Suppose an addict had the ability to magically create, ex nihilo, his own stimulating drug, as fractional reserve banks can do with money and credit. Would you expect moderation?
Canadian politicians tout their healthcare system as morally superior to private medicine. There is nothing moral about relegating thousands of people to death each year for lack of medical care.
Jeff and Bob walk through the mechanics of how a full reserve bank could work in a truly free market based on the concepts and taxonomy of Mises’s Theory of Money and Credit.
