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Is it fraud if there is more paper money than real wealth?
Posted on 03.16.10 by Thomas L. Knapp
Source: Independent Country Author: James Leroy Wilson “If banks lend out more bank notes of value greater than their assets, and these notes circulate as currency, the market itself will judge their value. If that bank’s depositors know this is the case, and there are no legal tender laws requiring these bank notes to be accepted as money, I see no ethical problem. I don’t understand how any Austrian economist or libertarian would object.” (03/16/10) Link: http://tinyurl.com/y9gk87e Filed under: RRND Commentary and Twitter-Worthy | Report Bad Link Bookmark this post in Furl or Del.icio.us | |






