I know that, but there are several posters here who persist in claiming the opposite.
Which is very, very odd. Fractional reserve banking has been the basis of the financial system for quite a number of centuries now. It wasn’t invented 20 years ago by evil Jewish banksters.
You can make an argument, not a particularly intelligent one IMO, that we should abandon the practice, but that it’s what we’ve done for centuries is quite beyond dispute.
“Which is very, very odd. Fractional reserve banking has been the basis of the financial system for quite a number of centuries now. It wasn’t invented 20 years ago by evil Jewish banksters.”
In one of his books von Mises makes the point that fractional lending is the very definition of banking. It’s in his “Theory of Money and Credit” as I recall.
There’s a very good history of banking that’s still in print, “Capital and Finance in the Age of the Renaissance: A Study of the Fuggers, and Their Connections” by Ehrenberg.
It’s actually an interesting read, unlike the majority of economic texts. The Fuggers were a Christian German banking family that pretty much controlled the economy of Europe, taking over that role from the Medicis.