Doesn’t China still have some shadow banking activity also ? You can’t abolish private banking completely, because ultimately loans are just IOU’s. Anyone can

Doesn’t China still have some shadow banking activity also ? You can’t abolish private banking completely, because ultimately loans are just IOU’s. Anyone can speak or write them. Even accounts receivable are very similar to loans. Private banks are just outsourced service arms of the fed anyway. you can’t really stop people from using future income to plan current investments. leverage comes from spending expected future streams of money.