fire against the demonstrators in Moscow (in 1991 and 1993) even though they had received a direct order by the President to do just that. Is there any reason to believe that US cops and soldiers would be more willing than the KGB special forces to massacre their own people?

Donald Trump has probably lost most of his power in Washington DC, but that does not entail that this is the case in the rest of the USA. The Neocons can feel like the big guy on the block inside the Beltway, but beyond that they are mostly in “enemy territory” controlled by the “deplorables”, something to keep in mind before triggering a major crisis.

This week I got the feeling that Trump was reaching out and directly seeking for the support to the American people. I think he get it if needed. If this is so, then the focus of his Presidency will be less on foreign affairs, were the USA will be mostly paralyzed, than on internal US politics were he still might make a difference. On Russia the Neocons have basically beat Trump – he won’t have the means to engage in any big negotiating with Vladimir Putin. But, at least, neither will he constantly be trying to make things worse. The more the US elites fight each other, the less venom they will have left for the rest of mankind. Thank God for small favors…

I can only hope that Trump will continue to appeal directly the people and try to bypass the immense machine which is currently trying to isolate him. Of course, I would much prefer that Trump take some strong and meaningful action against the deep state, but I am not holding my breath.

Tonight I spoke with a friend who knows a great deal more about Trump than I do and he told me that I have been too quick in judging Trump and that while the Flynn episode was definitely a setback, the struggle is far from over and that we are in for a very long war. I hope that my friend is right, but I will only breathe a sigh of relief if and when I see Trump hitting back and hitting hard. Only time will tell.

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Macron pisses off Merkel as he tries to sabotage Nord Stream 2 pipeline (Video)

The Duran – News in Review – Episode 177.

Alex Christoforou

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The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss an EU compromise for Nord Stream 2 where EU member states, the EU Parliament, and its Commission will give the bloc more oversight on gas pipelines, with one caveat…the Nord Stream 2 project with Russia will not be threatened by the new regulations in the agreement.

Macron pushed hard to have the new regulations include (and derail) Nord Stream 2, an action which annoyed Angela Merkel, who eventually got her way and delivered another blow to Macron’s failing French presidency.

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Via The Express UK

Angela Merkel hit back at Emmanuel Macron over Russia and Germany’s pipeline project, declaring it would “not be a one-sided dependency”. The German Chancellor explained that Germany will expand its gas terminals with “liquified gas”. Speaking at a press conference, Ms Merkel declared: “Do we become dependent on Russia because of this second gas pipeline? I say no, if we diversify. Germany will expand its gas terminals with liquefied gas.

“This means that we do not want to depend only on Russia, but Russia was a source of gas in the Cold War and will remain one.

“But it would not be one-sided dependency.”

Via DW

The EU parliament and its Council are set to adopt new regulations on gas pipelines connecting the bloc members with non-EU countries, the EU Commission announced early on Wednesday.

The upcoming directive is based on a compromise between EU member states and EU officials in Brussels. The bloc leaders agreed to tighten Brussels’ oversight of gas delivery and expand its rules to all pipelines plugging into the EU’s gas distribution network.

“The new rules ensure that… everyone interested in selling gas to Europe must respect European energy law,” EU Energy Commissioner Miguel Arias Canete said in a statement.

For example, owners of pipelines linking EU and non-EU countries would also be required to allow access for their competitors. Brussels would also have more power regarding transparency and tariff regulations.

Russian ambassador slams US

Brussels has repeatedly expressed concern over the controversial Nord Stream 2 project which would deliver Russian gas directly to Germany through a pipeline under the Baltic Sea. Many EU states oppose the mammoth project, and the US claims it would allow Moscow to tighten its grip on the EU’s energy policy.

Berlin has insisted that the pipeline is a “purely economic” issue.

Speaking to Neue Osnabrücker Zeitung daily, Russian ambassador to Berlin, Sergey Nechayev, slammed the US’ opposition as an attempt to “push its competition aside” and clear the way for American suppliers of liquefied gas.

