It is an ABSOLUTE fraud, by every measure one may wish to use. Excellent article, by the way.
Cheap money at very low interest rates will lead to booms and busts in the economy, otherwise known as the "business cycle". Dr. Rothbard was very aware of this. If it weren't a fraud, there wouldn't be a need for governments strongarming their citizens to accept this scrip by enacting "legal tender" laws.
Additionally, fiat currency, 10% fractional reserve banking system loans have interest which must be paid back with "REAL" tax money and if the only money in circulation is the very money produced at an earlier time by the same thieves, it is a never ending, downward spiral into massive debt.
I would refer you to a couple of articles I wrote on Gresham's Law, not too long ago. There is some interesting history to be learned when "authorities" start playing with the markets.
They can be found here: https://steemit.com/cryptocurrency/@getmgt/gresham-s-law-gold-and-cryptocurrency-1-of-2
and here: https://steemit.com/cryptocurrency/@getmgt/gresham-s-law-gold-and-cryptocurrency-2-of-2
RE: What is Fractional Reserve Banking, and is it Fraud?