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Objectivists were not uniformly against fractional reserve banking. At least objectivists had the idea that laissez-faire benefits the few "the new elite", tho
by Nokinside 8y ago
Objectivists were not uniformly against fractional reserve banking.
At least objectivists had the idea that laissez-faire benefits the few "the new elite", those who deserve and did not have the weird idea that laissez-faire lifts all up.
- gbacon 8y agoThere is a difference in kind between fractional-reserve banking and propping up an entire system of banks with a central bank deemed the lender of last resort and that has the special privilege of issuing newly created fiat money and credit. I’m no Objectivist, so what do you mean by “the weird idea that laissez-fairy lifts all up”?