[quote=davelj
So, there are all sorts of legitimate arguments that one can make against a fractional reserve system (and the Fed). But one of them is NOT that every bank charter essentially comes with a “50% brokerage commission” to the owners. (When someone finds a bank making this magical “50% brokerage commission” please let me know. We can definitely do business.) That’s completely absurd and betrays a complete lack of understanding as to how a bank actually operates. (Based on his response above, I’d be willing to bet that Certified Financial Planner Griffin has never worked at a bank, sat on a bank’s board, or understands a bank’s financial statements.) Which, of course, begs the question: Who in their right mind can claim to be an expert on the Fed (macro level) if that same person doesn’t even understand the basics of how the system works at the operating (micro) level? Answer: A charlatan.
[Also, on a side note, I see that in several different instances, Griffin refers to Flaherty’s “half-truths.” Do you know what the definition of a “half-truth” is? It’s a “whole-truth” in which you simply disagree with the other person’s interpretation.][/quote]
Dave: This is why I asserted in my last post that debunking Griffin was pointless. Its been done before (and extensively) and he (Griffin) has no clue what he’s talking about. As I said, he’s wrong and trying to disprove a negative to someone like investor, who was completely unwilling to do even the simplest of research and garner some basic banking facts seemed a pointless waste of time.
When you find someone like investor with that level of fanaticism and an unwillingness to brook even the slightest disagreement, well, it gets back to that old adage about teaching pigs to sing. Wastes your time and annoys the pig.
