moonbat1775

Global Coordinated Rate Cut: Nice Try, but the Party Is Over

"No, the fault does not lie with banking." JasonC

It appears it does lie with banking. But why should this be surprising? Fractional Reserve Banking started out as a dishonest cheat. Eventually, bankers bribed and pressured governments into legitimizing it. Beside being based on fraud and theft (via inflation) it is also responsible for the so called business cycle as the Austrian economist point out.

Honest or at least stable banking is possible. We should return to "free banking" and competing currencies but this time with no government involvement other than enforcement of the usual laws against theft and insolvency. Fractional reserve banking might even work since bank runs would keep it in check.