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Source link: http://archive.mises.org/19919/mises-daily-wednesday-december-14-2011/

Mises Daily: Wednesday, December 14, 2011

December 14, 2011 by

“MF Global’s Fractional Reserves” by Doug French

Free bankers are always insisting that fractional-reserve banking is A-OK, as long as bankers inform depositors up front that the bank will be using their customers’ money to make loans and investments. That is exactly the case with MF Global, currently undergoing the eighth largest bankruptcy in history.

“The Social Function of Profit-and-Loss Accounting” by Robert P. Murphy

“Production for people, not profit!” Such critics do not appreciate the indispensable service that the profit-and-loss test provides to members of a market economy.

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