No.102135
Why do Sowell and Friedman schlob the central banks knobs so thoroughly? I finished basic econ by sowell, tried to read rothbard but had to put it down because of the never ending purity spiral of his thought, and and about halfaay through Friedman capitalism and freedom when it struck me what had been nagging at me. Both of these believers in freedom went out of their way to apologize for the central bank, and fractional reserve banking as a whole. It seems fairly obvious to me that fractional reserve banking is not only a dangerous activity that distorts the market by inflating the money supply, but is also something akin to fraud, not only on the depositor for what amounts to stealing his money that is supposed to be earning interest, but also on the borrowers of the bank that are borrowing phantom money that only exists because no one actually asked to see the physical money.
Am I misinterpreting?
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