[apoxonu]

The purpose of this paper is to explain how a completely free banking system would operate. Under free banking, all financial institutions are subject only to the general laws of incorporation and against fraud. We've been there and done that. Unfortunately, greed is a universal trait. Banks unwisely invested customer deposits in fast money-making schemes which failed. When the banks were forced to close, depositers tried to get their money back only to find it had all been spent.

[SeeSharp]

We've been there and done that.

The result was the industrial revolution.

Unfortunately, greed is a universal trait. Banks unwisely invested customer deposits in fast money-making schemes which failed. When the banks were forced to close, depositers tried to get their money back only to find it had all been spent.

Some did. But the banking industry mostly blew their money on political campaigns seeking special privileges and protection from competition.