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It's not a single point of failure, it's giving people the option to not bank through a private bank.

Private banks already get a bank account with the government (the Central Bank), why shouldn't individuals have that same option?




I'm not even sure if central banking will last much longer before collapsing under the seemingly unlimited requests for funding. I notice that people want to pretend like laws of supply and demand don't exist and that everything can be fixed with the money printer. I think this does not bode well for our future in general.

The reason to reject having a central bank having direct tentacles into your life is the same reason you don't have the FBI run your email and wireless phone provider. Once you give them that sort of power, they'll start telling you exactly what you can spend your money on, under the auspices of "stimulating the economy". It's a central planning draconian nightmare.


There is no money printer. Each unit of currency that the central banks flood the market with is backed by an asset of equal value on the balance sheet of the central bank.




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