Correct, but that's been the case for a very long time. Banknotes and fractional reserve lending have been around the block many times, even under a 'gold stan

Correct, but that's been the case for a very long time. Banknotes and fractional reserve lending have been around the block many times, even under a 'gold standard'. It's a banker's world; we just live in it. "Gold is money. Everything else is credit". - J.P. Morgan