Thursday, October 9, 2008
Letter from Bedford Falls
This will probably get swamped in the miasma of end-of-the-world predictions, but it has the virtue of actually being written by someone who knows what he's talking about. I know malct will be on talking about Fractional Reserve Banking, but, for the record, he doesn't understand it. This explains how a bank actually works and why the 'bail-out' isn't.