Quote:
Originally Posted by mcsluggo
whoah! 100% reserves for banks is the prescription? $1 in their vault for every dollar that they lend out? So entirely abolishing credit is the answer to eliminating business cycles?
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You sure have no idea what Rothbard was talking about. A little hint: time deposits. - If you want interest on your money you have to give it to a bank for a predefined period of time, or you have to make a loan yourself.
The basic principle lies in property rights. Either you believe in property rights or you don't.