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.
