Dr. Philipp Bagus explains the main ideas from his new book, Full Reserve Banking versus the Real Bills Doctrine, which defends Misesian business cycle theory from a recent critique. Bagus provides an in-depth criticism of the Real Bills Doctrine, emphasizing the importance of real savings in economic stability. He defends full reserve banking and critiques fractional reserve systems for creating money without real economic backing, leading to inflation and business cycles.

• Full Reserve Banking versus the Real Bills Doctrine: Mises.org/HAP469a
• Bob's Study Guide to The Theory of Money and Credit: Mises.org/HAP469b
• Philipp Bagus, "Entrepreneurial Error Does Not Equal Market Failure" Mises.org/HAP469c

The Mises Institute is giving away 100,000 copies of Murray Rothbard’s, What Has Government Done to Our Money? Get your free copy at Mises.org/HAPodFree