John Carney is absolutely correct:
In a system of fiat money controlled by a central bank, with fractional reserve banks backed by deposit insurance, characterized by enormous mega-banks that have grown so large primarily because of concentration-inducing regulation, there is no pre-existing free market into which the government can intervene.
Read the rest here.
This is where all the trouble begins: "Our money is your money, we print it for you to use."
It's the only game in town, until it isn't. And until it isn't, we don't have to like it.
