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It's weird how a bank can loan out 8-20 times what is deposited, but if I can lend out a single copy of a book I have? The banking system runs the backbone of t
by navane 4y ago
It's weird how a bank can loan out 8-20 times what is deposited, but if I can lend out a single copy of a book I have? The banking system runs the backbone of the economy, but god forbid if everyone has access to all books? What if we use books as a payment method, can we then use the same leverage banks do?
- orangepurple 4y agoBooks cannot be used to pay government taxes or settle debts which are the factors that drive the value of a currency. As a recent example Putin tried to force the EU to pay Russia for energy in rubles.
- lucb1e 4y agoThat's not how that works. Non-central banks don't print money the way that servers send out bytes. There is also no copyright on bank notes that prohibits you from selling copies of them online. It's also not the bank's fault that you feel copyright law is unjust, it's got nothing to do with each other.