There is no valid reason for frac. res. banking to be legal and tolerated. If the customer is aware, in a free market, this is not to be rightly known as banking in the conventional sense, and should be renamed.
In the case of Frb under deposit insurance, whether or not the customer is aware, the money supply is being inflated which removes value from those holding the currency. Even in the free market Frb can be tolerated only if the customer is aware of the theft, in which case this is not banking and must be described as something else. Frb is either fraud (allied with theft) in the free market or it is inflation (when banking is) in the public sector.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment