
At 04:58 PM 6/24/96 -0400, hallam@Etna.ai.mit.edu wrote:
Remember why FDR invented deposit insurance? The worst depression in modern history was caused by the lack of deposit insurance.
By an interesting coincidence the the worst depression in modern history happened shortly after governments around the world took control of currency issue, so that banknotes became government notes. Just as the worst famine in modern Russian history happened shortly after the government collectivized the peasants. --------------------------------------------------------------------- | We have the right to defend ourselves | http://www.jim.com/jamesd/ and our property, because of the kind | of animals that we are. True law | James A. Donald derives from this right, not from the | arbitrary power of the state. | jamesd@echeque.com