The State grants the license that banks need to issue dollar loans without the actual money to do so.
The dietary advice is also accurate.
The State grants the license that banks need to issue dollar loans without the actual money to do so.
The dietary advice is also accurate.
The fractional reserve swindle did not start out as a state-licensed activity, though hundreds of years later governments started to insist on licenses. Can you imagine that? -- a license to steal, and debase the currency. But that's exactly what it is.