Is It All a Con Game, All of It?

The collapse of FTX shows what has happened so many times in banking, the way that we understand it today. I was explaining to my nine-year-old how banking works. It blew his mind. The concept of fractional reserve banking is all a con game. If people stop believing in the power and the strength of the US dollar, the US dollar loses its power and strength. We've developed these new forms of insurance which shore up the value and confidence in the banks.