My my, ThomasHamilton, aren't we touchy?
Of course, CD's are a LEGITIMATE FORM of lending. I give up the use my saved capital for a specified period, in exchange for the prospect of profit when that specified period ends.
With FRB, however, what happens is that DEMAND DEPOSITS are lent out the second the bank gets them. We have the legal fiction that those deposits are "owned" by the depositor, the lender, and the lendee, all at once. And, under current law, the bank can lend out almost ten dollars for every dollar it has on deposit.
That is, quite simply stated, fraud.