Depressions - News, Updates, Images & Quotes

It is widely believed that panics, boom-bust cycles, and depressions are caused by unbridled competition between banks; thus the need for government regulation. The truth is just the opposite. These disruptions in the free market are the result of government <em>prevention</em> of competition by the granting of monopolistic power to a <em>central</em> bank. In the absence of a monopoly, individual banks may operate in a fraudulent manner only to a limited extent and for a short period of time. Inevitably, they will be exposed by their more honest competitors and will be forced out of business.

— G. Edward Griffin; The Creature From Jekyll Island view