4 ms·
Fraud is legal! Yaaaaaayy
by Group_B 1y ago
Fraud is legal! Yaaaaaayy
- sunshinerag 1y ago[flagged]
- daedrdev 1y ago?????????????????
- rvz 1y agodon't forget insider trading in congress.
- 9283409232 1y agoWhat does this even mean?
- miltonlost 1y agoAustrian economics and libertarians think fractional reserve banking is inherently fraudulent. Just more right-wing lunacy to easily ignore.
- ty6853 1y agoThere is still a piece of truth to it. If I warehoused anything but dollars as a "fractional reserve", the first time the system fails (as the banking system has many times even under the federal reserve most notably in the great depression) I would be prosecuted for fraud/theft/ whatever they could come up with when I explained I had only lent out the inventory and I had hoped I would have enough around at any point in time to satisfy anyone withdrawing. People would be angry and the sentiment would be quite popular. Before the federal reserve existed and banks did fractional reserve on their own, after a failure it would be quite common for them to be accused of being crooks. Even if what they were doing was basically the same as what the federal reserve does but done privately. The banks ultimately colluded in a secret meeting under assumed identities with legislators (on Jackyll Island) to just to cartelize the system to hedge that risk, and the vote was rammed through before the public knew of the meeting or could react (and later written this was done on purpose because they knew it was democratically unpopular and would fail under transparency).
- deleted 1y ago[deleted]
- dang 1y agoMaybe so, but please don't post unsubstantive comments to Hacker News. We've had to ask you this before.