fractional reserve banking is actually good, and loaning money into existence is good too, and every time you do a friend a favor and say "pay me back later" you have created currency and that is excellent https://twitter.com/NinjaMa31969964/status/1188917420049735681 …
-
-
6/ Fractional reserve banking antagonists get upset in exactly the way that "the constitution says that blacks are worth 3/5 of whites" people get upset - they exactly misunderstand what's going on. In the Const, it was an attempt to LIMIT slave states, not empower them.
Show this thread -
7/ Fractional reserve banking is likewise misunderstood - by requiring assets on hand, it is a huge LIMIT on loan generation. If I fix your flat tire and you give me an IOU for $100 and I trade that IOU to your neighbor for an old swing set, we've "created currency".
Show this thread -
8/ Why, exactly, is it bad that the currency "is debt"? I did some work up front - I fixed a tire. That is a productive good thing. It increased the amount of wealth in the universe. Now we're using that as a basis to move a piece of paper around, which creates liquidity.
Show this thread -
9/ what fractional reserve banking does is set LIMITS on how much of this natural behavior we can do.
Show this thread -
10/ a man of intellect and sophistication --> https://twitter.com/stephengracin/status/1188920316099284992 …
This Tweet is unavailable.Show this thread
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.