(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) The economics of nightclubs and national banking systems have a lot in common.
I wanted to take a moment to express my gratitude for the incredible work you have done in drawing connections between complex economic principles and everyday objects and experiences. Your ability to clearly and effectively communicate these ideas is a true gift, and I have learned so much from your insights.
Fwiw it’s not clear that banks operate under fractional reserve. There’s empirical evidence [1] that they operate by the credit creation theory [2] instead.
The Denominator
I wanted to take a moment to express my gratitude for the incredible work you have done in drawing connections between complex economic principles and everyday objects and experiences. Your ability to clearly and effectively communicate these ideas is a true gift, and I have learned so much from your insights.
If you want read in Russian welcome here: https://teletype.in/@rekted_capital/cFrgE-vGI3x
Fwiw it’s not clear that banks operate under fractional reserve. There’s empirical evidence [1] that they operate by the credit creation theory [2] instead.
[1]:https://www.sciencedirect.com/science/article/pii/S1057521914001070
[2]:https://www.economicsnetwork.ac.uk/archive/starkey_banking/
Found from Twitter thanks for writing. Rob
Love your prose and content, Mr Hayes. Brilliant
Cautionary tale...for Bottle Service.
Avid reader of your articles! Awesome that you joined substack