"In his attempt to show that fractional reserve banking does not cause business cycles, @GeorgeSelgin falls headlong into the fundamental Keynesian error of confusing the demand for money (determined by the utility of money) and savings (determined by time preference)"

但要告別任何形式的存款保險。如果出現擠兌，或整個銀行業面臨流動性危機，中央銀行無法救助任何銀行……而且將會出現流動性危機。