100 Percent Gold Banking
Issuing receipts for gold that does not exist is not banking. It is fraud.
Source: Mises Institute
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DW NOTE
Rothbard's case for 100 percent gold reserves rests on property law, not macroeconomic convenience: if a deposit receipt is a warehouse claim, issuing more claims than metal on hand is fraud, full stop. The fact that every major monetary system since 1914 has operated as a continuous violation of this principle does not make it less true — it makes the violation structural.