lsayre wrote:Actually I believe that money backed by nothing and fractional reserve banking gone wild (with somewhere in the vicinity of 30:1 leveraging) and too big to fail are the root problems.
Nothing inherently wrong with fractional reserve banking, but I would agree 30:1 leveraging is awfully high.
"Backed by nothing" is also a problem, agreed -- not that some arbitrary metal should be the backing, but it should be based on something more or less concrete, to keep our politicians from relying solely on their wisdom. (How's that for an oxymoron -- political wisdom?) Just not sure what the "something concrete" should be.
And yes, too big to fail, due to inadequate government regulation again resulting from political wisdom.
And here I thought you and I didn't agree on anything.