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Saturday, July 5, 2008

RE: [LPplatform-discuss] Re: David Friedman on Fractional Reserve Banking

D. Frank Robinson wrote:

DFR) Fractional reserve lending is simply a form of lottery IMHO. (DFR

I wouldn't agree that every economic activity that has non-zero risk is economically equivalent to a lottery.  There are fundamental differences between using a checking account and playing the Lotto.

DFR) I don't recall Rothbard ever advocating a prohibition of lotteries. (DFR

Thanks for agreeing that Rothbard mis-analyzed the ethics of fractional reserve banking.