“It’s hard to believe that a country that is destroying the rules of free and fair trade, that is imposing import tariffs on its competition, that is flying slogans like ‘America First’ on its flags and often threatens biggest European concerns with illegal sanctions, is now really concerned about European interests,” the Russian envoy said in remarks published in German on Wednesday.

Last week, France unexpectedly rebelled against the project, but Berlin and Paris soon reached a compromise. Thanks to their agreement, the latest deal is not expected to impede the ongoing construction of Nord Stream 2.

Citing sources from negotiators’ circles, German public broadcaster ARD reported that the deal left room for Germany to approve exceptions from the EU-wide rules.

According to the EU Commission, however, exceptions are “only possible under strict procedures in which the Commission plays a decisive role.”

The Gazprom-backed pipeline is set to be completed by the end of the year.

 

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UK Defence Secretary looking for a fight with both China and Russia (Video)

The Duran Quick Take: Episode 87.

Alex Christoforou

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The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss UK Defence Secretary Gavin Williamson’s idea to deploy hard power against China and Russia, starting with plans to send Britain’s new aircraft carrier to the tense sea routes in the South China Sea.

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“Britain’s Gavin Williamson places Russia & China on notice, I’m not joking,” authored by John Wight, via RT

UK Defence Secretary Gavin Williamson is itching for conflict with Russia and China. He’s not mad. Not even slightly. But he is stupid. Very.

Unlike former fireplace salesman Gavin Williamson, I am no military expert. But then you do not need to be one to understand that while Britain going to war with Russia and China might work as a video game, the real thing would be an exceedingly bad idea.

So why then in a speech delivered to the Royal United Services Institute in London, did Mr Williamson’s argument on the feasibility of the real thing elicit applause rather than the shrieks of horror and demands he be sacked forthwith it should have? This is a serious question, by the way. It is one that cuts through British establishment verbiage to reveal a country ruled not by the sober and doughty political heavyweights of years gone by, but by foaming fanatics in expensive suits

Placing to one side for a moment the insanity of the very concept of Britain deploying hard power against Russia and/or China, the prospect of fighting a war against two designated enemies at the same time is a recipe for disaster. Not satisfied with that, though, Mr Williamson is actually contemplating a conflict with three different enemies at the same time – i.e. against Russia, China, and the millions of people in Britain his government is currently waging war against under the rubric of austerity.

“Today, Russia is resurgent,” Mr Williamson said, “rebuilding its military arsenal and seeking to bring the independent countries of the former Soviet Union, like Georgia and Ukraine, back into its orbit.”

For Mr Williamson and his ilk a resurgent Russia is a bad thing. Much better in their eyes if Russia, after the Soviet era in the 1990s, had remained on its knees as a free market desert; its state institutions in a state of near collapse and tens of millions of its citizens in the grip of immiseration. Yes, because in that scenario Western ideologues like him would have had free rein to rampage around the world as they saw fit, setting fire to country after country on the perverse grounds of ‘saving them’ for democracy.

As it is, he and his still managed to squeeze in a considerable amount of carnage and chaos in the years it did take Russia to recover. The indictment reads as follows: Yugoslavia destroyed; Afghanistan turned upside down; Iraq pushed into the abyss; Libya sent to hell.

By the time they turned their attention to Syria, intent on exploiting an Arab Spring that NATO in Libya transformed into an Arab Winter, Russia had recovered and was able to intervene. It did so in concert with the Syrian Arab Army, Iran and Hezbollah to save the day – much to the evident chagrin of those who, like Gavin Williamson, prefer to see countries in ashes rather than independent of Western hegemony.

As to the facile nonsense about Russia trying to bring Georgia and Ukraine back into its orbit, both countries happen to share a border with Russia and both countries, in recent years, have been used by the UK and its allies as cat’s paws with the eastward expansion of NATO in mind.

It gets worse though: “The Alliance must develop its ability to handle the kind of provocations that Russia is throwing at us. Such action from Russia must come at a cost.”

