SLP402 Pierre Rochard - Bitcoin Obsoletes Fractional Reserve Banking
Stephan Livera Podcast
00:00
Defining Credit
When the bank issues a loan, it's insured by f d i c. It's not real insuranceiht, because you actually don't know of any example of private insurance for a demand deposits. Now we have a system where essentially credit has become socialized. And then a socialized as well in terms of the losses. When the system does blow up, now the government is going to intervene and is going to bail out a the banks.
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