The fractional reserve part of your explanation is historically quaint and doesn’t apply anymore. Banking reserves today are closer to 1–2%.
Since you have moved on from Mike Maloney, I suggest you read Steven Keen(a fellow Aussie who keenly points out that private debt is a worse economic time bomb than government or corporate debt) and Keith Weiner (a talented modern interpreter of Austrian economics, especially the distortions of the economy created by repressed interest rates).
High EROEI oil which supported large increases in productivity is what enabled the “endless” growth necessary to pay the ever-increasing amount of interest on the ever-increasing money supply. It is no coincidence that the rise of standard oil happened along with the rise of central banking.
Well, George Bush II said it clearly, “The era of cheap oil is over.” Don’t let fracking fool you, it is neither cheap or sustainable. Oil under $40 bankrupts the oil industry, while oil over $100 crashes the economy. In order to kick the can down the road, the Federal Reserve has repressed interest rates thus replacing actual productive growth with debt.
So what’s a bloke to do, mate? Us little guys need an efficient way to opt-out of the casino. Once again, Aussies to the rescue. A group of young Aussie sound money advocates, entrepreneurs, and computer geeks in conjunction with a large international vaulting company and one of the most sophisticated bullion traders in the world came up with a great way to hold trade and spend gold, silver, Bitcoin, and major altcoins: Kinesis Money.
The world is obviously heading towards some kind of monetary reset.
In the meanwhile, us "little guys" at least have convenient means such as Kinesis Money where we can hold digitally liquid gold, silver, dollars, euros, bitcoin, and ethereum; and also easily trade between these without storage fees while we await the reset. Transaction fees are extremely low and 80% of them are distributed back to us "little guys" as velocity yields.
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