It's weird that the government doesn't make inflationary banking illegal, there is no reason to allow banks to do it.
The government benefits from the existence of a 'stable' banking system, but if it is not allowed to crash endless inflation will result. If indebted companies are not allowed to crash, and continue to issue new debt, this will increase the liabilities for the taxpayer, more and more people will be owed money by the government. The deposit guarantee makes private debt public, if everyone has deposit insurance then no one will need to worry about paying for anything.
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