-—”fractional reserve” banking has been around since the Babylonians, IIRC-—
I’m fine with fractional reserve banking as long as there is real strict oversight on the assetts that are on deposit and form the basis for the system, specifically that they are MARKED TO MARKET.
According to the Book of Jubilees (chapter 10 v.18-27), Cornelius Alexander (frag. 10), Abydenus (frags. 5 and 6), Josephus (Antiquities 1.4.3), and the Sibylline Oracles (iii. 117-129), God overturned the tower of Babel with a great wind. In the Midrash, it said that the top of the tower was burnt, the bottom was swallowed, and the middle was left standing to erode over time.