Many people believe that democracy based on wide or universal suffrage distributed so that minorities are proportionately represented albeit in a majoritarian winner take all system leads to not only good government but also to the best possible form of government.
Fractional reserve banking in a privately controlled and owned federeal reserve banking system is analogous to the democratic wide or universal suffrage representative political system, shares certain features and weaknesses, involves analogous legal and political fictions delusions and myths.
Voting:
The problem of representation, the most obvious obstacle to settlement of colonial dispute w Britain; colonists complained of lack of representation, a constitutional fiction of virtual representation in both places... all British subjects, same situation, all MPs represent the whole polity, not the constituency, not as delegates, not paid, not taking instructions from constituents as had been the tradition among colonial assemblies See Clark, p 172
Banking:
The problem of representation. The citizen and others agrees to use reserve currencies, currencies backed by whatever the reserve system says they are. It used to be nominally gold, or gold and silver together.
The depositor agrees to the legal and practical fiction of having a bank account with the full amount deposited, sitting there in the account, available to withdraw at the depositor's request.
Voting:
The problem of representation, the most obvious obstacle to settlement of colonial dispute w Britain; colonists complained of lack of representation, a constitutional fiction of virtual representation in both places... all British subjects, same situation, all MPs represent the whole polity, not the constituency, not as delegates, not paid, not taking instructions from constituents as had been the tradition among colonial assemblies See Clark, p 172
Banking:
The problem of representation. The citizen and others agrees to use reserve currencies, currencies backed by whatever the reserve system says they are. It used to be nominally gold, or gold and silver together.
The depositor agrees to the legal and practical fiction of having a bank account with the full amount deposited, sitting there in the account, available to withdraw at the depositor's request.
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