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#21
10-11-2007, 09:10 PM
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Re: Ideas of another dead socialist
"I thought the fed was created to be a lender of last resort? Wasnt that because there were a lot of runs on the bank? "
In a free banking system, no bank would be able to practice fractional reserve banking without going bankrupt quickly, so there would be lots of runs on banks that attempted fractional reserve banking, but banks that practice 100% reserve banking obviously cannot be run on (because they have everything there). 
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#22
10-11-2007, 10:41 PM
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Re: Ideas of another dead socialist
[ QUOTE ]
Agreed! And if you are going to debate economics, you may as well start get used to Marxist meaning of the terms. After all, he started the whole economic "science" business! Surely you are not suggesting that everybody in academia should start using economic words with a libertarian or, even worse, an AC's meaning! LOL [/ QUOTE ] Mainstream economics is considerably closer to the Austrian School than Marxism.
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