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This is precisely the problem of current system: demand deposits are IOUs yet banks pretend they are available on demand. Same maturity transformation as in stocks. Price of stocks fluctuates but DDs are marked to magic (at par with money). When uncert. rises and people run 1/2
3.8. klo 21.11
Banks exist precisely for the sake of converting the public's demand for exchange media into a demand for their IOUs, so they can take advantage of that demand to fund their investments. To do this they must make their spendable IOUs more attractive than "base" exchange media. 2/
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