Has Fractional-Reserve Banking Really Passed the Market Test?

http://www.zerohedge.com/news/2014-07-26/has-fractional-reserve-banking-really-passed-market-test

http://www.bankofengland.co.uk/publications/documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf

Chapter 5.

Justice in exchange, reciprocity in accordance with proportion.

http://www.sacred-texts.com/cla/ari/nico/nico048.htm

 It would have been wise to have heeded the words of Charles Holt Carroll, 1860: "a promise is a debt, and the attempt to make debt serve the purpose of money always has been and always will be a failure". Unfortunately, he is another exceptional economist whose words have been drowned out.

http://www.zerohedge.com/news/2014-07-26/has-fractional-reserve-banking-really-passed-market-test#comment-5008931