Are we arguing? The money is no longer in the bank, but I can't demand it for five years, which is great, because the bank will get the loan paid back, with in

Are we arguing? The money is no longer in the bank, but I can't demand it for five years, which is great, because the bank will get the loan paid back, with interest, in four. And yes, I would expect a secondary market to develop for deposit receipts as people misjudge their time/money needs. What am I to think about? Duration mismatch is the problem, eliminate it and you eliminate bank runs and, more importantly, lying. The fraud is when the bank, through slight of hand, tells more than one person they can have a given monetary unit at a given point in time. That's the double counting. But perhaps I'm misunderstanding you.