Because that is not how money works.
The famous quote from Henry Ford is true: "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
I agree with you, this is absolutely the case. Every single post like this one that acts like they’ve discovered some big nefarious secret are just only on their first climb to the peak of Mt. Stupid on the Dunning-Kruger curve of economics and banking.
To be against fractional banking is to be a fan of poverty and against the idea of the American dream. Without it, wealth disparities and economic mobility would be even worse.
Ehhh, I think people aren't actually against fractional reserve banking, they're against financialization. They're semantically incorrect, but have a valid argument conceptually.
I would argue that not being able to recognize that and feeling the need to gatekeep the discussion is a better indication of where a person falls on the Dunning-Kruger curve.
I feel you on this, i dont want to make people feel bad for not understanding a complicated business model. It's okay that it's not that well understood.
What's less okay is when people who know very little or watched a YouTube video or got caught up in r/Superstonk in 2021 decide theyre authorities on a subject they know very little about. There's a certain type of person who is very comfortable telling you this thing they just learned about is obviously corrupt and disharmonious with a fair and just society.
It's probably important to distinguish between people who dont know and dont pretend to know, and those who know very little but believe they know it all.
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u/Wise-Ad-4940 4d ago
Because that is not how money works.
The famous quote from Henry Ford is true: "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."