expat_panama
Gold Member
- Apr 12, 2011
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There are very silly people that say car crashes have shown that auto transportation is inherently unsafe. The last wave of bank runs in the US was in 1933. From here: "Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. " We use cars and we use banks that are more stable than cars and saying banks are unstable is crazy....bank runs have shown how the system is inherently unstable......since the early 1600's, both the depositor and creditor have had claims on collateral too. Given how banks habitually make loans for a fraction of the property being mortgaged, we end up with recourse way over face value of deposits.
America decided with its founding to create money. America is good and the fact that you and I both use money is good....Some economist even like the idea that money is created, saying it is necessary. My view is that when money is created, it is not good.