JB: Think about starting and running a Bank, but one for depositors of precious metals.
Think about starting and running a Bank, but one for depositors of precious metals.
I would never put my precious metals in a bank... makes it too easy for the government to steal.
Jargon:The Panic of 1907 was the result of fractional-reserve banking like US Steel was a free market monopoly.
Did US Steel forcibly prevent everyone else from entering the steel market?
Jargon:No need for an ignorant copout when the certain causes of certain individuals are certainly recorded: namely, L.M. Shaw's, secretary of the treasury in that period, injections of treasury money into the loan market. http://en.wikipedia.org/wiki/L._M._Shaw
http://en.wikipedia.org/wiki/L._M._Shaw
So what do you think caused all those bank runs?
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Autolykos: Did US Steel forcibly prevent everyone else from entering the steel market?
Not to my knowledge, though there was a heavy steel tariff in place preventing people from buying foreign steel goods. What is your point? I intended my point about them being a 'free market monopoly' to be taken as a sarcastic quip.
Um, like I said, the business cycle policy enacted under LM Shaw which artificially inflated the loan market at that time.
The Anarch is to the Anarchist what the Monarch is to the Monarchist. -Ernst Jünger
Jargon:Not to my knowledge, though there was a heavy steel tariff in place preventing people from buying foreign steel goods. What is your point? I intended my point about them being a 'free market monopoly' to be taken as a sarcastic quip.
My point was that the very term "free-market monopoly" is nonsensical. Maybe you already agree with that though.
Jargon:Um, like I said, the business cycle policy enacted under LM Shaw which artificially inflated the loan market at that time.
And that has nothing whatsoever to do with fractional-reserve banking? I'd appreciate some elaboration from you here.