A Straightforward Overview On Swift Solutions Of Working Capital

Even though the degree of alchemy of the banking system was much less fifty or more years ago than it is today, it is interesting that many of the most distinguished economists of the first half of the twentieth century believed in forcing banks to hold sufficient liquid assets to back 100 percent of their deposits. They recommended ending the system of fractional reserve banking, under which banks create deposits to finance risky lending and so have insufficient safe cash reserves to back their deposits. Like Rothbard, King calls attention to the insights of the nineteenth-century Jacksonian William Leggett. King cites an article of 1834 in which Leggett said: Let the [current] law be repealed; let a law be substituted, requiring simply that any person entering into banking business shall be required to lodge with some officer designated in the law, real estate, or other approved security, to the full amount of the notes which he might desire to issue. King may to an extent resemble Rothbard; but unfortunately he is not Rothbard; and alert readers will have caught an important difference between Kings idea of one hundred percent reserve banking commercial loan refinance and Rothbards. Kings notion, unlike Rothbards, still allows banks to expand the money supply. The liquid assets need not be identical with the deposits: they need only be easily convertible into money should the need arise to do so. Kings own plan to end the alchemy allows for substantial monetary expansion.

https://mises.org/blog/central-bankers-are-losing-faith-their-own-alchemy

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