“…I would say that FRB is not fraudulent to the exact extent that the business of banking is run successfully.”
Random Heresies on Bitcoin and Fractional Reserve
Or, equity, leverage, liquidity, and duration as a guide to understanding money
https://allenfarrington.medium.com/random-heresies-on-bitcoin-and-fractional-reserve-d16b9a683851
“…I would say that FRB is not fraudulent to the exact extent that the business of banking is run successfully.”
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