We would be well-served to have a way to opt out of the fraud of fractional reserve banking, gckaloudis writes. Opinion for The Node newsletter
The recent buyout of First Republic, the second-largest bank failure in the U.S. ever, has raised serious questions about solvency and liquidity across the global banking system. Banks are supposed to be stodgy operations: Customers deposit money into a bank account for safekeeping and withdraw it whenever they want to use it. And by and large that system works.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news.
“Financial systems help us overcome a collective action problem. In a world of investment projects whose costs and risks are perfectly transparent, most individuals would be frightened ... A banking system is a superposition of fraud and genius that interposes itself between investors and entrepreneurs.
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