This is defeatist. You can pay off your student loans (I did) and your mortgage (I did). You don't need a smart phone or a phone plan (I have neither) or netflix (also don't have it). Don't accept "the world mandates that I do X" ; create your own path.https://twitter.com/AetiusRF/status/1121162094320259077 …
you've moved the goal posts from "fractional reserve banking is bad" to "bailouts are bad" I agree with the latter
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Bailouts are an interesting subject historically. I don't think I agree with everything Hudson says in this interview, but it gives a perspective I hadn't heard before.http://www.unz.com/mhudson/the-delphic-oracle-was-their-davos/ …
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At least in historical banking (before centralization and the advent of "money" mostly held as numbers on balance sheets), when you owed interest it had to be repaid in some commodity (copper, silver, gold, etc.) that was deflationary. Now a CB just types in some numbers. Poof!
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That's what fractional reserve banking *is*. It's a system of (usually) tiny bailouts and "adjustments" to inflate the money supply so banks can stay in operation. This perversely incentivizes making bad loans as a matter of course, because someone else always foots the bill.
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Only occasionally does it get to be so big that they can't hide what happened.
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