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How Governments Steal | The Lyn Alden Series | Episode 3 (WiM198)
The "What is Money?" Show
The Moral Suasion of the Fed
After the great depression, interest payments on time and saving deposits were prohibited. The argument for imposing this restriction was that excessive competition for deposits generated instability in the financial system. I just thought that was interesting, that they have to make an appeal to some one's moral sense of dutyy. It gets very tribal in a way, when they're trying to figure out how to liquidate these debts. There is a view among bankers that it is better to remain co operative with the fed.
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