Since former Federal Reserve head Alan Greenspan’s testimony on October 23, 2008, anti-capitalists of every stripe have seized the opportunity falsely to blame the money and banking crisis upon Ayn Rand’s philosophy and upon capitalism. At the same time, some have argued that Objectivism is compatible with fractional reserves in banking. For both reasons, I yesterday turned on the video camera and explained, extemporaneously, the nature of Ayn Rand’s objection to inflation, and why it implies an objection to fractional reserves. Read more
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