“. . . says Thomas Mayer, a former IMF economist and former Chief Economist of Deutsche Bank Group and Head of DB Research, and now a Deutcshe Bank Senior Advisor. Mayer goes on to cite Austrian monetary and business-cycle theorist Jesus Huerta de Soto on the causal connection between fractional reserves and banking crises throughout history. He points out: ‘Since there is no single state in the eurozone able to bail out banks in a systemic crisis, a banking regime without state backing is needed.’ He concludes his letter with a four-step plan for ‘comprehensive’ banking reform that would implement just such a regime.”
http://bastiat.mises.org/2013/06/banish-fractional-reserve-banking-for-real-reform/
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