I was writing a check the other day, and my then-5 year old asked how checks worked. When I explained to him he asked how the banks made money, so I explained that they loaned it out to other people and got interest on it, and paid us some of it. He immediately freaked out and got paranoid–so I pulled out the camera and shot this. A natural born Rothbardian!
Stephan Kinsella is a libertarian writer and patent attorney in Houston, Texas. He has spoken, lectured and published widely on various areas of libertarian legal theory and on legal topics such as intellectual property law and international law. His publications include Legal Foundations of a Free Society (Papinian Press, 2023) (see below), Against Intellectual Property (Mises Institute, 2008), and International Investment, Political Risk, and Dispute Resolution: A Practitioner’s Guide (Oxford, 2020).
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Very well done, Stephan. I like the fact that at least you’re teaching your son about the banking system, which is a good intro to the evils of government finances. It’s also a great way to teach Ethan about the shamful nature of the monetary policy and the way checks are cut. Some great stuff you’ve got here.
This was my reaction when I learned about fraction reserve banking and I was 20. It’s definitely THAT unjust.