“Provocations,” the man said. Since British troops have been taking part in exercises on Russia’s doorstep, not the other way round, one wonders if Gavin Williamson wrote this speech while inebriated.

It is Russia that has been on the receiving end of repeated provocations from NATO member states such as the UK in recent times, and it is Russia that has been forced to respond to protect its own security and that of its people where necessary. Furthermore, not only in Russia but everywhere, including the UK, people understand that when you have political leaders intoxicated by their own national myths and propaganda to such an extent as Britain’s Defence Secretary, danger ensues.

The most enduring of those national myths where London is concerned is that the British Empire was a force for good rather than a vast criminal enterprise, that Britain and America won the Second World War together alone, that Iraq had WMDs, and that international law and international brigandage really are one and the same thing.

Perhaps the most preposterous section of the speech came when Mr Williamson tried to fashion a connection between Brexit and Britain’s military strength: “Brexit has brought us to a moment. A great moment in our history. A moment when we must strengthen our global presence, enhance our lethality, and increase our mass.”

Reading this, you can almost hear Churchill turning in his grave. Britain’s wartime prime minister had such as Gavin Williamson in mind when he famously said, “He has all the virtues I dislike, and none of the vices I admire.”

Mr Williamson obviously misread the memo talking up not the opportunity for increased conflict with China after Brexit but trade.

This was not a speech it was a linguistic car crash, one that will forever command an honoured place in compendiums of the worst political speeches ever made. As for Gavin Williamson, just as no responsible parent would ever dream of putting an 10-year old behind the wheel of car to drive unsupervised, no responsible British government would ever appoint a man like him as its Defence Secretary.

In years past, he would have struggled to find employment polishing the brass plate outside the building.

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The Birth Of A Monster

The banking establishment welcomed the Fed with open arms. What gives?

The Duran

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Authored by David Howden via The Mises Institute:


The Federal Reserve’s doors have been open for “business” for one hundred years. In explaining the creation of this money-making machine (pun intended – the Fed remits nearly $100 bn. in profits each year to Congress) most people fall into one of two camps.

Those inclined to view the Fed as a helpful institution, fostering financial stability in a world of error-prone capitalists, explain the creation of the Fed as a natural and healthy outgrowth of the troubled National Banking System. How helpful the Fed has been is questionable at best, and in a recent book edited by Joe Salerno and me — The Fed at One Hundred — various contributors outline many (though by no means all) of the Fed’s shortcomings over the past century.

Others, mostly those with a skeptical view of the Fed, treat its creation as an exercise in secretive government meddling (as in G. Edward Griffin’s The Creature from Jekyll Island) or crony capitalism run amok (as in Murray Rothbard’s The Case Against the Fed).

In my own chapter in The Fed at One Hundred I find sympathies with both groups (you can download the chapter pdf here). The actual creation of the Fed is a tragically beautiful case study in closed-door Congressional deals and big banking’s ultimate victory over the American public. Neither of these facts emerged from nowhere, however. The fateful events that transpired in 1910 on Jekyll Island were the evolutionary outcome of over fifty years of government meddling in money. As such, the Fed is a natural (though terribly unfortunate) outgrowth of an ever more flawed and repressive monetary system.

Before the Fed

Allow me to give a brief reverse biographical sketch of the events leading up to the creation of a monster in 1914.

Unlike many controversial laws and policies of the American government — such as the Affordable Care Act, the Troubled Asset Relief Program, or the War on Terror — the Federal Reserve Act passed with very little public outcry. Also strange for an industry effectively cartelized, the banking establishment welcomed the Fed with open arms. What gives?

By the early twentieth century, America’s banking system was in a shambles. Fractional-reserve banks faced with “runs” (which didn’t have to be runs with the pandemonium that usually accompanies them, but rather just banks having insufficient cash to meet daily withdrawal requests) frequently suspended cash redemptions or issued claims to “clearinghouse certificates.” These certificates were a money substitute making use of the whole banking system’s reserves held by large clearinghouses.

