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Old 09-30-2008, 04:53 PM
 
Location: Albemarle, NC
7,730 posts, read 12,716,802 times
Reputation: 1505

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Quote:
Originally Posted by KantLockeMeIn View Post
Fractional reserve banking which is based upon, or backed by, faith alone is unsustainable.

I'm not opposed to the idea of fractional reserve banking altogether, as long as we have a method of basing the liquidity. Take the manipulation out of the market as much as possible and back the currency... faith alone isn't sufficient.
Fractional reserve banking is fine if the government is the bank, not a private corporation or even a group of private banks. It also requires complete transparency to the people with no interest charged on loans. Debt can only be granted for tangible objects with actual value. You don't pay, we take it and sell it. Otherwise, we can layawy.

There will still be bubbles, but the government would be able to tax the borrowers for their loans thereby removing some of the money from the system once in a while.
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Old 09-30-2008, 04:59 PM
 
2,260 posts, read 3,371,758 times
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Quote:
Originally Posted by progressive25 View Post
After he and other other members of Congress defeated President Bush’s $700-billion bailout for banks, Paul says contrary to widespread propoganda, the “markets will not fall apart” over the long term.

Video.
It's not what he saying last month.
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Old 09-30-2008, 05:11 PM
 
Location: Albemarle, NC
7,730 posts, read 12,716,802 times
Reputation: 1505
Quote:
Originally Posted by paullySC View Post
It's not what he saying last month.
long term. Short term, yes. Long term, no. They will pop and the whole thing starts back up again, bubbles.
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