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Reply #10: Don't deceive yourself. [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

JackRiddler

(1000+ posts) Send PM | Profile | Ignore

Wed Sep-12-07 09:42 PM
Response to Reply #5

10. Don't deceive yourself.

"At its heart," banking is about making money for banks. If banks exercise an essential function, so do other businesses. They aren't charities, they weren't created to maintain liquidity for the productive economy.

The need for liquidity in a modern economy is undeniable, and may well necessitate fractional banking, as you argue. The question you are begging is whether this power should be privatized, as is the case with cental banks not under the control of governments (in the case of the Federal Reserve with shares owned by other (private) banks).

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