by Although I like the title of my banking primer “Fractional Reserve Banking and its Discontents,” the problem is that I need to deal with some really loopy theories.The economist Robert Solow provided us with a very good quote regarding the dilemma of such discussions.Suppose someone sits down where you are sitting right now and announces to me that he is Napoleon Bonaparte. The last thing I want to do with him is to get involved in a technical discussion of cavalry tactics at the Battle of Austerlitz. If I do that, I'm getting tacitly drawn into the game that he is Napoleon Bonaparte. In the area of banking disputes, we run into internet Austrians who argue that fractional reserve banking is “fraudulent” based on alleged historical arguments. I have done my best to blank this nonsense out
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
NewDealdemocrat writes The snooze-a-than in jobless claims continues; what I am looking for in tomorrow’s jobs report
Bill Haskell writes Monthly payments could get thousands of homeless people off the streets
Angry Bear writes A Doctor at Cigna Said Her Bosses Pressured Her to Review Patients’ Cases Too Quickly
Steve Roth writes How Did Under-40s Get So Much Richer During Covid?
Although I like the title of my banking primer “Fractional Reserve Banking and its Discontents,” the problem is that I need to deal with some really loopy theories.Bond EconomicsThe economist Robert Solow provided us with a very good quote regarding the dilemma of such discussions.
Suppose someone sits down where you are sitting right now and announces to me that he is Napoleon Bonaparte. The last thing I want to do with him is to get involved in a technical discussion of cavalry tactics at the Battle of Austerlitz. If I do that, I'm getting tacitly drawn into the game that he is Napoleon Bonaparte.
In the area of banking disputes, we run into internet Austrians who argue that fractional reserve banking is “fraudulent” based on alleged historical arguments. I have done my best to blank this nonsense out of my skull, but I will run through what I believe was the logic....
Fractional Reserve Banking And "Fraud"
Brian Romanchuk