Both of these “solutions” to the common bank run were illegal as they allowed a bank to redefine the terms of the original deposit contract. This fact notwithstanding, the US government turned a blind eye as the alternative (widespread bank failures) was perceived to be far worse.

The creation of the Fed, the ensuing centralization of reserves, and the creation of a more elastic money supply was welcomed by the government as a way to eliminate those pesky and illegal (yet permitted) banking activities of redemption suspensions and the issuance of clearinghouse certificates. The Fed returned legitimacy to the laws of the land. That is, it addressed the government’s fear that non-enforcement of a law would raise broader questions about the general rule of law.

The Fed provided a quick fix to depositors by reducing cases of suspensions of their accounts. And the banking industry saw the Fed as a way to serve clients better without incurring a cost (fewer bank runs) and at the same time coordinate their activities to expand credit in unison and maximize their own profits.

In short, the Federal Reserve Act had a solution for everyone.

Taking a central role in this story are the private clearinghouses which provided for many of the Fed’s roles before 1914. Indeed, America’s private clearinghouses were viewed as having as many powers as European central banks of the day, and the creation of the Fed was really just an effort to make the illegal practices of the clearinghouses legal by government institutionalization.

Why Did Clearinghouses Have So Much Power?

Throughout the late nineteenth century, clearinghouses used each new banking crisis to introduce a new type of policy, bringing them ever closer in appearance to a central bank. I wouldn’t go so far as to say these are examples of power grabs by the clearinghouses, but rather rational responses to fundamental problems in a troubled American banking system.

When bank runs occurred, the clearinghouse certificate came into use, first in 1857, but confined to the interbank market to economize on reserves. Transactions could be cleared in specie, but lacking sufficient reserves, a troubled bank could make use of the certificates. These certificates were jointly guaranteed by all banks in the clearinghouse system through their pooled reserves. This joint guarantee was welcomed by unstable banks with poor reserve positions, and imposed a cost on more prudently managed banks (as is the case today with deposit insurance). A prudent bank could complain, but if it wanted to use a clearinghouse’s services and reap the cost advantages it had to comply with the reserve-pooling policy.

As the magnitude of the banking crisis intensified, clearinghouses started permitting banks to issue the certificates directly to the public (starting with the Panic of 1873) to further stymie reserve drains. (These issues to the general public amounted to illegal money substitutes, though they were tolerated, as noted above.)

Fractional-Reserve Free Banking and Bust

The year 1857 is a somewhat strange one for these clearinghouse certificates to make their first appearance. It was, after all, a full twenty years into America’s experiment with fractional-reserve free banking. This banking system was able to function stably, especially compared to more regulated periods or central banking regimes. However, the dislocation between deposit and lending activities set in motion a credit-fueled boom that culminated in the Panic of 1857.

This boom and panic has all the makings of an Austrian business cycle. Banks overextended themselves to finance the booming industries during America’s westward advance, primarily the railways. Land speculation was rampant. As realized profits came in under expectations, investors got skittish and withdrew money from banks. Troubled banks turned to the recently established New York Clearing House to promote stability. Certain rights were voluntarily abrogated in return for a guarantee on their solvency.

The original sin of the free-banking period was its fractional-reserve foundation. Without the ability to fund lending activity with their deposit base, banks never would have financed the boom to the extent that it became a destabilizing factor. Westward expansion and investment would still have occurred, though it would have occurred in a sustainable way funded through equity investments and loans. (These types of financing were used, though as is the case today, this occurred less than would be the case given the fractional-reserve banking system’s essentially cost-free funding source: the deposit base.)

In conclusion, the Fed was not birthed from nothing in 1913. The monster was the natural outgrowth of an increasingly troubled banking system. In searching for the original problem that set in motion the events culminating in the creation of the Fed, one must draw attention to the Panic of 1857 as the spark that set in motion ever more destabilizing policies. The Panic itself is a textbook example of an Austrian business cycle, caused by the lending activities of fractional-reserve banks. This original sin of the banking system concluded with the birth of a monster in 1914: The Federal Reserve.

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