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Yeah, but if you had to have the reserves to cover loans there wouldn't be one bank around to give out loans. Well, there would be one....about 200 miles away. If you peg the dollar go gold, there would be a huge, monumental destructive correction, but then we would all be better off.
"Reckless Endangerment" by Gretchen Morgensen and "Architects of Ruin" by Peter Schweizer already covered this.
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