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To: Ilaine who wrote (18805)5/6/2002 5:21:16 PM
From: Don Lloyd  Respond to of 74559
 
CB -

...But it was always fractional reserve.

When there is competition in banking, and no government guarantee, more than a moderate degree of bank-created money and credit expansion leaves a bank one rumor away from insolvency. The question is not whether fractional reserve banking was possible, but to what degree it was actually practiced, and to what degree the individual banks that most pushed the envelope survived.

Regards, Don


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