How to explain this stuff to the average person? I feel that bridging the gap is very hard, since the very basic understanding of how society works from an economic standpoint seems to be totally missing and the willingness to carefully listen to these arguments is definitely missing in a lot of cases, since people might be relatively comfortable in their fiat lifes
"As Jesús Huerta de Soto explains, the Peel Act of 1844 forms the foundation of modern banking systems. This law correctly prohibited the issuance of banknotes without 100 percent backing, but not that of deposits, as it failed to recognize that deposits are part of the monetary base (M). While issuing unbacked banknotes constitutes forgery and fraud, fractional reserve banking is a form of embezzlement."
https://mises.org/mises-wire/cultural-consequences-inflation
Discussion
No replies yet.