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Pastimes : Book Nook
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To: Ilaine who wrote (121)3/30/2001 12:27:46 AM
From: JF Quinnelly  Read Replies (1) of 443
 
The money that vanished in the Depression was credit money. The big part of the pyramid in a fractional reserve system. It's why Austrian School economists get worried about monetary expansion- the expansion is credit, and it has the ability to quickly disappear down the black hole of missing money. Especially in an era before banks were "rescued" by the Fed. This worry has been lessened by the use of deposit insurance (but not for bank stock holders), but the ability of credit-created money to vanish is a problem inherent in fractional reserve banking.
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