Denninger: Two Backgrounders on Banking

Read them both and pass them on:

Reserve Banking

Followup: Reserve Banking

One of the unspoken challenges after the current regime collapses is the number of collectivists who will insist that capitalism caused the collapse.

Helping others understand finance fundamentals, such as fractional-reserve banking, is an important step in innoculating against even more chaos in the future.

Tempus fugit.