this supply-inelasticity is why I break with most libertarians and ancaps and say that fiat currency (including government fiat currency) is actually better than hard metal (e.g. gold) as a medium of exchangehttps://twitter.com/JohnDCook/status/1441463134040977415 …
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4/ nothing is fraud if the label is accurate I'm a huge fan of fractional reserve banking and suspect that people who are uneasy with it also don't understand pointers in computer science (i.e. are stuck at the object level and can't deal w abstraction)https://twitter.com/OneMichaelTew/status/1441509670431203333 …
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what about tasps?
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The debate on whether fractional reserve banking is fraud or not is an interesting one. But seems clear to me that it isn’t.
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